topic Re: New Charge off date! in General Credit Topics

New Charge off date!

Anonymous — Fri, 08 Jun 2007 23:55:02 GMT

I recently paid a balance that was charged off on my car loan from GMAC. It was late fees that hadn't been paid even though the original amount had been paid completely. When I looked at my experian report today though it shows as a charge off date of 6/7. I'm a little freaked out over that since I'm going to be applying for another car loan shortly. The wierd thing about it is that my experian fako score didn't go down and now for some reason it shows in the accounts in good standing portion of my report. Is that because I've disputed it already? It also shows that they settled for and wrote $1091 off when they agreed to take only $111 less than the amount that showed as due. Any ideas as to what I should do about it?

Re: New Charge off date!

Tuscani — Sat, 09 Jun 2007 02:57:53 GMT

Did you try a PFD?

Don't worry about the DOLA.

Why?

Say the CO took place in 2002..it's now 5 years old....keep in mind it can only stay by law 7 years...but if you pay it off say June 2007...it will show last activity June 2007..it will just update...but it has to fall off no matter what in 2009.

Message Edited by Tuscani on 06-08-2007 09:57 PM

Re: New Charge off date!

Anonymous — Sat, 09 Jun 2007 03:00:50 GMT

No I settled for with an amount less than was due though not much less... 600 on a 711 debt before I found you guys here. From what I understand GMAC isn't very lenient with the PFD's anyway. How can I get the charge off date of jun 07 moved back to the date of 2/03 that was on my EX report when I first pulled it? Not to mention the balance that now says written off that was not. Where do I go when my dispute resolution is still not right?

Re: New Charge off date!

Anonymous — Sat, 09 Jun 2007 03:01:48 GMT

Yeah but Tuscani, I need a new car loan soon won't that affect my score as well as how the auto lenders will see me.

Tuscani wrote:
Did you try a PFD?

Don't worry about the DOLA.

Why?

Say the CO took place in 2002..it's now 5 years old....keep in mind it can only stay by law 7 years...but if you pay it off say June 2007...it will show last activity June 2007..it will just update...but it has to fall off no matter what in 2009.

Message Edited by Tuscani on 06-08-2007 09:57 PM

Re: New Charge off date!

Anonymous — Sat, 09 Jun 2007 03:03:35 GMT

On the positive side, EX came back on my dispute with my ex's loan that I was a co-signer on and reported it as never late because I disputed the 90-120 days late with 0 balances. One small victory with Ford, one step back with GMAC.

Re: New Charge off date!

Tuscani — Sat, 09 Jun 2007 03:14:07 GMT

Let's start over.. because we are dealing with EX we have to take into account DOLA and "status date". Can you paste the TL from your CR?

Re: New Charge off date!

Anonymous — Sat, 09 Jun 2007 03:31:43 GMT

Sure... thanks

G M A C Address:
PO BOX 105677
ATLANTA, GA 30348
No phone number available
Account Number:
02911244.... Status:
Paid in settlement. $1,091 written off. Status Details:
This account is scheduled to continue on record until Apr 2008.
This item was verified and updated on Jun 2007. Date Opened:
03/1996
Reported Since:
03/1996
Date of Status:
06/2007
Last Reported:
06/2007 Type:
Installment
Terms:
66 Months
Monthly Payment:
$0
Responsibility:
Individual Credit Limit/Original Amount:
$15,986
High Balance:
NA
Recent Balance:
NA
Recent Payment:
NA Account History:
Charge Off as of Jun 2007
60 days as of Mar 2002
30 days as of Apr 2002 to Sep 2002, Jul 2001 to Feb 2002 Creditor's Statement:
Account legally paid in full for less than full balance.

Re: New Charge off date!

Tuscani — Sat, 09 Jun 2007 04:27:13 GMT

Ok, I would dispute the date.

Re: New Charge off date!

Anonymous — Sat, 09 Jun 2007 14:26:32 GMT

How do I dispute the date and the amount settled since that's way off since EX says it's been verified now?

Re: New Charge off date!

MercyMe — Sat, 09 Jun 2007 18:08:24 GMT

Hey, Princess. I've done this. Don't waste your time fighting with the CRAS. They will accomplish little other than to initiate a new investigation, that will, most likely, verify the same incorrect information. You need to dispute this with the OC, as only the OC can correct this with the CRAS, and they can do so in a day.

Re: New Charge off date!

Anonymous — Sat, 09 Jun 2007 22:17:18 GMT

Thanks Mercy. Who is the best person to contact about the issue at GMAC? Should I talk to the guy I negotiated the settlement, call customer service or is there a special department for CR disputes? Which do you think I would have the best success with the most quickly. I'm going to be applying for a car loan soon and I need that taken care of. I have removed 1 baddie and had one paid 90-120 days changed to paid never late since I began my quest here and my EX score went down 9 points!!! I can only assume it's because of the charge off date issue. GRRRRRRRRRRRR!

Re: New Charge off date!

Tuscani — Sat, 09 Jun 2007 23:22:50 GMT

Have you tried PFB?

Re: New Charge off date!

Anonymous — Sat, 09 Jun 2007 23:35:13 GMT

Okay I know what a PFD is but what's a PFB? I already paid except for a small amount settled. I don't have any leverage anymore do I?

Tuscani wrote:
Have you tried PFB?

Re: New Charge off date!

SoulSmilen — Sun, 10 Jun 2007 01:36:43 GMT

Pay For Balogna?

princessofpink wrote:
Okay I know what a PFD is but what's a PFB? I already paid except for a small amount settled. I don't have any leverage anymore do I?

Tuscani wrote:
Have you tried PFB?

Re: New Charge off date!

MercyMe — Sun, 10 Jun 2007 12:38:24 GMT

The GMAC collections dept. -- they may also have a credit disputes department. If they do, speak to them. They may tell you, until you prove otherwise, that the info reporting is correct. Be prepared to send/fax/take to them a copy of the pertinent page of your credit report, showing the error. Insist that someone from the collections dept. or credit dispute dept. call the CRA and correct this information. They can do this, though they may hestiate and tell you they have a procedure. Get a letter from them, on their letterhead, indicating that they are in the process of correcting this info with the CRAs. Ask them to include in the letter to you the correct dates, so that you have them for your records, should another problem arise.

. As I said.... I've disputed the same a thousand times, and the info always came back the same or the charge off date changed to a more current/recent date. Also, if you can, take a look at the history on this account -- ie. 7 year payment history -- and make sure that is reading correctly. If it isn't, bring that to their immediate attention as well.

Good luck!

Message Edited by MercyMe on 06-10-2007 05:38 AM

Re: New Charge off date!

Anonymous — Sun, 10 Jun 2007 12:59:27 GMT

Thank you Mercy. I will call them first thing on Monday morning. I was hesitant to call the collections department because I spoke to the guy on Friday about the title and he didn't seem to really know much about the status with the CR's when I asked him a question about it. I really can't fathom they make it worse when you pay off.

Re: New Charge off date!

MercyMe — Sun, 10 Jun 2007 18:00:17 GMT

Hi, Princess -- who did you speak to on Friday? A guy from GMAC collections?

Re: New Charge off date!

Anonymous — Sun, 10 Jun 2007 18:43:40 GMT

Hi there Mercy. Thanks for all your help in this. Yep, the guy that I got in touch with to pay it off in the first place. I called to check on the title since I haven't received it and I asked him a question about a notice I got in the mail saying they had sent bad information to the CRA's and he said that was just a routine thing that goes out to anyone in their collections department. So apparently, he doesn't know his head from a hole in the ground.

Re: New Charge off date!

MercyMe — Sun, 10 Jun 2007 19:01:31 GMT

He well could have been avoiding the issue. In the meantime, see if you can pull Cairns v. GMAC up. I don't know that I can provide the link? Is that allowed on this forum? It may prove interesting, however tedious, at times. If nothing else it should clarify the law and better prepare you for those (2) phone calls tomorrow. One to GMAC and another to the CRA.

Cairns v. GMAC Mortg. Corp.,
Slip Copy, 2007 WL 735564, D.Ariz., March 05, 2007 (No. CIV 04-1840-PHX-SMM.)

MEMORANDUM OF DECISION AND ORDER ON MOTION FOR SUMMARY JUDGMENT

mercy

Re: New Charge off date!

MercyMe — Sun, 10 Jun 2007 20:00:05 GMT

You know, Princess, I was just sitting here reading case law (since the kids are at the beach today -- nothing better to do) you know what you might do, if you want to, you might try (once you get your title) a GW just to have the whole account wiped out. Once you have pointed out their error in reporting (as the CRAS insist it isn't them but the OC's that report errors -- yeah right!) and get that straightened out, they might be compelled to delete the account from your credit file, if you ask. It's just a thought.