Charge Off Question

[rydkidtuk]

I just checked my credit report and found a charge off from a car that was totaled in a hit and run. I had insureance full coverage and GAP insurance. It saying the account status is charged off. The activity description is paid and closed. What does this mean? What can I do to get it off? I disputed it with equifax they said it was my acoount. I tried calling the number associated with the file, but it was disconnected and no further information available.

[Anonymous]

If the phone number was disconnected how was the CRA able to verify?  Shouldn't they provide accurate contact info?

You might also want to try contacting your insurance company and see if there is anything they can tell you.  

[rydkidtuk]

I called the finance company, They said that it is a charge off because GAP insurance paid the account off on the 28th but they charged it off on the 21st. I was told i could dispute it. I was transfered to another department where i was told they charged it off becaue my original insurance paid 5000 and that left a balance of 3800 which had not been paid. I asked to speak to a supervisor was put on hold for awhile. She finally came on the line and said they had not been paid. I told her what the other department said. she called the other department on a tele-conference. She asked should they report this account as charge-off or paid in full. They told her that they had been paid and it should not be listed as charge off.

[Anonymous]

I would wait untill around 9/25 and if they are still reporting a CO file a dispute with all CRAs reporting.

[rydkidtuk]

So do they have to stop reporting it or will they jus say its paid?
How will it affect my credit score? If they are still reporting it a charge off. But paid is there anything I can do to make them take it off my credit?

[llecs]

Like HappyDays and the creditor mentioned, dispute it. If verified, it will remain and then you'd need to fight with the OC to get it fixed. If deleted, then it will be immediately removed. Score change depends on a number of factors including your overall history, your mix of credit, and your AAoA in relation to the age of this account. If this CO is recent, then expect an increase.