Me and my husband had a personal loan taken out on 7/12/2014. My husband got hurt at work and we could no longer make the payments (to my knowledge we had something added to our loan as a protection if one of us were to get hurt at work and could no longer make our payments, that they would take over our payments) it says closed date 11/02/2015.
Pay staus- in collection/charged off as bad debt/ debt being paid through insurance.
It is saying last payment made on 12/18/2018 Payment amount $0
(Which we definitely did not make a payment and it's really a $0 payment) up until then it was reporting as C/O) and then in December it's saying 120 late. Come January its reporting as C/O again and February and March it was reported as (N/R- not reported) come April (C/O)
My guess is, because the insurance co. is paying on a bad debt, your credit report is updated with every payment. Basically, even though the insurance co. is making the payments, in the eyes of the creditor, their loan to you is classified as a bad debt. I'd call the insurance co and ask them why they haven't reported the loan as paid as agreed.
I would contact the creditor and remind them they sold you the insurance product and if they dont correct their reporting you will file complaints with the necessary authorities. Welcome to the board
I would absolutely call the insurance company and the creditor to get an accurate understanding of what is going on. I would also dispute with all three CB, that tends to get them to take at least a cursory look. I did this recently with a grad school debt that I paid but they said it was a collection and it was removed.
If those don't work file a complaint with the CFPB. We have done that three times and every time the other party dropped anything negative from our reports.
