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Settled charge off

Highlighted
Moderator

Re: Settled charge off

It will stay on your CR, but annotated with "Paid, settled for less"
The account stays, but updates stop.
Account will be removed no later than 7.5 years from DOFD.
You can grab a copy of free annual credit report and see either DOFD or projected removal date.

We still cannot answer the refund question, because it's unclear what happened to it.
Did you just forgot about it and fees + interest accumulated?
Did someone else make additional charges?

You said it's yours, then you said you got statements and it's not yours, so we're all tripping there.

Message 11 of 16
Highlighted
Super Contributor

Re: Settled charge off

Yes a little clarification would allow us to possibly help you more.
For a collection of our current FICO scoring wisdom, updated as we learn, read the following. Watch the revision dates on the bottom of the first 8 posts as they are regularly updated: Link to Scoring Primer.



RIP:



 

 

 

 




Updated Oct 2020, unless otherwise noted.

(Forgive typos, mobile.)(Everything said is Just IMHO.)

In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? Severity and recency? (clean/dirty), Number of accounts, both open and closed on CRs (thick/thin), AoOA? (Mature/young), AOYRA-Age of Youngest Revolving Account (new accounts/no new accounts)? Open/closed loan on CR?
For example, mine is clean/thick/mature/new account, with open loan on record.
If you don't know where you fall, just detail any baddies, your number of open and closed accounts, AoOA, AOYRA and whether you have a loan on record to start.

For utilization questions, list individual and aggregate utilizations, revolving and installment, please.
Message 12 of 16
Highlighted
New Member

Re: Settled charge off

The account is mine. To my knowledge the account was paid in full which was confirmed. I went about my life and had not used the card. Fast forward to 18 I have a charge off on my report.

While trying to investigate this charge off and figure how what the charges were I was able to obtain copies of the statements, that I had never previously had access too. Once I confirmed they were not charges I authorized or made I reported it.
Message 13 of 16
Highlighted
Moderator

Re: Settled charge off

Thank you for clarifying
Hopefully this is not a case where a fee or something continued to accumulate interest.
If your balance was truly 0, you should push this as far as you can to ensure that refund.
I still urge you to consult an attorney, most provide initial brief consult for free

In the meanwhile, wait for that letter, and report back when you receive it because your next step will simply depend on what the letter says.
Message 14 of 16
Highlighted
New Member

Re: Settled charge off

Thank you all for responding and reading my situation once again! I will update with the outcome after I receive the creditors response/resolution. Let’s hope they return my payment!

Thank you
Message 15 of 16
Highlighted
Super Contributor

Re: Settled charge off

Yes thank you for clarifying we wish you the best and look forward to you reporting back.
For a collection of our current FICO scoring wisdom, updated as we learn, read the following. Watch the revision dates on the bottom of the first 8 posts as they are regularly updated: Link to Scoring Primer.



RIP:



 

 

 

 




Updated Oct 2020, unless otherwise noted.

(Forgive typos, mobile.)(Everything said is Just IMHO.)

In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? Severity and recency? (clean/dirty), Number of accounts, both open and closed on CRs (thick/thin), AoOA? (Mature/young), AOYRA-Age of Youngest Revolving Account (new accounts/no new accounts)? Open/closed loan on CR?
For example, mine is clean/thick/mature/new account, with open loan on record.
If you don't know where you fall, just detail any baddies, your number of open and closed accounts, AoOA, AOYRA and whether you have a loan on record to start.

For utilization questions, list individual and aggregate utilizations, revolving and installment, please.
Message 16 of 16
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