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AUTO LOAN CHARGE OFF/ LIENHOLDER RELEASED TITLE

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olive_oyl
Valued Member

AUTO LOAN CHARGE OFF/ LIENHOLDER RELEASED TITLE

Good evening, 

 

My auto loan was charged off in 2018 with Santandar.  I owed somewhere around 1100 dollars but it wasn't in principle or interest but fees that accrued.  I recently called and inquired about the title and I was told that my account was satisfied after the charge off and they sent me the title to the car this week.  The issue is that the charge off is still showing on my credit report with a balance.  Can I send a dispute to the CRAs and ask to have the information updated or removed?    

Message 1 of 5
4 REPLIES 4
Anonymous
Not applicable

Re: AUTO LOAN CHARGE OFF/ LIENHOLDER RELEASED TITLE

I am currently in that same situation after my attempt to have them correct it with no fix I am now sending a GW letter in hopes that it will be corrected. I would reach out to them first to see if they will correct it without sending it dispute.
Message 2 of 5
RobertEG
Legendary Contributor

Re: AUTO LOAN CHARGE OFF/ LIENHOLDER RELEASED TITLE

How was the debt ultimately "satisfied?"

Did they determine that the asserted debt was in fact erroneous, and thus there was no remaining debt, or did they voluntarily cancel the remaining debt?

Did they issue a 1099c?

Message 3 of 5
olive_oyl
Valued Member

Re: AUTO LOAN CHARGE OFF/ LIENHOLDER RELEASED TITLE

I believe they did forgive the debt.  I checked my reports last night after posting here and it is updated as closed and paid.  

Message 4 of 5
gdale6
Moderator Emeritus

Re: AUTO LOAN CHARGE OFF/ LIENHOLDER RELEASED TITLE


@olive_oyl wrote:

I believe they did forgive the debt.  I checked my reports last night after posting here and it is updated as closed and paid.  


Based on this the reporting of the CO as paid off would be valid, it did happen and its a factual record of such. The proper way to go after getting it removed would be through a goodwill request to the reporting creditor.

 

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/GW-letter-Q-amp-A-Examples-and-GW-Success-Sto...

Message 5 of 5
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