An auto loan settled for less than total amount due

[Anonymous]

I have an auto loan that was settled for less than amount due. The settlement amount was paid on 10/10/2014.

I am looking on my Experian report and I see that on one screen, I have 'FP's beginning on 11/2014 and continuing until 04/2018. On another screen if I go into the Dispute Center, I see they are 'CO's through those dates, not 'FP's.

The current status under 'General Account Info' is 'Paid, Closed. $xxx written off.'. On the main screen for the account, I see the Account status is 'Closed' and under 'Payment Info' it says the status is 'Paid, was a charge-off'.

I am wondering about the dates beyond when I settled the account. Were they supposed to be reporting these 'FP'/'CO's beyond the settlement date? I have a feeling those are significantly hurting my score.

Is there a way I can have them removed? The lender can confirm I did pay the settlement amount on 10/2014 if needed. I just want to do anything I can to get my score higher!

Thank you!

[Girlzilla88]

If you can prove it's paid satisfactorly and you get IN WRITTING from them that they will remove it from ALL 3 via email or letter I would def. do so!    That will help your score a lot having it taken off.   If not you only have a couple more years to go :/  but keep in mind too removing it can also alter your Age of Accounts so that may hurt getting it removed but will bounce back once the age goes back up.   

[Anonymous]

Hi @girlzilla88 - whom do you mean by "them"? I do have a letter that the lender sent me last week showing the account is settled. What should I do with it?

[FireMedic1]

The charge off will stay on your report for 7 yrs from the DoFD. Paying it off or settled looks better that you paid your debts or some of it. The util will no longer be calculated. You can try the GW letter technique. But on CO's is is a tough one to get removed. Chance are better since you paid. But dont get your hopes up. They lost $. Good Luck and welcome to the forums!

https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/The-Saturation-Technique-Best-GW-adjustment-...