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CO Help!


CO Help!

Last summer (12') I paid a CO that was on my account for a few years from GM Financial.  After I paid the CO in full all of my credit reports updated to 48 late payments instead of a CO (Paid in Full).  Is there anything I can do?

Message 1 of 14
Epic Contributor

Re: CO Help!

Welcome to the forums.


Did it impact your score?  Is the TL showing paid?

Message 2 of 14

Re: CO Help!

Yes, it dropped my equifax score (FICO) by 30 points.  I tried to dispute it after it was paid, but instead GM financial updated the status to charge off paid.  The balance says zero, but it also updated to 48 missed payments.  This looks really bad.  

Message 3 of 14
Epic Contributor

Re: CO Help!

None of the lates are showing after you paid it are they?


How long ago was this CO'd?

Message 4 of 14

Re: CO Help!

GM is no longer reporting anything else since I paid. It was CO'd in 2008.  They told me it would fall off in 2015.  I wish I would not have paid it.  

Message 5 of 14
Epic Contributor

Re: CO Help!

Paying it should not have dropped your score.  Something else is has to be going on.  When was the last late reported?

Message 6 of 14

Re: CO Help!

This is copied directly from my report.            

Sep, 2012
Apr, 2006
Dec, 2007
Auto Financing
Descriptions [?]
  • Paid charge off
  • Auto

No contact information provided by Equifax

Balance [?] Current Status [?]
$0Bad debt/collection
Seven year payment history [?]30 days late60 days late90+ days late
4 times
0 times
48 times (Aug 2012, Jul 2012, Jun 2012, May 2012, Apr 2012, Mar 2012, Feb 2012, Jan 2012, Dec 2011, Nov 2011, Oct 2011, Sep 2011, Aug 2011, Jul 2011, Jun 2011, May 2011, Apr 2011, Mar 2011, Feb 2011, Jan 2011, Dec 2010, Nov 2010, Oct 2010, Sep 2010)
Recent payment history [?]9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 82010 2011 2012
Worst Delinquency [?]
Bad debt/collection
The Worst Delinquency reports the worst missed payment status that has been documented on this account. Your FICO® score evaluates how recently that missed payment occurred and in general, the more recent, the more impact it has on your score. However, the fact that it occurred is still predictive of future payment risk and could be considered by your FICO® score.
Message 7 of 14
Epic Contributor

Re: CO Help!

Was it closed before or after you paid the CO?


The last late payment I see is from Aug 2012.  Has another one been reported?


The current status should say paid collection/CO.



Message 8 of 14
Moderator Emeritus

Re: CO Help!

I'm a little confused on this one.  Where did you get that report from?   It should not have dropped you like it did.  For one thing, I can't believe the OC held onto the account for so long without doing a CO and selling to a CA.  Secondly, I don't like the way it updated after paid.  


On a positive note, it is now paid and you no longer owe the debt.  I would try a few rounds of GW letters and see where that gets you.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 9 of 14

Re: CO Help!

I'm pretty sure it was closed before I paid it.  I do know that before it was paid, it did not show late.  But only as a CO.  I got that info from MyFico EQ report.  

Message 10 of 14