Charge Off - GM Financial

[Anonymous]

Hello,

I have a charge off from a repo from GM Financial. I voluntarily gave up the car because the engine blew and we are in the process of paying it off monthly.  I would LOVE to get it off my reports and just continue paying. It's due to fall off 09/2022. I was studying my reports and noticed that it's showing as below:

06/2015 OK

07/2015 OK

08/2015 OK

09/2015 OK

10/2015 30

11/2015 RPO

12/2015 RPO

01/2016 CO  and then CO for every month since then. 

So since this was an installment loan they were perfectly fine with charging off after 120 days.  This accoutn was TTR (transferred to recovery) and Gurstel Law is facilitating the payment agreement.  We did sign a agreement with them  in December and I noticed that they've been reporting payments since February of 2019 but our first payment made was in December of 2018. 

My question is, would you dispute it with the bureas to have it removed due to inaccuracies or would you reach out to GM Financial to reage the account? I understand that reaging the account would restart the statute of limitations but it would also give us positive history with on time payments where as having it removed completely will take away some age.

What would be YOUR route?

[Brian_Earl_Spilner]

Positive payment history won't matter because status will still show repo/chargeoff. I would leave it alone because it almost never goes well when people try this.

[Anonymous]

What do you mean it never goes well? We are already making payments and I'm thinking of doing a goodwill letter asking them to remove the charge off status and reage the account to show on time payments.

We already have an agreement signed as far as the payments go and we've been paying them on time since we started the agreement. Not much they can do to me now except for say no.

[Remedios]

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@Anonymous wrote:

What do you mean it never goes well? We are already making payments and I'm thinking of doing a goodwill letter asking them to remove the charge off status and reage the account to show on time payments.

We already have an agreement signed as far as the payments go and we've been paying them on time since we started the agreement. Not much they can do to me now except for say no.

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Dispute is meant to correct any inaccurate info.  

I am not sure what kind of luck you'll have with GW request, but there will be no re aging. Zero chance. It's not something that can just be arbitrarily changed. That would be illegal. 

You're more than welcome to file a dispute.  If there is any inaccurate info, it will get corrected, but the account and negatives will not be removed via dispute process. 

If you dispute accurate reporting, it will come back validated and your scores will drop as a result. A few disputes like that and CRAs can flag your profile for frivolous disputes. 

[Brian_Earl_Spilner]

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@Anonymous wrote:

What do you mean it never goes well? We are already making payments and I'm thinking of doing a goodwill letter asking them to remove the charge off status and reage the account to show on time payments.

We already have an agreement signed as far as the payments go and we've been paying them on time since we started the agreement. Not much they can do to me now except for say no.

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Or cause an issue with the reporting. There have been many posts on here where people tried what you want to do and made it worse because the lender updated the info in a way that wasn't wanted. For example, you can't have on time payments for an account that's charged off, the account is closed, your balance just decreases. If you dispute, gm could come back reporting all the months as charged off and you lose that positive history. You can't dispute it again because you already did, and if you try, your request will be kicked back by the bureaus because the dispute has already been "resolved".

[RobertEG]

You are not making "on time payments."

While you are under a payment plan, the account remains delinuent until the total amount of the delinquent debt has been repaid.

A creditor will sometimes defer continued updated reporting if a consumer is making agreed payments, but if they do report, the current status would not be reported as good-standing until you have completed the payment plan.

Deferring the reporting of continued monthly delinquency does not continue to report extension of the delinuency period, and thus is of some benefit, but it is incorrect to assert that they must report non-delinquency status if they do report.

As for a dispute, there is no requirement that the creditor delete the entire account if you show some inaccuracy.

A dispute applies only to the required verification or correction of the specific information that is disputed, and if they cannot verify or correct, then deletion applies only to the specific item of information that cannot be verified or corrected.

The dispute process does not mandate deletion of any other information or of the entire account based on finding of some reporting inaccuracy.

[Anonymous]

K thanks