@Anonymous wrote:First, thank you to all who participate in making this such a wonderful resource. I can't believe how much I've learned in the last 72 hours browsing this place, I'm truly grateful.
I have a repo/charge-off from GM Financial that I can't figure out how best to handle. Here's some of what's showing on my report-
Balance: $0
Mar,Apr/2018 show RPO
May,Jun/2018 show C/O
Last Payment: Jun/2018
Date Closed: Jul/2018
Date Updated: Jul/2018
Pay Status: Account paid in Full was a Charge-off
Remarks: SETTLED-LESS THAN FULL BLNC; PAID IN FULL/WAS A CHARGE OFF
I'd like to pay this if it makes sense to, but I'm concerned about making it more "current" than it is now since it seems it hasn't updated since 2018, not sure how badly this is hurting me. I'm also confused by the $0 balance, it should be $10k+. I'm hesitant to contact GM Financial, again because of not wanting to refresh anything. Any insight or advice as to what I should do here? Thanks!
Edit: Some additional information after looking at other credit reports-
Experian and Equifax are both updating monthly with CO (I was looking at Transunion for the initial info). Both show a balance of $0, with statuses of "Legally paid in full for less than the full balance" and "CHARGE_OFF" respectively, and Comments of "ACCOUNT PAID FOR LESS THAN FULL BALANCE PAID CHARGE OFF". There are no collection agency records pertaining to this account either. More confused now than I was before.
Sounds like someone bought the debt from them and by law they have to update to a 0 balance. You cannot deal with them to settle it since they have sold it would have to deal with the buyer and until they contact you there isnt much you can do. As far as this TL i would just leave it alone for now and wait till it ages even further then you can ask them for a GW removal but since they took a hit on it they may not be in the mood to do so. If it were mine I would not touch it till the last year of its reporting so it doesnt get updated and drop your Fico.
@Anonymous wrote:Thank you. Would it be a bad idea to contact them to figure out who they sold it to and try to get ahead of it before there's an additional collection reported? The first late was Mar 2017 and SOL looks like 6 years, so it seems likely to me that someone will be trying to collect it in the next year.
You can call and ask who they sold it to but if they say they didnt then you would have a decision to make as to deal with them at all on it.