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HELP!!! Auto Loan Charge Off 2015 - Reporting Last Payment 2018

shonbote82
New Member

HELP!!! Auto Loan Charge Off 2015 - Reporting Last Payment 2018

Hello All,

I need your guys help. I am trying to rebuild and remove inaccuracies from my CR’s. I have an auto loan reporting on my TU & EX reports. It was charged off/closed in June 2015. On my TU report I noticed they are reporting the date of last payment of June 1, 2018. I cross referenced this with my EX report which has been reporting CO the entire duration since the charge off, but has “ND” in June 2018. What is the creditor trying to do here? The balance charged off was 8408 and they are reporting 8301 past due. They report the CO every month, which obviously is hurting me. This is from Veros Credit...my Cadillac SRX blew its engine, was ultimately repossessed after 13 on time payments. Bad situation. I just need to understand why they reported a payment on June 1, 2018 that I did not make. Your guys advice is needed and appreciated! Thanks.
STARTING (FromCK: TU521-EQ535) EX494
CURRENT (FromCK: TU625-EQ634) EX542
GOAL SCORES - TU720 EQ720 EX700
10 REPLIES 10
Revelate
Moderator Emeritus

Re: HELP!!! Auto Loan Charge Off 2015 - Reporting Last Payment 2018

Welcome to the forums!

 

There's a little bit of weirdness in CO's, the date of last payment is really probably the date of last update by the lender.

 

Sadly charge off's (CO's) suck, they can keep reporting as new every single month until either it's paid or they get excluded because of age.  




        
Message 2 of 11
shonbote82
New Member

Re: HELP!!! Auto Loan Charge Off 2015 - Reporting Last Payment 2018

The date of last update is April 2019, they are a vindictive lender no doubt. So they are in fact reporting a payment. I need education before o Dispute. Thx for the reply
STARTING (FromCK: TU521-EQ535) EX494
CURRENT (FromCK: TU625-EQ634) EX542
GOAL SCORES - TU720 EQ720 EX700
Message 3 of 11
shonbote82
New Member

Re: HELP!!! Auto Loan Charge Off 2015 - Reporting Last Payment 2018

Yeah, I have another 2 years until it ages off. I made several offers in the past to settle for less. I don’t know how they are reporting the balance they are. The original loan was 9195, I made 13 payments off 330/month and the repo’d and sold at auction. Do not do business with Veros. They are a horrible sub-prime lender. I think I was paying 22% interest when my score was 600ish.
STARTING (FromCK: TU521-EQ535) EX494
CURRENT (FromCK: TU625-EQ634) EX542
GOAL SCORES - TU720 EQ720 EX700
Message 4 of 11
RobertEG
Legendary Contributor

Re: HELP!!! Auto Loan Charge Off 2015 - Reporting Last Payment 2018

The CRAs permit creditors to alternately report either the current status or prior monthly payment history profile status as either the days delinquent (e.g., 30-late, 60-late, etc.) or simply as CO if the debt has also been charged-off.

 

Updated reporting of the current status as CO is the same as reporting a current delinquency status, with the level of delinquency then being determined by the period since initial date of delinquency.

Thus, either your current status or prior monthly payment history status can properly be reported as CO.

 

Once you pay a delinquent debt, then the updated reporting will no longer be one of delinquency, such as CO or 150-late.  It will report as paid of as settled for less, which are both are a non-delinquent status.  However, prior monthly payment history status reporting as CO will remain for any month prior to being paid.

 

Date of last payment can be disputed if inaccuate, but is totally separate from either the current status or prior payment history profile historical status reporting.

I would not speculate as to why they have indicated that you made a payment that you assert you did not make, but if that is the situation, simply file a dispte and get it corrected.

Message 5 of 11
shonbote82
New Member

Re: HELP!!! Auto Loan Charge Off 2015 - Reporting Last Payment 2018

Thank you RobertEG. Another question, I was approved for a Blaze MC. I received my card in the mail and they placed a block on my card. I called and they want me to mail color copies of my SS card and drivers license. Is this not fishy?
STARTING (FromCK: TU521-EQ535) EX494
CURRENT (FromCK: TU625-EQ634) EX542
GOAL SCORES - TU720 EQ720 EX700
Message 6 of 11
RobertEG
Legendary Contributor

Re: HELP!!! Auto Loan Charge Off 2015 - Reporting Last Payment 2018

Can you think of any reason why they might doubt your identity or address?

Message 7 of 11
shonbote82
New Member

Re: HELP!!! Auto Loan Charge Off 2015 - Reporting Last Payment 2018

I am trying to rebuild and I am not having an easy time. CapitalOne is great. This CreditOne and Total Visa were ambiguous about statement dates, my utilization is at 43% when they reported. My CK Vantage went down 22 points!!! I will keep util under 8% now I know statement close dates. Will it go back up as quickly as it went down?
STARTING (FromCK: TU521-EQ535) EX494
CURRENT (FromCK: TU625-EQ634) EX542
GOAL SCORES - TU720 EQ720 EX700
Message 8 of 11
shonbote82
New Member

Re: HELP!!! Auto Loan Charge Off 2015 - Reporting Last Payment 2018

No no reason. No fraud alerts on my reports. I received my card in 7 days and it same with s letter stating blocked for security. They won’t take fax or email. And it must be in color. They can verify my identity other ways. Google advice says there is no reason for sending this. They already reported to my credit files, if I close the card, will my score go down?
STARTING (FromCK: TU521-EQ535) EX494
CURRENT (FromCK: TU625-EQ634) EX542
GOAL SCORES - TU720 EQ720 EX700
Message 9 of 11
shonbote82
New Member

Re: HELP!!! Auto Loan Charge Off 2015 - Reporting Last Payment 2018

No no reason, no fraud alerts. My guy says to close the account, deeper investigation makes me think this is not a good card. Pitfalls of low credit scores. They already reported to the CB’s...if I close will my score go down?
STARTING (FromCK: TU521-EQ535) EX494
CURRENT (FromCK: TU625-EQ634) EX542
GOAL SCORES - TU720 EQ720 EX700
Message 10 of 11
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