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TFS Charge off help?

Valued Member

TFS Charge off help?



Im in an ongoing dispute over my charged off TFS account. On my credit reports they are showing it as a CO every month. Handed the car in Feb 2016 and that was also the month of my last payment. They reported payments on time up until November 2016 where it went from ON TIME to CHARGE OFF in December 2016.


Ive asked them multiple times for a payment history on the account. Also have no idea how they calculated the charge off amount. Ive disputed with the Credit Beaureas multiple times to force them to provide information but it keeps just coming back as validated. TFS exectuvie offices are no help either. Any advice how to handle this?

Message 1 of 3
Legendary Contributor

Re: TFS Charge off help?

Was the basis of your prior dispute the continued reporting of current status as CO each month, the additon of CO as the prior status to your payment history profile for prior months, or the amount of the current debt balance?

A dispute is limited to the specific item of information that was asserted to be inaccurate, and thus what they verified depends upon what you disputed.


Additionally, verification of accuracy of reported information requires that the creditor conduct an investigation and report their finding back to the CRA.  The dispute process generally does not require that they submit proofs or document the validity of their verification.

If they verify and you still disagree, you can then file a civil action and get the reasonableness of their investigation and verification reviewed  on a factual, evidentary basis by the courts.


Your remedy for obtaining info on the amount of the debt may likely be under state repo laws/regs rather than under the FCRA dispute process..

Verification of the amount of remaining debt after a repo is normally coverred in detail under state repo statutes, which usually require notificaiton to the consumer of the net remaining debt after their sale of the vehicle.

I would suggest contacting your state or local agency that regulates repo requirments for pursuit under those statutes or regulations of mandatory disclosure of basis for net debt after a repo.

Message 2 of 3
Valued Member

Re: TFS Charge off help?

Hi. Thanks for your reply. It was not a repo. It was a lease trade in. My final payment never got to Toyota after they got the car, and the dealership or myself did not pay it off. A $420 payment turned into a $3269 deficiency balance on an auctioned vehicle
Message 3 of 3
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