Credit Question.
I have recently been challenging a negative item on my credit report. It formerly was a series of late payments and a "voluntary reposession" - whatever that means. I have been disputing this and now they have written it up as a charge off in the amount of $3,400+ as of 12/2003. Prior to this the last update regarding this issue was over 2 years ago. I plan to challenge the claim of the charge off and the amount but am I better off w/ a charge off or was I better off before I challenged the claim? Am I doing more harm than good? Is this the worst that they can do to my credit score?
We'd need to know a lot more to help.
But in general, a charge-off is better than a voluntary repo is better than an involuntary repo.
Is the original creditor still after money?
Is a collection agency trying to dun you for this.
Is it inside the statute of limitations for your state?
Was there a repossession? Were all the "i"s dotted and "t"s crossed about giving you notices where and when the car was to be sold and how you could redeem it (almost never happens, and failure to do it gives the consumer a weapon against the finance company).
You should also look over on www.creditboards.com, www.creditnet.com, and www.creditinfocenter.com for help.
Chances are, this item can be removed permanently from your reports using a little creativity and persistence.