charge off on credit report from car that was stolen

Submitted by Anonymous (not verified) on Tue, 08/03/2010 - 05:58
Forums
Credit repair

i had a car stolen from me in 2007, the insurance company offered a settlement to the finance company. the car was recovered and insurance company ownes the car. i have a charge off on my account due to that. can i dispute this and have is removed from my credit?

Aaron

Hi Lefty,

If you owe this debt this can't be disputed. You will have to pay off the debt to remove the charge-off from your credit report. However, for that you will have to request the insurance company to pull back the account from the collection agency. Once the insurance company pulls back the account, you can negotiate a payment plan with the insurance company. Also request them to agree to a "Pay for delete" (PFD) agreement. With the PFD the charge-off will get removed from your credit report.

Thanks,

Aaron

Tue, 08/03/2010 - 09:29 Permalink