Paid off car loan included in BK still reportin as derog.

Submitted by Katsarov on Sun, 02/24/2008 - 08:21

I included a car loan in my BK and I went ahead and paid it off. It is still reporting as a derogratory. I wrote to the credit reporting agances and they didnt give me a credit for paying the accaunt in full. They are still reporting as a derogratory. They answered me that they contacted Capital One and Capital One refused to change the status of the account. Is there something else I can do?

Do you have a paid in full letter, or other proof of payment? If you do, send a copy to CapOne, along with a letter demanding that they correct it.

Sun, 02/24/2008 - 12:07 Permalink
Anonymous (not verified)

I got the title for the car and the "thanks" letter from CapOne. So I called them on the phone. I talk to a people from two different departments. They were not very helpfull. Finaly rhey transfered me to their BK department and they told me that they dont have this accaunt on file anymore. The only thing i got was SORRY

Sun, 02/24/2008 - 13:07 Permalink

IS it reporting derogatory with a balance still due or a derog paid off? Just because it's paid doesn't mean it will be removed from your report. The report may be accurate if you didn't pay as agreed when you bought the car.

Mon, 02/25/2008 - 14:20 Permalink
Anonymous (not verified)

Everything included in BK is ALWAYS reporting as derogatory and current. My problem is i paid of 30000 lexus and instead getting credit for it its still showing as item included in BK. That is not right. Its not like i paid a collection or something else to stay there after that. IT IS A PAID OFF INSTALMENT LOAN.

Mon, 02/25/2008 - 14:35 Permalink

Even paid collections are derogatory. Always been like that, always will.

Mon, 02/25/2008 - 19:12 Permalink

Assuming you didn't pay for 30+ days as a result of the BK automatic stay, the account should reflect the appropriate late payments. However, since the account shows as included in BK and you have already disputed the entry, I think it is time to send an intent to sue letter to the creditor. If that is not successful, you might want to contact an attorney.

Mon, 02/25/2008 - 21:12 Permalink

thank you for the advise. Is there any semples for this intend to sue letter? Ill apreciate if I can use some.

Tue, 02/26/2008 - 12:24 Permalink