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Account Paid, Closed/Current

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Braxxis



Joined: 07 Dec 2007
Braxxis's page
Posts: 2



149 Magic Points

Subject: Account Paid, Closed/Current
 
Posted on Fri Dec 07, 2007 8:01 pm  

Hi, recently I have been going through my credit report and cleaning it up. I've cleaned up everything bringing my score up to 673 so far except 2 negative things, a Computer loan I co-signed for with my mom (she filed bankruptcy and I was never notified that I was now solely responsible) and a Car loan from Chase.

The thing with the Car loan is this, I was in a car accident 2 years ago this month, and at the time there was mass confusion with my GAP Insurance and NO communication on Chase's end. They wouldn't respond to my lawyers or my letters or Phone Calls. So 2 years later seeing it was Charged off, I sent letters to all 3 agencies, and the FTC who redirected me to the Office of the Comptroller of the Currency. About a few weeks after I sent the OCC letter, Chase sent me package with all my GAP info, etc and a letter stating that "the balance is still due and collectable" then also stating "As an accommodation for Chase's lack of communication, we have notified the credit agencies Chase reports to, to remove the delinquency and charge off status that occured following the date of loss."

Now, when I checked my report a couple days ago (about 2 weeks after Chase's response) it shows Chase as "Paid" and "Closed/Current."

My Question is this. Does this mean that the Account is closed and done? Or can they Re-Open it if I don't contact them to make a Payment Arrangement or even send it to a collector (even though it says closed) and have them make a new mark on my report?
goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 3931



538 Magic Points

 
Posted on Sat Dec 08, 2007 12:34 pm  

When did this change occur? If you had gap insurance it should have covered the balance of the loan, that is what gap insurance does, so you should not have a balance on it. I have this insurance on my new car, I bought it in the winter and took it out just in case, you never know with our roads.
You may want to find your gap policy and investigate why they did not pay the balance.
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Laura

Laura

Joined: 21 Jun 2007
Laura's page
Posts: 1327



36461 Magic Points

 
Posted on Tue Dec 11, 2007 5:34 am  

I would get in touch with creditor and inquire about the status. That will solve my problem.
_________________
Regards,
Laura.
Braxxis



Joined: 07 Dec 2007
Braxxis's page
Posts: 2



149 Magic Points

 
Posted on Tue Dec 11, 2007 4:42 pm  

I found out about my Gap insurance, apparently, I had 2 unpaid payments at the time of coverage, so I am still responsible for those and all the late fees that incurred because GAP insurance does not cover that (at least in New York State) As for my initial question I spoke to my cousin who used to work in collections, and the account can be reopened and collected on.
Laura

Laura

Joined: 21 Jun 2007
Laura's page
Posts: 1327



36461 Magic Points

 
Posted on Wed Dec 12, 2007 7:31 am  

Yes ofcourse it can be collected on. But you have to be sure how that remark comes on your report. If it is showing as "paid" there must be some misinformation if you have not paid it as yet.
_________________
Regards,
Laura.

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