understanding credit report terms
understanding credit report terms
Need help understanding my credit report?
I am young but have worked myself into small debt that I would like to get rid of in order to apply for a loan. It is nothing I can’t pay off, but I don’t understand what the TransUnion report means. My problem is this statement “Unpaid balance reported as a loss by the credit grantors”, under the Revolving Accounts: Accounts with an open-end term section, listed as Pay Status:Collection/Chargeoff. I do not know what this means and am looking for help
What I am wondering is if I still owe this money now and how I can go about paying it back…
Yes, you do still owe this money. Paying it back could be a sticky wicket, however.
The account in question has been charged-off by the original creditor. You could try contacting them to settle the debt, but they have probably sold it already. If they haven’t sold it, they may be willing to work something out with you, but even if you pay it in full, it could still remain as a black mark on your credit report.
You should get some help for this to ensure that the account will be removed from your credit report in exchange for payment.
If they have sold the debt, then you won’t be able to do much about it until a collection agency calls you. In either case, you will need to work within the Fair Debt Collection Practices Act to protect your rights.
The National Consumer Rights Alliance specializes in helping people who are having trouble with creditors. You may find their website below.
Good luck!
