Trouble with American Honda Finance

[cstar33]

Originally Posted by Trish

And what was their reasoning for trying to pull out the FULL balance instead of your arrangements? Grrrrrrr.....

You know, I'd be half tempted to seek legal counsel or at least get advice regarding this. The whole thing is just messed up and wrong.

Well, whomever i setup my payments with didn't put it in for $100 and put it in for the full balance. after reviewing the conversation(thankfully recorded!) they found that i only agreed to the $100.

Who would I speak to for advice? This dropped my credit score 66 points and is now keeping me from getting a loan for a car.

[Trish]

Well, it's good that they finally owned up to their mistake but now since Honda has charged off the account........I don't know if there is any way to change that. Did you ask them if they could have Honda reverse this? I'm not sure it's possible but since they screwed up, they need to try and fix it.

Otherwise my advice would be looking for a good consumer atty in your area and asking if you have any legal recourse.

[cstar33]

Originally Posted by Trish

Well, it's good that they finally owned up to their mistake but now since Honda has charged off the account........I don't know if there is any way to change that. Did you ask them if they could have Honda reverse this? I'm not sure it's possible but since they screwed up, they need to try and fix it.

Otherwise my advice would be looking for a good consumer atty in your area and asking if you have any legal recourse.

Well, so far Honda has told me that it should not be showing up on my credit report as written off, as I am still paying on it. Also it was just put on as of April of 09 and the original chargeoff date is December of 04. So they told me to dispute it with Transunion. When I called, the lady on the phone continued to tell me that charged off and written off are the same thing. Well, that's not what I'm being told by both Honda and the banks I'm trying to get a loan through. So I disputed it online and Honda said that they would tell them that I am paying on it (paying off this week thanks to my mother!!) and that the date should be Dec 04. The fact that is was showing up as new bad debt was killing me!!

[Trish]

Yes, written off and charge off are the same thing. Whoever is telling you it is not is full of crap.

They are accounting terms that are interchangeable.

[cstar33]

Does charge off/paid in full look any better than just charged off? And does the date of the charge off make a big difference? I'm still getting used to all of this credit stuff.

And thanks for all of the previous help by the way!

[Trish]

Originally Posted by cstar33

Does charge off/paid in full look any better than just charged off? And does the date of the charge off make a big difference? I'm still getting used to all of this credit stuff.

And thanks for all of the previous help by the way!

No, unfortunately a paid CO is just as bad as an unpaid CO scorewise. Now it may look better in a lender's eyes if they see you have taken care of the debt and paid it off.......but not sure if it will improve you chances in getting a loan. You may want to call the financing company you are using and ask them. Never hurts to ask.

The date of a charge off can make a difference but .....a few months discrepancy? Not so much. As a CO ages, it will put less impact on your score.......but we're talking years.....
What it does make a big difference with.....is if it's reporting incorrectly. By law, an OC has to furnish correct information. If not, then they either have to correct it or delete it. So in that sense......yes, it gives you an inaccuracy to dispute. Does that make sense?

And yw......glad I could help.
I just hope you get it all cleared up.