If a creditor reported a charge off on my credit report, do I keep paying on it?

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If a creditor reported a charge off on my credit report, do I keep paying on it?

Asked on August 30, 2011 California

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

If there is a write off or satisfaction in full of an obligation on your credit report score, before you stop paying it off, you need to contact the creditor that you are paying the installments on and ask what the current status is concerning the account. If the creditor states that the account has been considered paid in full, then you need to ask for written confirmation of this from the creditor and when you receive such, write a confirming letter in return.

If the creditor states that the account is not paid in full, you need to continue making your monthly obligations on the debt.

Whether or not a credit report company states that an account has been written off means nothing to you if the actual creditor to whom the obligation is owed still considers the debt owing.

Good question.

 


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