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Posted in Auto Loans
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Question By
JRBRANDENDURG

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LOAN PAID 3 YEAR AGO SHOWS UP ON CREDIT REPORT AS OUTSTANDING BALANCE
I paid off car from KEMBA credit union 3 year ago shows up as 2800.00 outstanding balance
how do I correct this.

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Helpful to 8 out of 8 people

Check all 3 CR's,  if it is showing up on any of them file a dispute with the CRA's. Ask for a Validation of the account.  You can do this online for free on the CRA's website. 

Good luck!

Reply by
hbogielski

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Helpful to 0 out of 1 people

What is a CRA?

Reply by
grouchybutt77

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Helpful to 10 out of 10 people

CRA = Credit Reporting Agencies...

What you need to do after you check all 3 credit reports, is send them proof you paid it in a dispute, better to do on paper instead of online.  Ask for them to close the account as paid in full.  With evidence they should do it, if not they will contact the creditor to verify if it was indeed paid in full.  They will then update your records.

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Same thing happened to me....

Helpful to 1 out of 1 people

My husband and I noticed that a loan was showing that it was in default after the fact that we paid it off in full. We contacted our credit union and showed them a copy of our credit report and they then looked it up in their system as well. They then called us back to let us know that it was indeed paid off and that they corrected their mistake. Try calling them up and showing them your credit report and maybe they will be upstanding and take care of it for you like our credit union did for us.

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Helpful to 1 out of 1 people

I have the same question, but I recently paid off two accounts, while you paid off yours 3 years ago!  I am calling my credit union about this today. Maybe you've called since your message. 

As for these sites - Credit Karma (Transunion) & Experion & Equifax, they report that my creditors last reported my status on 3/31/14.  I was able to clear the accounts on 4/2/14... So, maybe that's what they will tell me when I call, but I'm going to call anyway to make sure.  

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Car NOT included in Bankruptcy

I declared chapter 7 bankruptcy in 2005 but they made an exception on my car which has been paid off since August 2008.  Equifax and Transunion list everything properly and the car paid off.  Experian list the car as included in my bankruptcy and when I followed up with them and they said they contacted the company which had the car loan and that it WAS included in the bankruptcy.  They said to call the home bank that handled it despite my have the paperwork from the bank mark PAID with the stamp they used at the time.  I can't get anyone from the home bank to even return my calls and the local won't do anything but refer me to the home bank phone number. What recourse might I have at this point?  It's still listed on only Experian as included in the bankruptcy.  In the meantime I can't get a car loan and this has been going on for years now.

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