I am getting ready to pay off an old car loan on my credit report. What's a good notation to ask them to make?

Question

My car was totaled a couple of years ago and they were supposed to consider my insurance company's payment as finishing off the debt (per my insurance agent), but they didn't. I have heard that you can ask insurance companies to make certain notations on your credit report when you pay off a debt that will make it look better for you. Any idea what they are?

Sorry, I meant that I heard I can ask the LENDER company to put a comment on my credit report, not my insurance company. I will call my insurance agent and see if they have a copy of that agreement, as I never personally saw it. Thanks for all of your great advice!

Answer 1

Did you ever receive a letter from the lender or the insurance company concerning that agreement?

If your insurance agent told you that they had an agreement with the lender - that the lender would consider the account fully satisfied upon receiving payment from the insurance company - call your agent and request a copy of that letter. It should be in their files.

Nobody but you or the loan company can place notations on the loan company's tradeline that is on your reports.

edit+++++++
If you cannot come up with proof that the lender had agreed to take the insurance payment as payment in full, you might request goodwill from the lender - as long as you hadn't been receiving dunning letters and ignoring them

Explain how you had been led to believe that the insurance payment was supposed to be sufficient in covering the vehicle loan. Tell them that you want to make good on the remaining balance and ask them if they would report the account as "closed - paid as agrees" and to have the tradeline show as being in good standing upon payment of the remaining balance.

If you send a letter, send it certified mail return receipt.
If you call and talk to them and they do agree, ask them to send you the agreement in writing.

If the person you talk to says that it can't be done, speak to their supervisor. Go up the ladder if you have to.
Companies make deals like that everyday.

But, like I mentioned, if you had been receiving and ignoring dunning notices in the past couple of years, they probably will not work with you to show the account as a positive on your reports.

If the insurance agent does come up with a copy of the signed agreement between them and the lender, with the lender agreeing the payment from the insurance company is sufficient payment for the full amount on the loan, just my opinion, but you should not be held liable for the remaining balance and your credit reports shouldn't be negatively marked.

If that is the case, you might reqest the insurance agent act as a go-between with you and the lender and get it straightened out (what the agent should have done in the first place)

Answer 2

What you are talking about is the difference between what you owed the lender and what your insurance company paid.

Once you pay the balance off it will show as paid in full with $0 balance. This has nothing to do with your insurance company it will be reported by whoever you owed the money to.

Answer 3

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