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Level 2

Account charge off

In March of 2019 I paid off my student loan debt, in full. This morning (late may 2019) I received an email that my student loan company did a charge off on my account. It dropped my credit score 52 points! From everything I've read, a charge off can happen when you don't pay your debt and they "give up" on your account. BUT, it is already paid it off, Completely! Can they still place a charge off, should I dispute it? It took my so long to raise my credit score back up and now this one move has Completely set me back.
1 Reply
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Level 15

Account charge off


@Hecopisk wrote:
Can they still place a charge off, should I dispute it? 

You should dispute it, of course, after you ensure this is not an oversight or mistake (i.e., contact your lender first) and after you review your actual credit report. See https://www.annualcreditreport.com/index.action

 

Although you indicated that you paid off the debt in full, ensure that there were no outstanding fees and/or that there was no previous settlement on the debt for a lower figure than the loan balance. Again, contact your lender.