Credit Cards Center Credit cards from our partners
Reply
New Member
Posts: 4
Registered: ‎06-21-2012
0

Timeshare maintenance fees

I have a question regarding timeshare maintenance fees on my credit report. About 12 years ago me and my now ex-wife bought a time share. We were lied to about most of it and couldn't get out from under it. In 2003 we just quitting paying on it. A few years ago the maintenance fees went to collections. It has been over 7 years since they first went deliquent, we have never made another payment on it. Each year the collection agency updates the account on my credit report to the current year. A few months ago after sending paperwork to the credit agencies showing when it was first deliquent it was removed. Now today I noticed it is back on there showing it was opened in April of this year. Am I not understanding the laws about items being removed 7 years after the first deliquency? Can they legally keep changing the date to make this stay on my credit report forever. The unit was never forclosed on, according to the Maverick Resort they do not do that. I find that hard to believe, but after this many years and they haven't yet, I assume they won't so maintanance fees will continue to accrue each year for life. I just want to know if they can legally keep updating my report each year so it never falls off. The time share is in Florida, and I live in Wisconsin. I don' t know if location matters. Thanks for any advice.

Super Contributor
Posts: 9,668
Registered: ‎01-28-2010
0

Re: Timeshare maintenance fees


timeshare_problem wrote:

I have a question regarding timeshare maintenance fees on my credit report. About 12 years ago me and my now ex-wife bought a time share. We were lied to about most of it and couldn't get out from under it. In 2003 we just quitting paying on it. A few years ago the maintenance fees went to collections. It has been over 7 years since they first went deliquent, we have never made another payment on it. Each year the collection agency updates the account on my credit report to the current year. A few months ago after sending paperwork to the credit agencies showing when it was first deliquent it was removed. Now today I noticed it is back on there showing it was opened in April of this year. Am I not understanding the laws about items being removed 7 years after the first deliquency? Can they legally keep changing the date to make this stay on my credit report forever. The unit was never forclosed on, according to the Maverick Resort they do not do that. I find that hard to believe, but after this many years and they haven't yet, I assume they won't so maintanance fees will continue to accrue each year for life. I just want to know if they can legally keep updating my report each year so it never falls off. The time share is in Florida, and I live in Wisconsin. I don' t know if location matters. Thanks for any advice.



The credit reporting time period ( CRTP ) for collections is 7.5 years from the date of first deliquency ( DOFD ).    If you know for certain that the DOFD is in 2003 then I would again notify the CRAs ~ also if the CA has changed the DOFD to be more recent you could potentially take action against them for violation of the FDCPA.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
New Member
Posts: 4
Registered: ‎06-21-2012
0

Re: Timeshare maintenance fees

I bills showing when the first one was missed. I mailed those to the the three credit agencies a few months back. That was how I got it removed, but now it is back on TransUnion with this years date. I spoke to Trans Union today and the collection agency. Trans Union told me they would dispute it again, and that it didn't matter that it was disputed a few months back and removed for the same reason. The collection agency told me that it would be updated each year, which I knew they would. They will say whatever they want to to scare people. 

Super Contributor
Posts: 9,668
Registered: ‎01-28-2010
0

Re: Timeshare maintenance fees


timeshare_problem wrote:

I bills showing when the first one was missed. I mailed those to the the three credit agencies a few months back. That was how I got it removed, but now it is back on TransUnion with this years date. I spoke to Trans Union today and the collection agency. Trans Union told me they would dispute it again, and that it didn't matter that it was disputed a few months back and removed for the same reason. The collection agency told me that it would be updated each year, which I knew they would. They will say whatever they want to to scare people. 


Yeah, well hopefully the CRAs will take it off your reports again.   If not then you'll have to play hardball with the CA ~ you could send them a letter informing them that you are aware of their illegal re~aging of debt which is a violation of the FDCPA.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
New Member
Posts: 4
Registered: ‎06-21-2012
0

Re: Timeshare maintenance fees

Thanks for the advice. I thought they were wrong in doing that, but I wanted to make sure. Thanks again.

Frequent Contributor
Posts: 472
Registered: ‎03-29-2011
0

Re: Timeshare maintenance fees

Are these the 2003 maintenance fees that showed back up or the 2011 maintenance fees? If it is the 2011 fees the clock might start running again for another 7.5 years.

________________________________________________________________________________
New Member
Posts: 4
Registered: ‎06-21-2012
0

Re: Timeshare maintenance fees

It is the fees from 2003 to present. Each year they add on new fees and charges. I have tried working with them, but they apparently would rather run up a bill than work with anyone. 

Regular Contributor
Posts: 565
Registered: ‎06-12-2010
0

Re: Timeshare maintenance fees

It is obvious that this is a reoccuring problem and I think it is time that you hire a lawyer and shed the damn thing for once and all.  If nothing else, you can find out exactly where you stand.


Starting Score: 600ish in 2007
Highest Score to date: EQ 716 May 2012(lender pull)
Current Score: EQ 685 6-21-12 ; Walmart TU Fico 744 6-05-12
Goal Score: 801
Valued Contributor
Posts: 2,691
Registered: ‎07-29-2009
0

Re: Timeshare maintenance fees


timeshare_problem wrote:

It is the fees from 2003 to present. Each year they add on new fees and charges. I have tried working with them, but they apparently would rather run up a bill than work with anyone. 


It seems that each year's charges would start the clock running again for 7 years on that new year's charges. Maybe the charges for 2003 shouldn't still be reporting, but the newer charges probably should be. I'm surprised the more recent year's charges were ever removed. This isn't just a delinquency....this is a NEW charge every year.

 

Just my opinion...

Highlighted
Super Contributor
Posts: 9,668
Registered: ‎01-28-2010
0

Re: Timeshare maintenance fees


Jazzzy wrote:

timeshare_problem wrote:

It is the fees from 2003 to present. Each year they add on new fees and charges. I have tried working with them, but they apparently would rather run up a bill than work with anyone. 


It seems that each year's charges would start the clock running again for 7 years on that new year's charges. Maybe the charges for 2003 shouldn't still be reporting, but the newer charges probably should be. I'm surprised the more recent year's charges were ever removed. This isn't just a delinquency....this is a NEW charge every year.

 

Just my opinion...


I agree with Jazzzy ~ if they are billing you each year for the year's fees then this could be reported as a new collection......this isn't like a credit card account that was charged~off.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.