Updated car loan debt

[Anonymous]

I had a repossession nearly six years ago. This entire time the debt was marked unpaid written off profit and loss. Now nearly 6 years later, they updated to paid charge off profit and loss. I haves checked my actual credit scores, need to know how it will effect them. The main thing I'm wondering is did they sell my debt to a collection company, and if so will both accounts be on my report? I know that regardless the new collection account will hurt my score, and I just was able to remove all the other collection accounts from reports.

[Anonymous]

Suppose that it does appear as a collection.  What then?  It will still be falling off in 15 months or so, right?  Do you have some important need for credit in the next 15 months?

If not, perhaps it makes the most sense to just relax and let it fall off at the usual 7-year mark.

[RobertEG]

When you state that it was updated to show as a paid charge-off.

By that, do you mean it was updated to show a $0 debt balance?

A $0 balance is not the same as paid.

As noted in the post, if they sold the debt to a debt collector, they were required to promptly update the balance to $0.

A purchasing debt collector acquires collection authority on the debt, and thus can report a collection.

However, as stated by Credit Guy, both the CO and collection have an exclusion date based on the same DOFD, and will become excluded at 7 to 7 1/2 years from DOFD.

[Anonymous]

Thanks for the responses. My wife and I were trying to purchase a home, and I was just able to get all collections removed from my reports. If im not mistaken, another would negatively impact my score.

[Anonymous]

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@Anonymous wrote:
Thanks for the responses. My wife and I were trying to purchase a home, and I was just able to get all collections removed from my reports. If im not mistaken, another would negatively impact my score.

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Certainly another would hurt your score.  No doubt.

I notice that you use the past tense: you WERE trying to buy a home.  Have you shelved that idea for a while?  If so, it may make sense to let the derog fall off.