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What should I do about a repo from 2007-2008? Can it prevent me from obtaining a mortgage?
The car was repo'd in 2007-2008. I can't recall the specific date. I received a letter from the OC back then and nothing since. The car loan was about $17K and was sold at auction for about $13-14K. The balance with interest was roughly $3K-$4K. Since then, the OC sold the account and a new collection appeared on my credit in April for $10K. I'm assuming the balance was inflated with fees and interest.
The OC reports $0 and the collection only appears on Equifax. I sent a DV to the CA and received no response.
The repo is way past SOL and will be falling off of my report soon. I'm concerned because of the amount and my time frame to app for a mortgage. I was shooting for around 7 months to 1 year from now. I believe EQ has it due to fall off May 2014. I have to double check that date.
bump
Depends on the Lender, I have a Repo from 2008 and I just closed yesterday.
@fixmycred14 wrote:The car was repo'd in 2007-2008. I can't recall the specific date. I received a letter from the OC back then and nothing since. The car loan was about $17K and was sold at auction for about $13-14K. The balance with interest was roughly $3K-$4K. Since then, the OC sold the account and a new collection appeared on my credit in April for $10K. I'm assuming the balance was inflated with fees and interest.
The OC reports $0 and the collection only appears on Equifax. I sent a DV to the CA and received no response.
The repo is way past SOL and will be falling off of my report soon. I'm concerned because of the amount and my time frame to app for a mortgage. I was shooting for around 7 months to 1 year from now. I believe EQ has it due to fall off May 2014. I have to double check that date.
I would dispute the CA on Equifax since you already did a DV and send proof (if you did a certified letter with receipt). If you didn't do a certified letter I would do it again. CA have 30-45 days to respond, if no response it is fair game. It is part of the FCRA that they must report accurate information in regards to debt and it is your right.
Thanks for replying. I was told by a mod that there is no time period in which they must respond. That said, I'm considering waiting until it falls off. The bureaus confirmed it will fall off May 2014. That will give me time to continue saving and rebuilding. The mod also indicated that I can request to have the repo removed a few months earlier than May. I'm exploring all options. I don't want them updating or trying anything else.
Who was your lender?
I was told differently in the rebuilding forum. But who knows. My lender is Academy Mortgage, they did an excellent job explaining everything, making sure paper work was processed correctly, and made sure the loan was approved.
sorry posted in wrong place.
@jadeite788 wrote:
@fixmycred14 wrote:The car was repo'd in 2007-2008. I can't recall the specific date. I received a letter from the OC back then and nothing since. The car loan was about $17K and was sold at auction for about $13-14K. The balance with interest was roughly $3K-$4K. Since then, the OC sold the account and a new collection appeared on my credit in April for $10K. I'm assuming the balance was inflated with fees and interest.
The OC reports $0 and the collection only appears on Equifax. I sent a DV to the CA and received no response.
The repo is way past SOL and will be falling off of my report soon. I'm concerned because of the amount and my time frame to app for a mortgage. I was shooting for around 7 months to 1 year from now. I believe EQ has it due to fall off May 2014. I have to double check that date.
I would dispute the CA on Equifax since you already did a DV and send proof (if you did a certified letter with receipt). If you didn't do a certified letter I would do it again. CA have 30-45 days to respond, if no response it is fair game. It is part of the FCRA that they must report accurate information in regards to debt and it is your right.
This is not true. DVs don't need to be responded to. They only need to cease collection activity IF they choose to not validate. If the DV is not timely (in response to the original dunning notification) then they don't have to do anything at all...
Secondly; if you are being truthful in your mortgage application, you will have to disclose this debt. They ask if you have debt. Now, if it isn't on your report you can choose to disclose or not, but if you are caught up, that is on you. I had an outstanding repo that wasn't showing on my report, and I did not disclose it. It was not an issue for me.
The issue working against you right now is the account is showing new as of April (the account I mean, clearly the DOFD is old and will still fall off) but lenders do not want to see new negative accounts within a year of getting a loan. So that will provent you from getting it until it falls off or removed.
-scott