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5 year old debt still reporting late?

New Member

5 year old debt still reporting late?

I have a repo from a Credit Union. When the car was repo'd and sold the balance was $5800. It reported on my CR as a charge off. They never sold the debt to a CA. Fast forward 5 years later to date they are now reporting me late every month and are stating the balance is 9500? The entire TL is due to fall of in 2019. I've came a good ways with repairing my credit and this and another from Portfolio Recovery just refuse to budge. Any advice on what I can do to combat the repo?
Are they still able to report me late like this even though the account is charged off?
Message 1 of 9
8 REPLIES
Regular Contributor

Re: 5 year old debt still reporting late?

When was the first missed payment (DOFD) leading to the repo?  If the repo was 5 years ago (2011) it should fall off 2018?  There's something else going on.

 

Have you paid any of the balance?  They tack on all kinds of fees for reposessing the car, cleaning, auctioning, etc.  It never works in your favor.  Odds are that's where the difference is, reporting as 9,500.  Did they send you something at that time saying 5,800 or was that just the balance you bailed on?

 

Individual lates should fall off after 7 years, are you seeing any late payments reporting before 9/2009?  Dispute those with whatever credit agency.

 

Assuming everything is reporting correctly, you can try this: 

  1. If you've not paid on it and have anything to offer, send a PFD request to the CU, where you settle on an amount in exchange for removal of the negative information.

  2. If you have, try a GW campaign where you fall on their mercy to remove the bad marks.  This is only likely to work if they've gotten all the money they want and you've otherwise proven yourself.

Starting score 3/31/15 CK 552/572. Current score 3/2/18 CK 752/752.
FICO TU (Barclay, 2/15) 710; FICO EQ (Citi, 1/23) 704, FICO EX (FCS, 3/6) 699.
Message 2 of 9
Community Leader
Legendary Contributor

Re: 5 year old debt still reporting late?

Are they reporting the current status as late, or are they adding additional, increased levels of monthly delinquency?

 

If the account is still unpaid, then it remains delinquent.

It is not inaccurate to continue monthly reporting that shows the account remains delinquent.

Reporting of a CO only makes of record the fact that they took that accounting measure, and does not terminate the continued account delinquency on the remaining unpaid debt.

Message 3 of 9
New Member

Re: 5 year old debt still reporting late?

Yes it has increased monthly beginning in January of this year. Where before I attempted to file a dispute there was no activity.
Message 4 of 9
Regular Contributor

Re: 5 year old debt still reporting late?

Have you paid anything since the repo?  Make arrangements to pay and default again?  There should be no reason for the balance to continue to increase this late after the event, I'd be very suspect... does the CU still own the debt or is it a collector?

 

Not understanding your second sentence, you say you disputed before but nothing happened?

Starting score 3/31/15 CK 552/572. Current score 3/2/18 CK 752/752.
FICO TU (Barclay, 2/15) 710; FICO EQ (Citi, 1/23) 704, FICO EX (FCS, 3/6) 699.
Message 5 of 9
New Member

Re: 5 year old debt still reporting late?

I've never paid on the debt since it defualted. Or since the repo'ed the vehicle. Yes it is with the credit union and not a CA.

Message 6 of 9
New Member

Re: 5 year old debt still reporting late?

It also is not under collections but revolving accounts. Every month I get notification off a deliquent account and the balance inches up. Is this reporting correctly?

Message 7 of 9
New Member

Re: 5 year old debt still reporting late?

 

 

 

COMPANY

Community First Cred

Community First Crd Unio

Community First Cu Of

LOAN TYPE

Vehicle Loan

Vehicle Loan

Vehicle Loan

ACCOUNT NUMBER

XXXXXX0001

XXXXXX0001

5672XXXXXX

ACCOUNT HOLDER

Individual

Individual Account

Individual

DATE OPENED

Oct, 2007

Oct, 2007

Oct, 2007

Status

 

 

 

STATUS DATE

Sep, 2016

Sep, 2016

Sep, 2016

CONDITION

Open

Open

Open

LAST ACTIVITY

Mar, 2012

Mar, 2012

Not Available

BALANCE

$9,763

$9,763

$9,763

STATUS

Charge-off

Charged off as bad debt

Unpaid balance reported as a loss by credit grantor

Payment Timeline

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10

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12

1

2

3

4

5

6

7

8

9

10

11

12

1

2

3

4

5

6

7

8

9

 

 

2014

2015

2016

 

History

 

 

 

LATE 30 DAYS

8 times

0 times

8 times ()

LATE 60 DAYS

1 time

0 times

1 time ()

LATE 90 PLUS DAYS

29 times (Aug 2016, Jul 2016, Jun 2016, May 2016, Apr 2016, Mar 2016, Feb 2016, Jan 2016, Dec 2015, Nov 2015, Oct 2015, Sep 2015, Aug 2015, Jul 2015, Jun 2015, May 2015, Apr 2015, Mar 2015, Feb 2015, Jan 2015, Dec 2014, Nov 2014, Oct 2014, Sep 2014, Aug 2014, Jul 2014, Jun 2014)

0 times

25 times (Sep 2016, Aug 2016, Jul 2016, Jun 2016, May 2016, Apr 2016, Mar 2016, Feb 2016, Jan 2016, Dec 2015, Nov 2015, Oct 2015, Sep 2015, Aug 2015, Jun 2015, May 2015, Apr 2015, Mar 2015, Feb 2015, Jan 2015, Dec 2014, Nov 2014, Oct 2014, Sep 2014, Aug 2014)

WORST DELINQUENCY

Bad debt/collection

None Reported

Collection

HIGH BALANCE

-

$19,351

-

Terms and Remarks

 

 

 

TERMS

(146 Months)

-

146 Months

SCHEDULED PAYMENT

$436

$436

-

CREDIT LIMIT

-

-

-

REMARKS

Charged off account

Unpaid balance charged off

-

 

Message 8 of 9
Highlighted
Community Leader
Legendary Contributor

Re: 5 year old debt still reporting late?

Yes, they can continue to report monthly delinquencies as the length of the delinquency increases.

Yes, if the account can continue to accrue interest.

If the repo was legit, the way to "combat" its reporting is to make a pay for deletion offer.

 

The creditor could either sell or refer to a debt collector, resulting in the addition of a new collection.

Additionally, if still within SOL, they could bring civil action to obtain a judgment and pursue garnishment of pay.

Things could get worse.

 

Message 9 of 9