Accounts in good standing?? Confused

Anonymous · ‎03-26-2012

My husband has a car repossession listed under the ‘accounts in good standing’ section. What does this mean? How can a repossession be in good standing? Is it negatively affecting his credit? The status says closed/never late. What does that mean? I would like to get this off because it says it doesn’t come off until 2015. But if it isn’t negatively affecting him then I may not want to mess with it because I have heard about restarting the 7 years when you try to pay it….what is true and not true?!

Thanks!!

pizzadude · ‎03-26-2012

@Anonymous wrote:
My husband has a car repossession listed under the ‘accounts in good standing’ section. What does this mean? How can a repossession be in good standing? Is it negatively affecting his credit? The status says closed/never late. What does that mean? I would like to get this off because it says it doesn’t come off until 2015. But if it isn’t negatively affecting him then I may not want to mess with it because I have heard about restarting the 7 years when you try to pay it….what is true and not true?!
Thanks!!

How do you know that it is a reposession from looking at the report ? It is possible that the creditor didn't report it correctly, so if there is nothing negative on the report then I wouldn't touch it.

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

Anonymous · ‎03-26-2012

It is reported from Mitsubishi and he knows that is what it was. I cannot recall if it actually states repo on the report or not off the top of my head. But I just couldn't figure out how it could be in good standing?!!! Guess I am just glad it is.

pizzadude · ‎03-26-2012

@Anonymous wrote:
It is reported from Mitsubishi and he knows that is what it was. I cannot recall if it actually states repo on the report or not off the top of my head. But I just couldn't figure out how it could be in good standing?!!! Guess I am just glad it is.

Yeah, I certainly hope that it is a good standing account ~ I would recommend pulling all three of your credit reports directly from the CRAs to ensure that it is really reporting Paid as agreed/Never Late.

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

RobertEG · ‎03-26-2012

An account currently in good standing does not necessarily mean it is not a negative account.

Bringing a previously delinquent account back to paying as agreed status does not negate the prior derogs, and would still be a negative account with regard to FICO scoring.

Current status is only a snapshot of current standing, and ignores other prior status and payment history reporting.

Anonymous · ‎03-26-2012

Thank you...that makes sense that is still a negative thing.....so what do I do with it?! It does not actually say reposession on it. It says transferred,closed/never late. There is no recent balance as it says NA. It says reported since 11/2002 and last reported 07/2005. Status says scheduled to continue until 2015. Is there a way to get it off or since it is older just leave it alone since it should not be affecting his score as much? Sorry, this is all new to me and I am trying to understand the best I can so I don't make a mistake! Thanks again

Anonymous · ‎03-26-2012

I just looked at Equifax for DOFD and it says NA. Date of last payment is reported as 10/2003. Date of last activity is 10/2003 as well. Their status says pays as agreed.

Experian says Date of status and last reported as 07/2005. Why the difference and what can be done?

Anonymous · ‎03-26-2012

@Anonymous wrote:
Thank you...that makes sense that is still a negative thing.....so what do I do with it?! It does not actually say reposession on it. It says transferred,closed/never late. There is no recent balance as it says NA. It says reported since 11/2002 and last reported 07/2005. Status says scheduled to continue until 2015. Is there a way to get it off or since it is older just leave it alone since it should not be affecting his score as much? Sorry, this is all new to me and I am trying to understand the best I can so I don't make a mistake! Thanks again

It sounds like they did not report the repo or the lates. Actually, it sounds more like maybe the lates/repo are more than 7 years old at this point and they want away. Accounts don't necessarily get deleted after 7 years. Instead, after 7 years, derogatory information is deleted. This very often leaves an account with only the positive information. I would not dispute this or do anything to get rid of it. It is definitely helping now.

pizzadude · ‎03-26-2012

I agree it sounds like you are in good shape, looks like it is a positive account. Maybe the negatives dropped off early ~ or maybe they were never reported.
I would just leave it alone and be really thankful

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

Anonymous · ‎03-26-2012

@pizzadude wrote:
I agree it sounds like you are in good shape, looks like it is a positive account. Maybe the negatives dropped off early ~ or maybe they were never reported.
I would just leave it alone and be really thankful

They may not hav even fallen off that early. If the date of last activity is listed in July 2005, the DOFD could very well be early 2005, which would make now 7 years after that time.

To the OP, do you know by any chance when this account first went delinquent?