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Auto loan from 07 is showing up to '10

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Anonymous
Not applicable

Auto loan from 07 is showing up to '10

i had an auto loan that i had and paid off in 2007.  i checked my credit report a few months and it shows that the account was reporting until 2010.

 

i tried to dispute it through EX, EQ, and TU and they never fixed it and will no longer accept disputes.

 

can anyone provide some advice on how to deal with this correctly so i will be prepared when contacting the company. 

 

company was drivetime and i was a cosigner and it was late 4 times 30 days each.

Message 1 of 10
9 REPLIES 9
fused
Moderator Emeritus

Re: Auto loan from 07 is showing up to '10

I really think your post belongs in the rebuilding forum, so I'm moving it over there.

Message 2 of 10
Anonymous
Not applicable

Re: Auto loan from 07 is showing up to '10


@Anonymous wrote:

i had an auto loan that i had and paid off in 2007.  i checked my credit report a few months and it shows that the account was reporting until 2010.

 

i tried to dispute it through EX, EQ, and TU and they never fixed it and will no longer accept disputes.

 

can anyone provide some advice on how to deal with this correctly so i will be prepared when contacting the company. 

 

company was drivetime and i was a cosigner and it was late 4 times 30 days each.


I don't think this sounds like a problem at all.  What do you mean that it was reporting until 2010 anyway?  What does it say about 2010?

 

Either way, late payments appear on the report for 7 years from the date of the late payment.  That being the case, whatever date it shows as being closed is irrelevant.  The lates will only be there for 7 years from when they happened, not when the loan shows as being closed out.  I wouldn't bother further disputing those as it shouldn't be negatively affecting you.

 

Also, perhaps you can clarify what you mean by still reporting until 2010, so we can be sure it really isn't impacting you.

Message 3 of 10
Anonymous
Not applicable

Re: Auto loan from 07 is showing up to '10


@Anonymous wrote:

@Anonymous wrote:

i had an auto loan that i had and paid off in 2007.  i checked my credit report a few months and it shows that the account was reporting until 2010.

 

i tried to dispute it through EX, EQ, and TU and they never fixed it and will no longer accept disputes.

 

can anyone provide some advice on how to deal with this correctly so i will be prepared when contacting the company. 

 

company was drivetime and i was a cosigner and it was late 4 times 30 days each.


I don't think this sounds like a problem at all.  What do you mean that it was reporting until 2010 anyway?  What does it say about 2010?

 

Either way, late payments appear on the report for 7 years from the date of the late payment.  That being the case, whatever date it shows as being closed is irrelevant.  The lates will only be there for 7 years from when they happened, not when the loan shows as being closed out.  I wouldn't bother further disputing those as it shouldn't be negatively affecting you.

 

Also, perhaps you can clarify what you mean by still reporting until 2010, so we can be sure it really isn't impacting you.


 

the account was closed and paid in 1/07.  drivetime report on all three bureaus that the account was still opened until 1/10. 

 

the late payments END in 8/05. 

 

see where i am getting at?

Message 4 of 10
llecs
Moderator Emeritus

Re: Auto loan from 07 is showing up to '10

Or, OP, are you upset they are deleting earlier thanthey should. It is supposed to report until 2017 and sounds like they are deleting early, which can be a blessing or a curse. In any case, the 30s are not impacting your FICO score at this point.

 

ETA...if they are saying a 2010 closure date, then all the better for you.

Message 5 of 10
Anonymous
Not applicable

Re: Auto loan from 07 is showing up to '10


@llecs wrote:

Or, OP, are you upset they are deleting earlier thanthey should. It is supposed to report until 2017 and sounds like they are deleting early, which can be a blessing or a curse. In any case, the 30s are not impacting your FICO score at this point.

 

ETA...if they are saying a 2010 closure date, then all the better for you.


 

they are supposed to report until 2014.  but b/c they reported it incorrectly, it will report until 2017.

Message 6 of 10
llecs
Moderator Emeritus

Re: Auto loan from 07 is showing up to '10

Why 2014? Was it a repo or charge-off? If not, it's a positive account with lates dropping at 7 yrs.

Message 7 of 10
Anonymous
Not applicable

Re: Auto loan from 07 is showing up to '10


@Anonymous wrote:

@llecs wrote:

Or, OP, are you upset they are deleting earlier thanthey should. It is supposed to report until 2017 and sounds like they are deleting early, which can be a blessing or a curse. In any case, the 30s are not impacting your FICO score at this point.

 

ETA...if they are saying a 2010 closure date, then all the better for you.


 

they are supposed to report until 2014.  but b/c they reported it incorrectly, it will report until 2017.


This is not how it works.  Negatives do not stay around for 7 years after the account closes.  As I posted in my last reply, the lates will be removed 7 years after the late payment, which you said is in 2005.  That being the case, they will all be gone by the end of this year.  The account, will stay, but will show up as a positive account at this point.  I wouldn't dispute any more.  You don't want them to just decide to delete the account.  Then you will lose what will soon be a positive tradeline.

Message 8 of 10
Anonymous
Not applicable

Re: Auto loan from 07 is showing up to '10


@Anonymous wrote:


This is not how it works.  Negatives do not stay around for 7 years after the account closes.  As I posted in my last reply, the lates will be removed 7 years after the late payment, which you said is in 2005.  That being the case, they will all be gone by the end of this year.  The account, will stay, but will show up as a positive account at this point.  I wouldn't dispute any more.  You don't want them to just decide to delete the account.  Then you will lose what will soon be a positive tradeline.


 

nice.  good to know thanks.

Message 9 of 10
MarcinXP
Frequent Contributor

Re: Auto loan from 07 is showing up to '10

Yep..this actually helps you...your lates will drop off this year since its been 7 years since late payment and then you have a PERFECTLY great tradeline reporting until 2017...which sounds correct anyway..Good tradelines should stay on your report 10 years after closing so if you paid it off in 2007...it should stay until 2017....once the lates fall off this year..you should see have a nice 5 years of awesome (never late) tradeline that boosts your AAOA and gives you a nice score..you might even see a score increase by few points depending on your profile...30 day hurts really bad in the first year and semi bad in the 2nd year and then wears off...by now all of the bad mark is gone...but you stil might get a point or two increase.

 

I would not dispute anything anymore on this...you don't want to mess around with it and have a CRA delete a perfectly good tradeline..it might hurt your score and CRAs are not in the business of bringing tradelines back on the report and OC won't care not that its paid.

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Message 10 of 10
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