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I'm working on my DW credit profile and this has been reporting forever, this was a voulentary reposession, car was a lemon. they've been reporting this since 04 as 120days and does so each month..
@mrmagic9799 wrote:I'm working on my DW credit profile and this has been reporting forever, this was a voulentary reposession, car was a lemon. they've been reporting this since 04 as 120days and does so each month..
That posted pic is hard to read and make out. Was this car voluntarily repossessed in Sept 04?
First answer - yes, they can report that the debt wasn't paid (whether you voluntarily gave the car back or not). Second answer - if this happened in Sept 04, it should be falling off your DW's report very soon....like now, actually.
If that DOFD is accurate, you might want to dispute with the CRA(s) based on "passed exclusion date"
I will let someone else chime in here but this tradeline should have been deleted from your credit report or should be deleted fairly soon. If you defaulted in 2004, it woul be roughly eight years this year. I will dispute the tradeline with the CRAs.
Haha Lois, looks like I just barely missed your post
I don't like the looks of that at all.
They're reporting the account open with late payments each month--they have NOT reported this as a repo, charge-off or collection, so I may be mistaken, but no DofD comes into play for open accounts with current lates other than the lates that are 7 years old would be deleted--but not the newer lates or the account.
I would contact the original creditor who is reporting this way and try to get them to change this to a repo or something else, but reporting open with constant lates does not seem right to me.
THAT'S what I'm saying, this should have been CO long ago, and as I can tell they are the OC.
@atarvuzdar wrote:I don't like the looks of that at all.
They're reporting the account open with late payments each month--they have NOT reported this as a repo, charge-off or collection, so I may be mistaken, but no DofD comes into play for open accounts with current lates other than the lates that are 7 years old would be deleted--but not the newer lates or the account.
I would contact the original creditor who is reporting this way and try to get them to change this to a repo or something else, but reporting open with constant lates does not seem right to me.
@mrmagic9799 wrote:THAT'S what I'm saying, this should have been CO long ago, and as I can tell they are the OC.
@atarvuzdar wrote:I don't like the looks of that at all.
They're reporting the account open with late payments each month--they have NOT reported this as a repo, charge-off or collection, so I may be mistaken, but no DofD comes into play for open accounts with current lates other than the lates that are 7 years old would be deleted--but not the newer lates or the account.
I would contact the original creditor who is reporting this way and try to get them to change this to a repo or something else, but reporting open with constant lates does not seem right to me.
IMO, it is reporting OK. OP, pull your report from Experian directly (assuming this is on EX) or from annualcreditreport.com. And if reporting on the other two CRAs, do the same. EX and TU will show a drop off date. EQ will show a DOFD. Third-party CMSs like this one (freecreditreport?....definitely an Experian product of some kind) will often not show the entire picture. However, if you pull from the CRAs directly, you'll find more info.
As far as the account goes, and assuming for a sec that "CO" or "repo" isn't showing anywhere, you wouldn't want them to add it. It still has a DOFD. There's no way you can make this account appear current by making a payment. When an account goes bad, like an unpaid balance on a repo, they can add lates continually every single month for years if they want to. They can do so for as long as they own the debt or they sell the debt. The charge-off occurred years ago. But the CO status will never go away until paid or sold, at which point the balance goes to $0.
If you agree with the debt, send a PFD. If you disagree, then ask for an accounting of how they got to $x, ask for the last few statements, payment history, etc.