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Can they do this???

Regular Contributor

Can they do this???

 
   
         
CNAC/LA108

Potentially Negative

     
Account NameCNAC/LA108  
Account #130XXXX  
Account TypeAuto Loan  
Balance$3,404.00  
Date Opened9/1/2004  
         
  Account StatusOpen  
  Mo. Payment$297.00  
 Close Account DetailsPast Due$1,782.00  
  Payment StatusPast due 180 days  
  High Balance   
  Limit   
  Terms42 Months  
  Comments   
 24-Month Payment History 
  
2010        2011           2012  
AprMayJunJulAugSepOctNovDecJanFebMarAprMayJunJulAugSepOctNovDecJanFebMar
120120120120120120120120120120120120120120120120120120120120120120120

120

 

 


Starting Score: EX: 500 FAKO -TU: 497- EQ: 529 12/9/2010
Current Score:
EX: 560 TU: 550-EQ: 569 5/14/15
Goal Score:
700 across the board


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8 REPLIES
Regular Contributor

Re: Can they do this???

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..


Starting Score: EX: 500 FAKO -TU: 497- EQ: 529 12/9/2010
Current Score:
EX: 560 TU: 550-EQ: 569 5/14/15
Goal Score:
700 across the board


Take the FICO Fitness Challenge
Frequent Contributor

Re: Can they do this???


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"


Starting Score: EQ = 550; TU = 491(2/10/12)
Current Score: EQ = 669; TU = 674(6/20/14)
Goal Score: 700+


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Established Contributor

Re: Can they do this???

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.


BK in January 2008---Barclay's Apple Financing Card ($10,000) --- Capital One Quicksilver ($13,000)--- Platinum Delta Skymiles ($29,500) --- GEMB CareCredit ($10,000) --- AUFCU ($10000)---Discover IT ($28,000)

Experian 746 Transunion 806-- July 2017
Established Contributor

Re: Can they do this???

Haha Lois, looks like I just barely missed your post Smiley Happy


BK in January 2008---Barclay's Apple Financing Card ($10,000) --- Capital One Quicksilver ($13,000)--- Platinum Delta Skymiles ($29,500) --- GEMB CareCredit ($10,000) --- AUFCU ($10000)---Discover IT ($28,000)

Experian 746 Transunion 806-- July 2017
Frequent Contributor

Re: Can they do this???

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.

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Regular Contributor

Re: Can they do this???


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.


THAT'S what I'm saying, this should have been CO long ago, and as I can tell they are the OC.

Starting Score: EX: 500 FAKO -TU: 497- EQ: 529 12/9/2010
Current Score:
EX: 560 TU: 550-EQ: 569 5/14/15
Goal Score:
700 across the board


Take the FICO Fitness Challenge
New Contributor

Re: Can they do this???

I have the same issue with credit acceptance reporting the same way. My son total his car and they stated i still owe since september 200+ but report every momth count as open. I have tried to get this corrected but they refused to change it. I offer a pay for delete but they refused. They want me to pay it off but want all the money at once and i cant afford to pay it like thaf. I have disputed but it has never change
Moderator Emeritus

Re: Can they do this???


mrmagic9799 wrote:

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.


THAT'S what I'm saying, this should have been CO long ago, and as I can tell they are the OC.


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.