I'm down to one negative account on my reports, a settled Wells Fargo auto loan. Currently it's due to drop off in July of 2017, but that doesn't seem right to me. I first became late in October of 2009. I never caught up and ended up selling the car on a settlement agreement in July of 2010. Shouldn't the drop off be seven years from when I first became late, 10/2009, instead of the date I sold the car, 7/2010?
@dapps06 wrote:I'm down to one negative account on my reports, a settled Wells Fargo auto loan. Currently it's due to drop off in July of 2017, but that doesn't seem right to me. I first became late in October of 2009. I never caught up and ended up selling the car on a settlement agreement in July of 2010. Shouldn't the drop off be seven years from when I first became late, 10/2009, instead of the date I sold the car, 7/2010?
You would not be disputing the drop off date but the DoFD of the account and if you have proof that the DoFD is reporting in error then you would address it with a direct dispute to the reporting creditor. Sounds like they are trying to use the DOLA as the date it should report from and that is not correct.
@Anonymous wrote:Does the account reporting show the late preceeding the settlement sale? It the account reporting as charged off?
It's reporting as a legally settled account, with 30 day lates starting in 10/2009 all the way up through 6/2010, with an "OK" reporting one month later for 7/2010.
Here's how it's reporting for all three...
TU:
Remarks: >SETTLED-LESS THAN FULL BLNC<; CLOSED
EQ and EX:
Account paid for less than full balance
@gdale6 wrote:
@dapps06 wrote:I'm down to one negative account on my reports, a settled Wells Fargo auto loan. Currently it's due to drop off in July of 2017, but that doesn't seem right to me. I first became late in October of 2009. I never caught up and ended up selling the car on a settlement agreement in July of 2010. Shouldn't the drop off be seven years from when I first became late, 10/2009, instead of the date I sold the car, 7/2010?
You would not be disputing the drop off date but the DoFD of the account and if you have proof that the DoFD is reporting in error then you would address it with a direct dispute to the reporting creditor. Sounds like they are trying to use the DOLA as the date it should report from and that is not correct.
Ugh, that means I'd have to call WF, I hate them haha.
I called recently to offer to pay the remaining balance on the car after I sold it in exchange for them removing this account early. They didn't even consider it.
I read somewhere once that a settled account is viewed the same as a charge off, not sure if that's true or not. It's definitely listed as a negative item on my reports though. I think what I'll probably end up doing if WF won't update their information is just disputing the account next September.
Just called EX to file a dispute, just want to see how it goes. The rep said it's showing as being brought current in July of 2010 and then settled one month later in August. I told her when I sold the car in July that's what settled the account. She put in a dispute for me stating the account was never brought current from 10/2009, it was simply settled in July for less than the full amount. I figure EX is usually the best at getting things done so I'll start with them.
Almost had a HUGE victory during this call. On my EX report is shows the drop off date as May of 2017, the others say July. At the start of the call when I mentioned this she said "well May is just a few days away, I'll just delete the account, one moment please". I sat there in total shock thinking, "am I about to get this account removed two years early". My conscience kicked in tnough and I told her that it's due to fall off in May of 2017, not next month. I jokingly said "but you can still try to remove it if you want to", and she actually tried. The system wouldn't let her though because of the time frame, probably has to be within 2-3 months of the drop off date. EX is the best, the fact she even tried to remove it when she knew it wasn't falling off for two years is just awesome.