My situation is similar to those that have charge offs/ closed status' on their reports. I understand that I still owe the debt and that the debt is to be on my credit for 7 years. I have browsed the forum for almost 2 months now and haven't found a relevant answer to point me in the direction I need to go. So I am asking for some insight to see what step is suggested.
First of all I have been and am continuing to rebuild my credit from a few medical bills and a repossession and finally reached the point that it was time for me to buy a house. This is how I found out what exactly was wrong because I have a very informative lender.
In 2005 my car was repossessed and in 2006 it was reported to the 3 CA that it was reported and closed with balance amount listed, no monthly payment listed, and closed in the comments. As I am aware that I still owe the debt and I have received no notices or calls from them I contacted them via the number my lender verified off of my credit report. It was Marine Federal Credit Union and the department was their credit agency. As I spoke to them they informed me that the vehicle had been sold off, there was a remaining balance plus interest. I was aware and wasn't going to argue the fact. They have been reporting delinquent payments since the vehicle was charged/ closed on the 3 reports in 2006. The delinquent payment before my vehicle was repossessed I can understand, however, why delinquent payments after it was charged off and closed . After talking to them they also informed me I had to call a 1-800 number to settle the debt because it had been bought or sold off. (Not sure how they did it) It was law firm that told me the same thing that MFCU did but that I owed principal and interest and that the delinquent payments where correct and should be reported.
This is my question. MFCU was no longer in control of the debt as of the charge off/ closing in 2006. So why is MFCU still reporting the delinquent payments? First off I could see that the law firm it was bought buy reporting it but MFCU doesn't own the debt anymore according to MFCU stating it. There has been no kind of agreement on repaying this debt or payment plan. The original payment plan was voided when the vehicle was repossessed, MFCU told me this.
I am trying to get the delinquent charges post charge off/ closing off my credit because they are what are killing me the most. I need to dispute this manner but don't know how to put that into written form. I want to dispute that MFCU doesn't own the debt anymore and they are reporting incorrectly.
All I am looking for is some knowledge. Understandably I will repay this debt in time but not until they remove those false delinquencies from my reports. Thank you all.
