Chase Auto Collection Is BACK

[devineer1]

Hello all... So my DH had an account with Chase auto... opened in Auguest of 2006, I honestly am not sure when it went into repo status but if I could guess it was between the years of 2007/2008... He used Lexington Law and to my surprise this and many items came off.. Pull his credit bc we are wanting to purchase the house we are currently renting... Chase is BACK... I don't want to enter in a PFD if it will fall off what should I do...

[-NewGuy-]

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@devineer1 wrote:

Hello all... So my DH had an account with Chase auto... opened in Auguest of 2006, I honestly am not sure when it went into repo status but if I could guess it was between the years of 2007/2008... He used Lexington Law and to my surprise this and many items came off.. Pull his credit bc we are wanting to purchase the house we are currently renting... Chase is BACK... I don't want to enter in a PFD if it will fall off what should I do...

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Lexington Law simply files disputes on your behalf. While that may end up getting some things deleted, a CA or OC has every right to report valid information, so Chase can put it back on there if it's a valid debt.

If you want to find out how long it will be reported, pull your reports (from the bureaus) and look for the DoFD. This is the date that the reporting is based off of.

[Anonymous]

Get your free full reports from annualcreditreport.com - they will show the DoFD and/or fall off date.

[devineer1]

Okay... Because it is a valid debt how do I settle... the balance owed is more.. even after payments were made as if they brought the balance back to the original bal.... I was told if an Item is near its 7 year date to leave it alone.  it will fall off no matter who "owns it now" is this true.  Should I contact Chase or leave them? I guess I need to know how to handle this? Thanks for the info so far!

[Anonymous]

It depends on a number of factors - is chase and a collector both reporting it? Is chase reporting it only, and showing a balance? Are you going to be applying for a mortgage in the near future?

If its been sold to a CA I would not offer more than 10% to settle it.Thats just me... Others will have differing opinons.

[RobertEG]

Credit report exclusion of collections occurs no later than 7 years plus 180 days from the DOFD on the OC account.

To take advice to "do nothing" based on credit report exclusion is at your peril.

What credit report exclusion provides is that the collection will no longer impact your score, and others wont be able to become aware of the unpaid debt simply by a normal pull of your credit report.  The debt still exists, and could be a factor in any lending decision if the creditor becomes aware via other means, such as simply asking for disclosure of any unpaid, delinquent debt. 

It is always best, other than $ out of pocket, to have no unpaid, delinquent debt, even if a collection can no longer appear in your credit report.

As for re-appearance of the collection after prior deletion, was the prior deletion required as a finding in a prior dispute, or was it voluntary on the part of the debt collector?

If voluntary, there are not restrictions on its reinsertion.

However, if deletion occured as a direct finding in a prior dispute, then pre-certifcaion of its accuracy is required prior to any reinsertion.  See FCRA)(5)(B).

How and why was it deleted?

[Anonymous]

We recommend calling them to settle the amount owed. The best way to remove accounts such as this one, is to call them and see if you can settle the amount owed. By law, they don't have to settle anything but it never hurts to try as people sometimes only have to pay 70-80% of the balance owed.