Gateway Financial Services--advice needed

[Anonymous]

I have an auto loan from Gateway Financial Services from May 2007. Car was reposessed and redeemed shortly after due to job loss. The car caught on fire and was a total loss. Insurance had lapsed. (Please don't beat me up, I KNOW )

Anyway, I have 2 tradelines showing from GFS, one for original loan, and another where it looks like it was refinanced. Last payment was Jan '08. Acct was never sold to CA, and shows C/O Aug 2011. Until then pymt history is listed as "Ok". Clearly the reporting is wrong, isn't it?

I thought I read somewhere that since it is an original creditor this will not fall off my CR. Is that a correct understanding?

I am so confused on this one. Any advice will be greatly appreciated!! Thanks for your help!

[Anonymous]

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@Anonymous wrote:
I have an auto loan from Gateway Financial Services from May 2007. Car was reposessed and redeemed shortly after due to job loss. The car caught on fire and was a total loss. Insurance had lapsed. (Please don't beat me up, I KNOW )

Anyway, I have 2 tradelines showing from GFS, one for original loan, and another where it looks like it was refinanced. Last payment was Jan '08. Acct was never sold to CA, and shows C/O Aug 2011. Until then pymt history is listed as "Ok". Clearly the reporting is wrong, isn't it?

I thought I read somewhere that since it is an original creditor this will not fall off my CR. Is that a correct understanding?

I am so confused on this one. Any advice will be greatly appreciated!! Thanks for your help!

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The account will not fall off, but the derogs will.

You would need to direct dispute the reporting with GFS. Ordinarily, the lender is required to charge off a delinquent account after 180 days, not three years!

I wonder if they have your account mixed up with someone else (or its a case of identity theft)?