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Getting REPO Deleted

SOLVED
Regular Contributor

Getting REPO Deleted

Hello-

 

I have a question. What date does the 7 year period start? I have a repo from 2001 that is still showing on my credit and I'm not sure how to get it deleted. Here is the info that is on my credit report:

 

Chrysler Financial Services

Status as of: Jan 2003

Date Opened: July 2001

Date of last activity: Jan 2006

 

The account was paid off in late 2005/early 2006 and it was settled for less than full balance. When is this account supposed to fall off of my credit, the car was repossessed in 2002.

 

Thank you for any information you can provide.

Message 1 of 11
10 REPLIES
Established Contributor

Re: Getting REPO Deleted

It should age off 7 - 7.5 years after the DOFD.  So you should be looking at a date sometime this year. 
Message 2 of 11
Contributor

Re: Getting REPO Deleted

Dispute it with the Credit Bureau. If it was repo'd in 2001, it should have been removed in 2008 by the anniversary month.
Message 3 of 11
Moderator Emeritus

Re: Getting REPO Deleted


wilee wrote:
Dispute it with the Credit Bureau. If it was repo'd in 2001, it should have been removed in 2008 by the anniversary month.

 

OP may have misspoke in his/her opening. At the bottom it says that it was repoed in 2002.

 

OP, you may have a series of lates leading up to that 2002 date. Which month was it repoed and how many consecutive lates lead up to it? DOFD goes by that first consecutive late (where you stopped paying it).

Message 4 of 11
Valued Member

Re: Getting REPO Deleted

I just received a collection letter yesterday regarding a vehicle I had repossessed.

 

Repossession Date - 02/2003

 

Isn't the SOL 7 to 7.5 years?


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Message 5 of 11
Moderator Emeritus

Re: Getting REPO Deleted


melprieve wrote:

I just received a collection letter yesterday regarding a vehicle I had repossessed.

 

Repossession Date - 02/2003

 

Isn't the SOL 7 to 7.5 years?


I think you might be confusing SOL and CRTP (Credit Reporting Time Period). SOL is the time period (that differs from state to state) which limits the amount of time a creditor can file a lawsuit. The CRTP sets time limits as to how long negative items can be reported on your credit.

 

 

 

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Message 6 of 11
Valued Member

Re: Getting REPO Deleted

It will 8 years in February that the vehicle was repossessed.  The SOL to be sued in Texas is 4 yrs.  The account from original creditor Mitsubishi Motor Credit has already fallen off my three reports.  So is this CA reporting what is called 'Zombie Debt'?  I'm a little confused.


Starting Score 10/10: 529
Current Score 12/11: 663
Goal Score: 850


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Message 7 of 11
Moderator Emeritus

Re: Getting REPO Deleted


melprieve wrote:

It will 8 years in February that the vehicle was repossessed.  The SOL to be sued in Texas is 4 yrs.  The account from original creditor Mitsubishi Motor Credit has already fallen off my three reports.  So is this CA reporting what is called 'Zombie Debt'?  I'm a little confused.


That's what it sounds like. You can ignore them if you want to. They can't legally do anything to you. Have you sent them a DV letter? Since you live in Texas they have to answer within 30 days.

 

 

 

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Message 8 of 11
Valued Member

Re: Getting REPO Deleted

I just got the letter yesterday, so I haven't sent them a DV letter yet.  I didn't know if I had to or not since it's such an old debt.  Any suggestions on the process I should use?


Starting Score 10/10: 529
Current Score 12/11: 663
Goal Score: 850


Take the FICO Fitness Challenge
Message 9 of 11
Moderator Emeritus

Re: Getting REPO Deleted


melprieve wrote:

I just got the letter yesterday, so I haven't sent them a DV letter yet.  I didn't know if I had to or not since it's such an old debt.  Any suggestions on the process I should use?


Keep the DV simple. Say something like "You say I owe this debt. Please validate".

 

That's all you need. Send the letter CMRRR.

 

 

 

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Message 10 of 11