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Lates Reported After Repo

Established Contributor

Lates Reported After Repo

I had a vehicle that was repo'd in 12/07, but on my CR it's showing the 2nd late in 12/07, the 3rd late in 1/08, and repo'd status in 2/08. I believe the vehicle went to auction in 2/08, but does that mean they can continue reporting lates until the vehichle has been auctioned off? I want to make sure they this is being reported correctly.


AMEX PRG - NPSL I AMEX Everyday Preferred - $34.8k I Capital One Venture - $20k I Chase Sapphire Preferred - $25.5k I Chase Southwest Rapid Rewards Premier - $20.7k I Barclay Arrival + - $10k I Capital One Quicksilver - $10k I NFCU Flagship Rewards Visa Signature - $15k I NASA FCU - $10k I Texell FCU Visa - $5k I Chase Freedom - $9.9k I Citi Double Cash - $7.8k I Discover IT - $5k I NFCU CLOC - $15k I Total Unsecured Credit - $188,700

EQ FICO - 714 (5/24/16) I TU FICO - 772 (5/24/16) I EX FICO - 770 (5/24/16)
Message 1 of 6
5 REPLIES
Epic Contributor

Re: Lates Reported After Repo

They can continue reporting lates until the debt is paid off.  If it was sold and there is a defiency, it is still a debt.

Message 2 of 6
Community Leader
Epic Contributor

Re: Lates Reported After Repo

I agree, with one proviso.

 

What are they reporting as the delinquency?  Is it an update of the level of delinquency prior to their taking of the property, or is it reporting as a new, escalating level of delinquency after the repo?  You seem to have a conflct over whether the repo occured before or after additional delinquency.  That appears to be the central issue.....

 

They can still report additional delinquencies, but to do so would require having sent a billing statement with a due date.  Without an specific statement of a due date, they would have no date upon which to report having gone more than 30 days past the billing due date.

 

 

Message 3 of 6
Established Contributor

Re: Lates Reported After Repo

They continued to report lates after the repo until the vehicle was sold at auction - which resulted in a 60 day and a 90 day late after the repo. When the repo occurred, I was only 30 days late. I did not get any statements or bills beyond 12/07 due to the fact that the vehicle had already been repo'd. 


AMEX PRG - NPSL I AMEX Everyday Preferred - $34.8k I Capital One Venture - $20k I Chase Sapphire Preferred - $25.5k I Chase Southwest Rapid Rewards Premier - $20.7k I Barclay Arrival + - $10k I Capital One Quicksilver - $10k I NFCU Flagship Rewards Visa Signature - $15k I NASA FCU - $10k I Texell FCU Visa - $5k I Chase Freedom - $9.9k I Citi Double Cash - $7.8k I Discover IT - $5k I NFCU CLOC - $15k I Total Unsecured Credit - $188,700

EQ FICO - 714 (5/24/16) I TU FICO - 772 (5/24/16) I EX FICO - 770 (5/24/16)
Message 4 of 6
Community Leader
Epic Contributor

Re: Lates Reported After Repo

The Fair Credit Billing Act (FCBA) requires a statement with a billing due date and amount due in order to establish a billing.  They chose to cease billing.

With no set period upon which to determine if or when it reached more than 30 days past the set billing due date, it would not be a reportable late to the CRA.

They had the option to bill, and chose not to.  So they could only report the last established delinquency status, which was apparently 30-late.

Any repo is not a date of delinquency, it is a date of their reporting of a business activity, akin to reporting a charge-off.

 

I would send them a direct dispute, challenging the reporting of a late with no billing upon which to base a reported delinquency in payment.

 

 

Message 5 of 6
Established Contributor

Re: Lates Reported After Repo

I dont think thats true.  I had a Repo since October of 2008 and had the same thing done to me along with different dates.  I disputed it on Experian and stated the actual repo is 10/08 and I have original paperwork.  Experian corrected it, and  deleted the CO and lates, and reported 09/08 as repo and ND for anything after that.  I need to check my current Ex score because I don't know if that helped or hurt me more.


Starting Score: 565
Current Experian Score: 634 (Lender pull)
Current Equifax Score: previous 668, 680 as of 11/12/13 lender pull
Current Transunion Score: previous 675,677 as of 09/23/13
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Message 6 of 6