Please advise on how to proceed???

[tea4two]

I had a 32K auto loan that was charged off with a balance of 6K. It was with a credit union in another state. This credit union was bought out by another credit union and is now operating under a new name. At the time this happened, I was behind on payments and called to make a payment. They could not find my account anywhere. They kept telling me someone would call me back, but nobody ever did. I called for months and nobody could even find my loan! They acted really strange, like nobody could even talk to me about it. In 2010 I received a letter saying that it had been charged off. The vehicle was never repossessed. 

It gets confusing because we do not even believe we owed 6K or anywhere close to that.. I called them about a year ago and they said that IS what we owe (finally able to find our account). I am unable to find my records, but am fairly certain that I should owe much less. I am ready to pay this debt once I determine the true amount I owe, but I'm not sure how long that could take. 

My dilemma right now is that I really want to get it off of my report and there are discrepancies in the reporting. The second credit union is reporting the following:

Equifax DOFD:  08/07

Experian DOFD:  12/07

Transunion DOFD:  12/08

The first credit union is also still reporting to Equifax only and is reporting DOFD as 07/06.  I also have an old Experian report from January 2012 that shows the DOFD as 07/06 with the second credit union. I disputed this information in January of this year and all they did is update the report.  I know that the account was not brought current after it went to the second credit union. If the 07/06 date is correct, it should fall off this year. Any idea of how to proceed? 

I don't want to make a mistake and have them get mad and come get the car since it is almost paid for and when I called they did tell me I could make an offer. I do plan on making an offer. I just want my offer to be based on what I ACTUALLY owe and not what they are saying I owe.

[guiness56]

On the reports that show a DoFD of 7/06 does it show transferred/sold to another lender?

The DoFD should not have changed, even when sold.

As for the amount, they are allowed to add lates fees and interest.  They can do it each month until it is paid.   If it has been 5 years the possiblity is great that you do owe that much.  Have you made any payments since it was sold?  What is your states SOL for suing?

You can ask for an itemized accounting to see why they say you owe what you do.

[tea4two]

Thanks for the reply!

Yes, both of those show transferred or sold to another lender.

I do find it kind of odd that the Experian one says that since that one is under the name of the second credit union.

Even if they have added fees, something isn't right because they couldn't even find the account for months.

I have every intention of paying them, but really just want to figure out what I can, if anything, to get this off my report when it should be (this year).

[guiness56]

You can send them a direct dispute about the inaccuracy of their reporting and question the DoFD.  I can give you the template.  They would have 30 days to investigate and respond directly to you with the outcome. 

If the newer CU is showing as transferred/sold the debt has probably been sold to a collection agency.  Is there a balance reported?

In the transition to the new CU files could have been misplaced.  Not that odd.

I wouldn't dispute with the CRAs anymore. 

[mariemeow77]

@guiness56  - I am having a similar issue with DOFD and the CRAs came back verifying. Could you please PM me a copy of the template? I would greatly appreciate it. TIA!

[tea4two]

guiness,

I don't know why I even posted about the discrepancy in the amount.  I'm more concerned at this point with the inaccuracy in the dates because I just want it off  of my credit report. Do you think if I dispute the dates, they would come get the vehicle after so long? I would guess the car is worth about what they are saying I owe.

Honestly, I would probably be willing to GIVE the vehicle to them to clear it up and get it off of my credit reports. I just don't want them coming to my house and the embarrassment of that.  

Thanks so much for all of your insight!

[RobertEG]

I would first address satisfaction of the debt prior to disputing the accuracy of their reported DOFD. 

Correction of DOFD would, in my opinion, be secondary at this point.

Possibility of repossession would kinda make the debt itself a priority.  Additionally, they could refer the debt to a debt collector at any point, adding a collection to your CR.

Addditionally, even if the OC were to become excluded from your CR, the unpaid debt would still exist, and thus could still be a primary factor in any quest for new credit.

DOFD has only one purpose with respect to credit reporiting.  It makes of record in the consumer's file the date needed by the CRA to determine the eventual statutory exclusion date of their charge-off.  Assuming the earliest reported DOFD of 7/06 is accurate, the max credit report exclusion period would not be until 1/2014, so there is time to correct before it becomes material. 

Inaccuracies in reporting are not per se basis for requring deletion of the inaccurate information.  They always have the opportunity to simply correct any inaccuracy.  Additionally, with the disputed issue being the DOFD and not the CO, deletion of the CO would not even be an issue in a dispute, so that is not a mechanism for getting the CO off the CR.