Should a open redeemed repo loan show as closed?

[Racerx34]

Hello - I have a loan through Ally which is a redeemed repo.  Both TU and EQ are showing it as "Closed" but with a balance.  Ally has repeatedly submitted out of cycle updates to TU and EQ verifying that it's open but both TU and EQ continue to list it as closed.  I spoke with the wonderful folks at EQ today and they gave me the same old advice - "dispute it with the creditor".

My question is this - is there any reason it should be in the "Closed" category simply because it's a redeemed repo or is this a screw up on either Ally's part or both TU and EQ?

[Anonymous]

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@Racerx34 wrote:
Ally has repeatedly submitted out of cycle updates to TU and EQ verifying that it's open but both TU and EQ continue to list it as closed.  I spoke with the wonderful folks at EQ today and they gave me the same old advice - "dispute it with the creditor".

My question is this - is there any reason it should be in the "Closed" category simply because it's a redeemed repo or is this a screw up on either Ally's part or both TU and EQ?

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Since your creditor is going the extra mile by sending out of cycle updates for you, I do not believe this is a screw-up on their part.  But, it would NOT surprise me if EQ and TU were at fault here.  TU is notoriously SLOW and, EQ is notoriously MEAN and will always shift the blame elsewhere.  I would file a complaint with your state's Attorney General on this one. 

[Racerx34]

Thanks for the quick feedback.  I am considering just having an attorney send both TU and EQ a letter demanding that they either remove the entire line (I wouldn't mind a repo dropping off my reports) or update the status to reflect both as open and paying as agreed - which is what Ally has been reporting.  

What's your take on going that route instead of the AG/dispute path?