topic Re: Help please, when will this fall off CR? in Rebuilding Your Credit

Help please, when will this fall off CR?

SprintToFinish — Sun, 30 Mar 2014 00:30:34 GMT

This is the only Baddie left on my CR, I am currently disputing this with all 3 CRA's .. I lived in MO all my life, recently moved to Nashvile on 8/2013

Any help/advice would be greatly appreciated.

Both EX and EQ report this as:

Condition: Paid

Balance: $0

Pay Status: 120 days late

TU reports as:

Condition: Derogatory

Balance: $3237

Pay Status: Collection/Chargeoff

Vehicle Loan Account

Date Opened: 12/2005

Date of last activity: 6/2010

Date Closed: 11/2010

Balance: $0

30 days late: x9 60 days late: 1 90 days late: x3

Re: Help please, when will this fall off CR?

Anonymous — Sun, 30 Mar 2014 00:58:52 GMT

Should be 11/2017 or 06/2018 it's either 7 years or 7.5 years.

~~The SOL date would be 06/2015~~ Nevermind, it says you paid it.

Re: Help please, when will this fall off CR?

SprintToFinish — Sun, 30 Mar 2014 01:03:03 GMT

Well i didnt pay it... vehicle was sent to auction and sold for more than the balance owed.

Will this have a very negative impact on my Fico Auto score when attempting a loan for a new vehicle?

Re: Help please, when will this fall off CR?

Anonymous — Sun, 30 Mar 2014 01:06:16 GMT

I would honestly just send the company a good will letter asking them to remove all bad marks. It works for some people, it's only the cost of a stamp. It's not good, but it was 4 years ago. You should still qualify, just with a higher interest rate.

Re: Help please, when will this fall off CR?

SprintToFinish — Sun, 30 Mar 2014 01:09:21 GMT

BatHunters,

I appreciate all your help. I'm going to try the GW route

Re: Help please, when will this fall off CR?

RobertEG — Sun, 30 Mar 2014 10:04:04 GMT

It's an OC account, so the account itself will not become excluded, and will remain absent the derogs as they individually become excluded.

Each of the monthly delinquences will be excluded no later than 7 years from their date of occurence.

The report is a bit unclear as to whether they did a charge-off or referred for collection, but in either event, any reference to a charge-off or collection must be excluded no later than 7 years plus 180 days from the DOFD on the account.

"Pay status" is apparently referencing your Payment Rating status, which is retained as the last level of delinquency prior to its current status as paid.

I would not be concerned with that issue, as the derogs still remain in your file, and that reporting is reflecting prior history, not current status.

The current reporting with each CRA appears inconsistent. Reporting to EX and EQ shows the debt was discharged, while the reporting to TU has not updated, and still shows a debt balance due. My primary concern would be getting the TU reporting updated. One pulling only your TU report would see an unpaid debt.

They apparently failed to report an update to TU once the vehicle was sold and the net remaining debt was thus discharged.

What were the speicifc inaccuracies that are currently under dispute?

Re: Help please, when will this fall off CR?

SprintToFinish — Sun, 30 Mar 2014 11:29:19 GMT

Thanks for the response. I pulled my CR's, havnt in a long, and noticed the inaccuracies in the report by TU so i clicked dispute and croseed my fingers. This was a couple days ago, before i started reading forums and gathering a wealth of knowledge.