Repo question

Anonymous — Fri, 28 Nov 2014 23:04:36 GMT

I just noticed while looking through my credit reports that my six year old repo (which happened during my BK) doesn't seem to list any adverse notes. It's not even showing up as part of the "negative" items section on any of my CRs. Rather, it's listed with a 26k balance and a "Paid or paying as agreed" status.

I would've assumed that it should've been listed as an IIB account, although that would be one more baddie to add to my record. Not sure if I should do something about this or let it be. I'm also wondering if it will fall off late next year when it hits it's seven year mark considering it appears to be an open loan.

Re: Repo question

Lemmus — Sat, 29 Nov 2014 00:30:00 GMT

...if it was fully discharged during your BK, its one thing ...if not its another

...if you're not going for a mortgage in the next year, I'd leave it alone until its 7.5 years past DOFD per your records ...then verify it via the CRA to get it removed

...afaik open accounts with a balance won't auto drop off the CRA

...you do want it removed eventually since open installment accounts that do not decrease over time can in themselves be a negative, certainly in any loan app

...and watch to ensure a CA does not change its status in the meantime

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Repo question

Re: Repo question