topic Old CU Auto loan late payment, Dispute or Letter to CU? in Rebuilding Your Credit

Old CU Auto loan late payment, Dispute or Letter to CU?

Anonymous — Sun, 08 Mar 2015 18:05:54 GMT

Hey All,

I ordered my annual credit report and my auto loan from 08-2012 is listed as an adverese account. It shows that all payments were made on time except for the last payment (paid all remainder in full a year early). This information is incorrect, the payment was made on time and I pretty much paid the loan off because I sold the car. I had no idea it reported late until now. Please advise; is it better to email the credit union (no longer a member, closed account after paying off the loan) or is it better to Dispute this with all 3 CRAs? the only issue is that this is so old that I have no records of the payments or anything else that I can attach to a dispute. At the same time, I dont know if Credit unions are typically able to ask CRA's to adjust records whether on a good will or mistakes. There's a small tiny chance that the check arrived a day late or something but I honestly do not recall this happening.... Thanks for your advice.

Re: Old CU Auto loan late payment, Dispute or Letter to CU?

gdale6 — Sun, 08 Mar 2015 19:05:43 GMT

@Anonymous wrote:
Hey All,

I ordered my annual credit report and my auto loan from 08-2012 is listed as an adverese account. It shows that all payments were made on time except for the last payment (paid all remainder in full a year early). This information is incorrect, the payment was made on time and I pretty much paid the loan off because I sold the car. I had no idea it reported late until now. Please advise; is it better to email the credit union (no longer a member, closed account after paying off the loan) or is it better to Dispute this with all 3 CRAs? the only issue is that this is so old that I have no records of the payments or anything else that I can attach to a dispute. At the same time, I dont know if Credit unions are typically able to ask CRA's to adjust records whether on a good will or mistakes. There's a small tiny chance that the check arrived a day late or something but I honestly do not recall this happening.... Thanks for your advice.

In this case I would dispute directly with the creditor using the Section 623 Dispute. http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Direct-dispute/td-p/2309095

Re: Old CU Auto loan late payment, Dispute or Letter to CU?

RobertEG — Sun, 08 Mar 2015 22:42:23 GMT

I would begin with an informal call to the creditor, asking them to review their records.

They may confirm a reporting error, and correct.

I would not file a formal dispute until first attempting to resolve informally.

Yes, any party who has reported information to a CRA can report an update to corrrect any inaccuracy.

In fact, once they acknowledge an inaccuracy, they are required under the FCRA to promplty report a correction. See FCRA 623(a)(2).

Even had your payment been a few days late, it would not have been a reportable delinquency to a CRA.

A reportable 30-late must be 30 days after the billing due date.

Thus, lates under your account agreement are not reportable until the delinquency itself beomes at least 30 days.