Hello I recently posted this in bouncing back forum but got not response so I thought maybe it would be more appriate her
I have an old repo from an auto loan taken out in 2007 from Toyota Motor Credit reporting on all 3 CRA.
I am really unclear (and so are the CRAs apparently) on how and why this reports as it does.
June of 2009 I missed my payment then again in July Aug and in Sept. They came and repoed it.
I was able to beg and borrow and get the cash to get it back from repo.
Early in 2010 same thing happened. 30/60/90/repo then paid and got it back
Early 2011 I paid loan off in full
All late payments are reporting plus a note in the comments section that states Redeemed Repo
So I have been hoping that ,since 7 yrs is approaching, it would fall off soon.
TU says it due to fall off in Sept.
EX says they do not know
Eq says it will stay on for 10yrs from yesterday because I recently disputed the info as incomplete(all payment info was blank excepy for late payments)
So Here I am trying to sort out how to handle this, EQ rep says that since it is paid in full that it is a positive reporting and that each late payment will fall off at 7 year mark and eventually it will be a very positive account.
OK So sorry for all this background but here is my question. When I disputed with EQ I saw a 20pt drop in Myfico, when Toyota resonded that everything is accurate Myfico went back up the 20pts
Could EQ be right that this is a positive report? most recent late is now 5yrs old and it is paid in full
Should I be hoping that just the lates come off one at a time or hope that the whole acct disappears?
Any thoughts or experiences would be very appreciated
