Redeemed repossession

Anonymous · ‎05-19-2008

Ok, so my husband and I were really stupid and had a repo in 2002. We paid the repo and had the car back in a matter of hours (like I said we were stupid, we were just lazy about paying and stupid). So all this time we did not believe that the repo showed on our credit, we just realized that it is on our cr. This account has been closed since Nov. 2002, but I would like to get it removed. Would this be possible? Will this come off after 7 years? It is with a small cu that has since changed names and merged with a another credit union. Any information would be greatly appreciated.

Tiffany

athensguy · ‎05-20-2008

If there are inaccuracies with it you can dispute, otherwise, it should come off 7.5 years after the DOFD, which would be the first time you were late and never caught up.

Anonymous · ‎05-20-2008

We did catch up though we paid all past dues and fees within hours of the car being taken. So I am confused as to when the 7.5 starts? Thank you for your reply.

Tiffany

athensguy · ‎05-20-2008

If the loan is classified as a charge off, the DOFD would start the month after the last time the loan was current. Once it is charged off, a payment doesn't reset the DOFD. So something like:

[OK][30][60][90][120][120][RF] then paid, the Date of the first 30 there would be the DOFD

*Added: If it wasn't charged off, and you paid it off, then the lates would each just fall off after 7.5 years passed, and the TL would stay until 10 years from closing, without negatives after the lates drop.

Message Edited by erchambers on 05-20-2008 03:31 PM