8 year old negative still showing

[Yanzi2002]

Praying someone has some good advice. I have a redeemed repossession comment listed on equifax and experian. Transunion deleted the account. Account opened in 2006 and fully paid in 2012. Redeemed repossession in February 2009. Transunion score is 800. Others are around 710 with the repo being in the comment section. This is the only difference in my credit reports. They refuse to remove after disputing saying the account with be listed until 2022! How can I get this off? I was under the impression that majority of negative information only stayed on for 7 years with exception of foreclosure and bankruptcy. It's already been more than 8.

[medicgrrl]

I would write a letter and mail it in. Explain all the dates and that you're requesting the comment be removed. Point out that the lates are no longer listed that correspond with the repossession because of the age. Send the letters certified mail.

[Tim_S]

I just posted almost the exact same post a couple days ago, here was mine - 

"Back in 2006, I was approved for an auto loan through Ally Financial.  After the market crash and depression of 2008-2009, my wife lost her job and we struggled, eventually having our car respossessed in 2009.  Within 2 days I got caught up on payments and got our car back, but not before Ally reporting the repo to the credit bureaus.  I stayed current on payments until paying the car off in 2011.  Both Experian and Trans Union wiped the entire Ally account from my report last year, however Equifax still has the account showing and has the comments, "Redeemed or reinstated repossession", which has brought my Equifax score down ever since.  

Yesterday, I filed an dispute with Equifax to have the repo comments removed due to the fact that the repo occurred more than 7 years ago and there aren't any dates listed under, "Date Major Delinquency First Reported" or "Date of First Deliquency".  Today, Equifax reported the record is under dispute and bumped my Equifax Fico score up 25 points from 669 to 694, (pending the outcome). My Experian and Trans Union are both in the 750's and 760's respectively.

What do you think my chances are of Equifax deleting the repo from my report?"

I'll keep you posted on what happens with mine.

[Yanzi2002]

Thanks for the responses! I was planning on the sending the letter next. I'll definitely go though certified. I did try that years ago with suntrust but they just responded saying they report accurate information. Last time I called, they had another account with the same social number. Tried arguing about that but didn't make a difference. Through my digging last night, I found numbers and addresses for the FTC as well. Maybe making a complaint? I did read your post tim_s. Please keep me updated if anything works for you! Crazy that it could damage my credit for 13 years vs 7. If you want to try that number, it's 1-855-411-2372 or www.consumerfinance.gov

[RobertEG]

Since the vehicle was redeemed, I assume it was not charged to profit and loss or its equivalanet.

That would leave the relevant section for exclusion of the adverse item of information (the repossession) as being FCRA 605(a)(5), which is a catch-all exclusion provision that covers any other adverse item of information that is not specifically covered under subsections 605(a)(1)-(4).

Thus, any reference to the repo must become excluded no later than 7 years from the date of occurence of the adverse item, meaning no credit report issued after the equivalent month in 2016 could include any reference to that adverse item of information.

I would begin with a formal complaint to the CFPB asserting clear violation by the CRA of FCRA 605(a)(5).

[Yanzi2002]

I'm always so impressed with the members on this site. Thank you for your advice. I've typed everything out and I'll be headed to the post office today. I've included all my information for them so if they don't remove the comment, I'll be filing a complaint!

[Anonymous]

Hey!

I'm currently experiencing the same issue with Equifax. Were you able to get everything sorted out?

Thanks!

[Yanzi2002]

Unfortunately not. It's still pulling down my credit score on the Equifax. That's the only one reporting it. They claim the account is only listed as positive, but it has a comment of repossession listed.