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Car situation from the past comes back

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Anonymous
Not applicable

Car situation from the past comes back

I just got my quarterly FICO report today, it was 61 points lighter than my previous one. 11 years ago i purchased a car, then a year later i had to have it voluntarily repo-ed, due to me losing my job. After the whole collection saga, the statue of limitations became in effect. I haven't had issues or problems for the past 2 years, it has been off my record etc. To my surprise, during my 61 point drop down research, i find out that some company called  Santander Consumer has given my account a new life if you will, the amount owed put as charged off as bad debt, with a vibrant red late payment flag next to it. Although when i clicked on details there wasn't anything regarding a late payment within the past 7 years, with not much of a detailed information except amount owed, date opened and date closed, which appears to be last month. How did this thing got reopened is beyond me. Has anybody dealt with something similar to that, any advice? Before i go on a rampage with the company, i would like to have my back covered.

I did a brief research and have read nothing but horrid stories about the aforementioned company.   

 

Message 1 of 14
13 REPLIES 13
llecs
Moderator Emeritus

Re: Car situation from the past comes back

If this is your quarterly report, then this is from TU, right? If sso, go to transunion.com and pull a new report directly from them. That report will provide more info. If it indeed was repo'd back in 1999-2000, then they illegally re-aged the account. Pulling from TU will confirm that. You could then dispute as being "obsolete" because it can't report past 2006-2007 at the latest. However, I'd hold off pending more info from that report. To be safe, I would pull the other two reports too.
Message 2 of 14
RobertEG
Legendary Contributor

Re: Car situation from the past comes back

No credit report can contain any report of prior OC account delinquency for more than 7 years from its date of actual delinquency.  FCRA 605(a)(5).

No credit report can contain any report of a charge off or collection account for more than 7 1/2 years from the date of first delinquency on the OC account that preceded the reported CO or CA.  FCRA 605(c).

No later reporting by anyone can reset these statutory dates.  Period.

Message 3 of 14
Red22
Contributor

Re: Car situation from the past comes back

Strangely, this recently happened to me.  The same exact circumstances. Santander only placed the account on my TU credit report (Thank  God!). I have since  sent off a dispute letter to TU stating that this information in obselete.  Just sitting and waiting  and hoping that they will remove this Santander USA from my TU report.  My TU score was up to 658 and when this reported on my TU report, it dropped to a whopping 587.  This is truly a nightmare!!
Crawling At A Snails Pace . . .
.
*9/01/08 FICO; EQ:524 TU:532 FAKO;EX:536
*12/07/08 FICO; EQ:548 TU: 562 FAKO;EX:565
**03/10/09 FICO;EQ: 624 TU:563 FAKO;EX:585
**09/21/10 FICO;EQ:661 TU:679EX:663(FAKO)


Message 4 of 14
Anonymous
Not applicable

Re: Car situation from the past comes back

Red22,

Any luck with your situation?

Message 5 of 14
Anonymous
Not applicable

Re: Car situation from the past comes back


@Anonymous wrote:

I just got my quarterly FICO report today, it was 61 points lighter than my previous one. 11 years ago i purchased a car, then a year later i had to have it voluntarily repo-ed, due to me losing my job. After the whole collection saga, the statue of limitations became in effect. I haven't had issues or problems for the past 2 years, it has been off my record etc. To my surprise, during my 61 point drop down research, i find out that some company called  Santander Consumer has given my account a new life if you will, the amount owed put as charged off as bad debt, with a vibrant red late payment flag next to it. Although when i clicked on details there wasn't anything regarding a late payment within the past 7 years, with not much of a detailed information except amount owed, date opened and date closed, which appears to be last month. How did this thing got reopened is beyond me. Has anybody dealt with something similar to that, any advice? Before i go on a rampage with the company, i would like to have my back covered.

I did a brief research and have read nothing but horrid stories about the aforementioned company.   

 


 

Santander is notorious for doing this.  I'd sue them and get an easy $1,000.

Message 6 of 14
Red22
Contributor

Re: Car situation from the past comes back

AutoBurn

Yeah, I filed a complaint with the BBB, threating to sue because of illegally reaging with proof.  Originally Santander didn't respond to the BBB, but after about 7 weeks, the BBB changed their rating on their website!. Needless to say, Santander finally responded saying that they conducted an internal investigation of their records and determined that my dispute was VALID!  They deleted the account from my TU report within days. And my credit score bounced back +93 points....Smiley Very Happy

Crawling At A Snails Pace . . .
.
*9/01/08 FICO; EQ:524 TU:532 FAKO;EX:536
*12/07/08 FICO; EQ:548 TU: 562 FAKO;EX:565
**03/10/09 FICO;EQ: 624 TU:563 FAKO;EX:585
**09/21/10 FICO;EQ:661 TU:679EX:663(FAKO)


Message 7 of 14
RobertEG
Legendary Contributor

Re: Car situation from the past comes back

You caught them with their pants down, and in clear violation of the FCRA!  Of course, they bailed out while trying to pull their pants up!

What a CA is required to do, under FCRA 623(a)(5)(A), is when reporting a CA, to provide the accurate DOFD on the OC account to the CRA within 90-days of their reporting of the CA to the CRA.

What they report is governed by FCRA 623(a)(5)(B), which requires that the DOFD date they report must match the prior, and proper, DOFD on the OC account.

They either did not report the required DOFD, or improperly reported the DOFD, or else the CRA woild not have included the CA in your credit report after 7 1/2 years from the DOFD.   The CRAs understand  FCRA 605(c), but must rely in making their reporting decsiions on the accuracy of dates reported to them by the CAs.  This CA apparently tried to take advantage of you by inproper representation.

They gave it a shot, hoping that you did not know the score.

You have potential legal action against them, should you want to pursue it, for this appears to be flagrant and willful violation of FCRA 623(a)(5)A) and (B), and harm to your credit score.

The great thing about suing them is that once you have a pending legal action against them in court, you can then  use the authority of the court to compel legal discovery of any information in their business files that is relevant to the issues at suit. That includes their existing policies on seeking collections, whethey reported a DOFD to the CRA, and if they did, the DOFD they reported, and most importantly, what actions they took to assure that it compliied with the actual date of first delinqency on the OC account. before reporting any DOFD to the CRAs,  Lots of legal grist for the mill!

That will result in a whole lot of Santander misery.

I am sure that others have seen simllar circumstances, as demonstrated by a similar post on this sinlgl  thread.

That suggests class action suit for violation of the FCRA, which will most likely raise the attention of the FTC, who has legal jurisdiction on bringing action for violations of the FCRA.  The FTC is not normally too interested in individual consumer complaints, but if you can show a business practice on their part that affects many consumers, you may get independent action by the FTC, who can sue them apart from any civil action you bring.

 

Great job!

 

 

Message 8 of 14
RobertEG
Legendary Contributor

Re: Car situation from the past comes back

If you are even considering taking legal action against Santander, I strongly suggest that you immediately send the following letter to each CRA that they posted their CA to. No need to cc: it to Santander.  Do it before Santander directs the CRA to totally delete the CA account.

 

 It will cost you $10.50, payble to each CRA, but will be invaluable in any legal proceeding.

 

“This is a formal request under FCRA 609(a)(1) –(3) for all information in my consumer file as it relates to any credit reporting made to you by a collection agency identified in my credit report as:

      (give as much info about Santander, and their collection account, as you have)

“More specifically, the named collection agency posted a collection account with you on my credit file on (date).  This initiated their requirement under FCRA 623(a)(5)(A) to have reported to you the date of first delinquency on the account for which they are asserting collection of debt within 90-days of their posting of a collection to my credit file.

“I request, specifically, the date in which the named collection agency posted in compliance with their requirement under FCRA 623(a)(5)(A) by reporting to you the date of their compliance, and the date of delinqquency they reported as the substance of their compliance.  . 

“If the named collection agency did not make the required reporting under FCRA 623(a)(5)(A), and thus you have no reported information on their compliance, I ask that you so state in response to this request.

“I understand that this request requires payment of the fee in the amount specified under FCRA 612(f), which is currently $10.50.  Attached is my check, payable to you for your services in fulfilling this request.”

Message 9 of 14
Anonymous
Not applicable

Re: Car situation from the past comes back

This is the EXACT thing that happened to me.  I pulled my credit report and it showed Santander and said it was negative as of 2009.  I signed over a voluntary repo on 10/9/2002 due to the fact that I lost my job.  How can I become late on  this vehicle when I have not owned it in almost 8 years.  I called TU and have disputed this 3 times aleady and everyt ime I get a letter back stating that information was previously verified as accurate.  I finally called Santander who bought out triad and was told that the reason that it shows 2009 is because that is when they accquired the loan 11/2009.  I spoke to  mrs johnson and she verified date of contract as of 10/27/2001 and date of rep as 10/9/2002 and also offered a minimum settlement offer.  I called TU back again to give them the dates and to dispute again....hopefully this will get settled because as it stands now this will be on my credit report until 2016 since it only shows negative since 2009.  UGhhhh so frustrating.....

Message 10 of 14
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