Repo payment status

[Anonymous]

I disputed a repo online which was reporting since 2002/2003. The payment status before the dispute was showing "reposession". It is now showing "Payment after charge off / collection". Will this update have positive effect on my credit overall? The account is closed and no payment history activity since 04/07 and no dates updated on the account either.

Message Edited by ficonewbie01 on 05-18-2009 12:13 PM

[llecs]

You should see a small drop in score. It hasn't been updated in a while and generally COs and repos are scored the same. Let us know if your FICO score changes.

[Anonymous]

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@llecs wrote:
You should see a small drop in score. It hasn't been updated in a while and generally COs and repos are scored the same. Let us know if your FICO score changes.

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It is hard to tell if it affected my credit score or not. I had 2 CAs deleted around the same time. I did see a slight increase of score. The payment status being updated to "payment after..." is more favorable to my scoring in the long run than leaving it at "reposession". Correct?

Message Edited by ficonewbie01 on 05-18-2009 12:24 PM

[llecs]

Actually it would be better not to say repo or CO. I mentioned the drop because FICO could have read it as a newer baddie when the DOLA changes from 2 yrs ago to present, since it had not updated since then. IMO, score-wise, there's no difference. A 90+ late, CO , settled, repo, etc. all read the same. Now, maybe your auto-enhanced FICO score, should you borrow again, may be better off. I don't know.

I would GW them and ask for the CO reference to be removed.

[Anonymous]

OK. Will do. Thanks for the advice!