Repo/CO 3/2011 - Only Item preventing pre-approval letter USDA mortgage in PA
Hi. Looking for guidance. New poster here. I having been working fevershly to clean up my credit over the past 90 days in order to qualify for USDA 1st time home purchase here in Pennsylvania. To date one account is preventing me from a pre-approved letter from the mortgage co. Question is not sure why the account was changed/updated. Account is with Toyota Financial. Car was voluntary repo that occurred back in 2011 -- last payment was around 3/2011 - Up until December 2014 account was reporting as Charge-Off on all 3 bureaus with a 0 balance. For some reason, mid-December the account was updated and is now reporting as Open 10k balance. After searching the boards I sent Toyota a letter (RRR) asking them to "please provide me with copies of the legal notices and proof of the commercially reasonable manner of the resale"; the letter also included language about continued reporting of this invalid claim on my credit reports will be considered a violation of the FDCPA and FCRA. Fast Forward -- its been over 14 days and I have not yet received anything from Toyota -- they are still showing up with a balance on my credit reports as of today 1/2/15 -- What is the best and fastest way to resolve this one MAJOR roadblock - I believe we are still within the SOL - What do I do now that the 14 days has passed and they have not complied or updated my reports? Also, was it legal for them to update my reports with the balance - prior to December (for the past 1+ year) the balance was 0? Sorry but not sure where to turn next? ANY ADVICE IS MUCH APPRECIATED!
Re: Repo/CO 3/2011 - Only Item preventing pre-approval letter USDA mortgage in PA
A voluntary repo is the same as an involuntary repo.
Did you get a notice after you turned in the vehicle for the balance due after it was sold? I don't see how they are reporting incorrectly if the balance remains unpaid. Check to make sure it is not a judgment too (check your public records, not your credit report).
If it is still outstanding negotiate with the creditor an acceptable payoff - either in a lump sum or payments.