90 days vs CO Confusion

[aliciannalston]

Balance:  $6669

Current Status:  Unpaid Balance reported as a loss by credit grantor

Past Due Amount :  $10,660

Seven Year payment history:

30 days late: 0 times

60 days late:  0 times

90 days late:  26 times (07/13, every month since June 2011)

but on the timeline for all those months shows: CO, CO, CO, CO, CO from June 2011 to July 2013

Could I rack up late when the car had already been repossessed and placed for collection?

Mind you this car was repo'd in January 2011 and I have not spoken with anyone regarding this account or set up any payment agreements since the repo.

My TU for this same aaccount shows:

Account Closed Jan 2011 with the same CO's in the timeline for every month.

Shouldnt EX show the same information regarding the closed status and date?  

[aliciannalston]

I also have another on My EX report for a old storage unit that I had to let go..... The debt is very much valid however again i did not speak to anyone or hear from them regarding this account to set up payments or agree to pay. 

On my TU report it is listed in Collections

On my EX it is listed as follows......

Balance: $515

Current Status : Creditor cannot locate consumer

30 day late: 0 times

60 day late: 0 times

90 day late: 3 times (Sep 2010, October 2009, October 2008)

The timeline shows CO for 10/2008, OK every month up to 09/2009, CO again for 10/2009, OK every month there after up to 8/2010, aand then one last CO for 9/2010.

Again I did not make any arrangements nor any payments on this account during that time so Im confused aas to why they would report late payments and CO off and on. 

Any insight would surely help

[guiness56]

Yes, they can report late payments each and every month until it is paid. 

Those are not saying you made payments.  If I remember correctly, and I will have to check, those mean nothing was reported that month by the OC.

[aliciannalston]

This is where I get confused. I'm reading different things... Let me get this straight,. So when the OC sells the account to a CA the CA then picks up the monthly payments even if they have not been established with them and reports late payments every month?

[aliciannalston]

Thank you for your help. I apologize if I seem slow. This is all so new to me, I feel like I'm learning a new language.

[guiness56]

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@aliciannalston wrote:
This is where I get confused. I'm reading different things... Let me get this straight,. So when the OC sells the account to a CA the CA then picks up the monthly payments even if they have not been established with them and reports late payments every month?

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No, a CA cannot report monthly late payments, only the OC can do that.

If the OC sells the account, from that time on, the OC can no longer report late payments as they no longer own the debt.  If they still own the debt they can report lates each and every month until paid, either to them or the CA.

A CA can only report the worst delinquency of the account, 120 days late, CO, etc.  They cannot report monthly lates.

[guiness56]

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@aliciannalston wrote:
Thank you for your help. I apologize if I seem slow. This is all so new to me, I feel like I'm learning a new language.

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You are welcome and certainly no need to apologize.  Rebuilding, the abbreviations, different letters, etc can be overwhelming.  I have been here almost 6 years and still learn new things. 

[RobertEG]

I'm a bit confused as to how the debt was handled after the repo, and would want those questions answered prior to determining what was or was not permissible crediit reporting.

When a vehicle is repossessed, the creditor will usually sell the vehicle, and the final debt obligation remainng with the consumer is the difference between the amount owed on the loan and the amount they recouped after its sale.  Forget the CO, as that relates only to their internal accounting of the debt, and does not in any way relieve full obligation for the debt to either the creditor or their heirs.

I would want an accounting of the current status of the debt that establishes what, if any, might still be due, and thus collectible by a debt collector........

[aliciannalston]

I was wondering the same thing. This is my first Repo and I have heaard from other people about how after the vehicle is repo/d they sell aand apply that to the balance. After this repo I did not get not one letter from the finance company in regards to the vehicele at all. 

My question is now... Should I call the finance people and try to get the information from them and If I do make contact with them asking for the ino will that extend the SOL period or should I wait untill i am prepared to make a payment? 

[guiness56]

Alot of that will depend on your state laws.  Look it up and see what they are required to do.

I would first call them and ask for some type of documentation.  If that doesn't work send them a letter, CMRRR.

If that still doesn't work, file complaints with the FTC and the CFPB.

There is more going on than just the reporting.