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I have a closed account for GM Financial that was repoe'd, and then I settled for less on a charged off amount.
I have some late payments starting 03/2014, 5-6/2014, 7-12/2014. Would I be able to request EE on those late payments, or does it not even matter because the account was charged off and closed?
I hope what I'm asking makes sense.
If the account was CO'd, then you have to just wait out the full 7 years for it to fall off, or you could try asking for GW removal of the whole account, but that will be extremely difficult to get granted.
Even if you could get the lates removed, the CO status supercedes the lates, so it would still be a delinquent account.
@OmarGB9 wrote:If the account was CO'd, then you have to just wait out the full 7 years for it to fall off, or you could try asking for GW removal of the whole account, but that will be extremely difficult to get granted.
Even if you could get the lates removed, the CO status supercedes the lates, so it would still be a delinquent account.
+1
Since they fall off next year, I'd personally leave it.
GM isn't known to do GW. They could update with consumer disputes, and still not remove. That action could further ding your score.
@cedric_86 wrote:I have a closed account for GM Financial that was repoe'd, and then I settled for less on a charged off amount.
I have some late payments starting 03/2014, 5-6/2014, 7-12/2014. Would I be able to request EE on those late payments, or does it not even matter because the account was charged off and closed?
I hope what I'm asking makes sense.
The CO status is worse than any level of lates on the account, so getting the lates will not improve your score.
I had 55 lates (EX drops entire strings of lates when the first one hits 7 years old) age off (60d-180d lates) on 5 seperate accounts a month ago (they were all COs) and I gained not one single point from it.
I would not put forth the effort to have the lates removed, the only benefit would be to have the entire account removed possible via a GW campaign.
Lastly, you can *not* EE lates. EE is only for entire derog TLs that are close to the 7 years from DoFD (not individual or strings of lates before the DoFD) and about to age off entirely.
Good luck!
Got it. Thanks for the info.
What about having the entire derog removed because of discrepancies between the 3 different bureaus? Would removing the entire derog affect score because of number of credit lines, age of accounts, etc?
@cedric_86 wrote:Got it. Thanks for the info.
What about having the entire derog removed because of discrepancies between the 3 different bureaus? Would removing the entire derog affect score because of number of credit lines, age of accounts, etc?
Any benefit from age is diminished by the derogatory status.
Number of credit lines I do not believe is a factor in scoring.
The only way to have it removed would be probably through a GW campaign.
I would avoid disputing, as "discrepancies" (depending on what those are) alone are not grounds to have the TL removed, simply updated, which since it was paid has been slowly fading away and a fresh update (whether updated - because what may seem like a discrepancy really is not, but again depends on what those are - or worse, just verified, will ding your scores all over again). If it is just reported to dates for "delinquency first reported" (not that same as "date of first delinquency", which is a common misunderstanding) or other smaller reporting issues, again they can be updated with the correct info or be verified because it is in fact correct.
What is being reported inaccurately between the 3 bureaus?
What is the actual DoFD? If you are within the 6 year mark, maybe you can start looking forward to EE. DoFD is not the same as the date it was CO'd, just in case you did not know.
I was under the impression that if they reported to the bureuas all the info must be the same. I might be grasping at straws but trying anything to get some of the credit report cleaned up.
There are 2 listed as GM Financial and 1 is Americredit/GM. The pay status is different for each one, ranging from paid in full (was charge-off), settled (less than full balance) to paid in settlement ($ $10,274 written off) ***the account originally charged of the $10k, but we settled/paid $7k - so technically about $3k written off.
The first date of delinquency was 03/14. However, between then and when car was repoed in 3/18, there were some on-time payments as well as late payements. I believe we settled in 5/18. So, I'm not sure how to figure out when I could ask for EE.
@cedric_86 wrote:I was under the impression that if they reported to the bureuas all the info must be the same. I might be grasping at straws but trying anything to get some of the credit report cleaned up.
There are 2 listed as GM Financial and 1 is Americredit/GM. The pay status is different for each one, ranging from paid in full (was charge-off), settled (less than full balance) to paid in settlement ($ $10,274 written off) ***the account originally charged of the $10k, but we settled/paid $7k - so technically about $3k written off.
The first date of delinquency was 03/14. However, between then and when car was repoed in 3/18, there were some on-time payments as well as late payements. I believe we settled in 5/18. So, I'm not sure how to figure out when I could ask for EE.
You still would need to pull all 3 CRs from annual credit report to find "estimated date if removal" for TU, "on record until" for EX, and "date of first delinquency" for EQ to see when you can request EE.
Date of first delinquncy is not your first ever late on the account, but the first late in the string of lates that led to the repo/CO of the vehicle, so any "on-time" payments will reset the DoFD. I am going to guess it was either 2017/2018 that was your actual DoFD (again I could be very wrong, so it is imperative to pull those CRs from annual credit report), meanin that the TL would age off in 2023/2024.
The bureaus may use different verbiage, but it all means the same thing regarding the differences you note, so there is nothing to dispute. Again, doing so will ding your score since there likely has not been an update since 2018 from after it was settled, so I would stronlgy avoid disputing just to have it verified.
@cedric_86 wrote:I was under the impression that if they reported to the bureuas all the info must be the same. I might be grasping at straws but trying anything to get some of the credit report cleaned up.
There are 2 listed as GM Financial and 1 is Americredit/GM. The pay status is different for each one, ranging from paid in full (was charge-off), settled (less than full balance) to paid in settlement ($ $10,274 written off) ***the account originally charged of the $10k, but we settled/paid $7k - so technically about $3k written off.
The first date of delinquency was 03/14. However, between then and when car was repoed in 3/18, there were some on-time payments as well as late payements. I believe we settled in 5/18. So, I'm not sure how to figure out when I could ask for EE.
Yes, but the three bureaus don't all present it to a consumer the same way. Your example is merely showing a difference in comments, which mean nothing compared to the actual data of the account (DOFD, balance, account opening date, etc.).
@Anonymousalready explained it very well, so your next step is to pull you 3 reports from annualcreditreport and see what they have for DOFD/on report until date.
@Anonymous
So, apparently I'm not near my 6 year mark. But, each has a different date.
TU is on record until 10/24
EX is on record until 08/24
EQ is on record until 11/24