So I made the mistake of buying into a timeshare in 2015. I did end up defalting on it, and they "repossesed" and sold the property and there is no balance on it anymore. But they continue to report every month to Experian as FP. Since there isn't a balance, there is nothing to pay, so can they keep reporting a negative every month? They have been reporting Failure to Pay almost every month since September 2017.
I've been pre-approved for a mortgage so I'm trying to not poke any bears and ruin my pre-approval. My mortgage broker is aware of this account and as long as it's currently reporting no balance and closed, they're ignoring it. So I don't want to call and accidently trigger something and have them start reporting a balance (even though to my knowledge there truly is no balance due).
So I'm planning on being more proactive about this account AFTER I've completed buying my house in a couple months.
But I would love some advice on what to do with this? If there is no balance, can they keep reporting FP? Should I just hand the matter over to an attorney to deal with? I've heard that this company in particular is very nasty to deal with and they actively try to hurt peoples credit who try to work with them so right now I'm feeling like it's not worth trying to deal with on my own, and it might be worth the cost of getting a lawyer involved to send whatever legal letters need sending. Would this be something that would be good for Lexington Law or the other company to handle?
I did file a dispute on it and somehow it came back verified. I'm not saying it didn't happen, I'm just not sure how they can keep reporting failure to pay on an account with a $0 balance that is closed, and what do I do about it?
Here are the details as it appears on my Experian Report:
ORANGE LAKE/WILSON RES
Details
xxxxxxX
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-
INSTALLMENT
Dec 2015
Closed
Charge-off
Sep 2017
-
-
Mar 1, 2019
$10,313
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Unknown
Individual
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