Do you have proof that the original sub company transferred the account to the parent company when it was 30 days late if so then you can send this info to the CRA's who are reporting a 120 day late on that account. Don't know about a 120 day late in 5 years so to speak but the impact of a 30 day late would have definately ran its course by now it might be worth looking into but if is does get corrected i can't promise big changes in your score.
Basically by the FCRA, the credit bureaus are responsible for reporting accurate information and if you have proof of the transfer during 30 days late, ie. your last payment a copy of a cashed check through your financial institution or reciepts from the loan company, copy of the previous payments being made up to the final payment and proof that the transfer was made 30 days after the final on time payment. Remind the CRA's of their responsibilty to be accurate some posters would state specific FCRA bylaws. In your case that may include FCRA 602 (a) (3) & (4) and 602 (b). You can read those at this link http://www.ftc.gov/os/statutes/031224fcra.pdf it should be page 3 so you can understand how they might apply to your situation. That's only the original loaners you can change fro 120 to 30 given you have the records on your payments because the CRA's can be stubborn.
To calm your nerves are you sure the original loaners are still reporting or were they simply reported? Even closed negative accounts will remain for another seven years after the delinquencies.
The good news is if you have a copy of the original loan agreement and the payment history right up to the last ontime payment you can also dispute the dofd under the same premise as you would the original loaners 120 day dilinquency... same article of the FCRA applies regarding the accuracy of the information furnished. It would also help if you still have the information of them filing a lawsuit against you 60 days later cuz who the heck does that when you're current. That paperwork can really come in handy becuase it would be hard for them to justify suing you if you were up to date.
The bad news is the second 120 day late with the parent company will remain and is not an inaccuracy you pif in dec '05 which is well after the original date of may of '04 but atleast this way you can get a year and a half back towards the date these negatives fall off.
Let us know how it goes and let us know what information you still have in your possession.
Key things:
1. Original loan agreement
2. Payment history
3.Proof of transfer for 120 day late but more importantly
4. Proof of lawsuit filed/payment history to prove you were not current since May '04 which should get your drop off date some time next year instead of early 2013 big difference.
P.S the original loan agreement shows your monthly obligation, so if the payments u made match that original monthly obligation which they should this would prove that the agreement was met up until May '04.
If you have this documentation you should have all the paperwork necessary to get your dofd back to the original age.
