Repo/Equifax Questions

[AllZero]

Thank you for posting that. It is helpful. I'm unsure of Activity Designator: TRANSFER_OR_SOLD if it's a negative.

Hopefully, more experienced members can chime in and advise?

[Anonymous]

Thanks for that, i hope some others respond. I tried to get a mortgage loan from my bank and this was literally the only reason I got denied. Trying to dig into it to get it taken off. Its been 7 years and 10 months, I feel like it should have been off my now regardless of what the status says,

[Anonymous]

Thanks for that, i hope some others respond. I tried to get a mortgage loan from my bank and this was literally the only reason I got denied. Trying to dig into it to get it taken off. Its been 7 years and 10 months, I feel like it should have been off my now regardless of what the status says.

[Anonymous]

Bumping, in hopes that someone will be able to provide some insight on this matter 

[Anonymous]

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@Anonymous wrote:

I do not see either of those. On Equifax, the account is closed and the Account Status says "Pays As Agreed". Reported Balance is $0

On my Transunion however, the Account Status did say "Charge off", and it fell off my Transunion report earlier this month.

Also, I never brought the account current, once it repo'd that was it, The Date Reported is June 30th, 2012

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Since it looks like a good standing account, I bet it will not drop off at the 7 year mark, but rather the 10 year mark in 2022, since you state 6/30/12 was the last date reported.

I have had this happen with several accounts that were negative, but state "pays as agreed" and then "closed" on another line. They have been on for over 10 years now because the last "reported" date is still in the 10 year window. All the negative marks are off of it, so it is only helping my credit by being a positive and old TL.

I wouldn't mess with it was the consensus when I asked about mine.

Are there *any* negative marks or remarks on it? If not, l'd leave it alone, it is helping you.

[Anonymous]

why would they deny you for this alone? What is wrong with it?

Did you tell them directly it was repo or how did they determine this was a negative account?

[Anonymous]

Hey thanks for your reply. I was hoping to speak to someone who had been through this before.

To answer your question, I put the details of that account in a previous reply, I hope that helps. I believe the only negative remark is the "Date Reported" to be honest. Only other status is shows is TRANSFER_OR_SOLD. That's it. 

Question: As I had mentioned before, I applied for a mortgage loan back in July of '19 with my bank and they told me this was the only thing holding me back. In your learned opinion, why would that be? If it's "Pays As Agreed". 

[Anonymous]

See, my wife asked that, I can't remember the verbatim conversation but I do know they asked about the account, and I figured they already knew about it and voluntarily told them it was a repo. Then they went away for a couple of minutes and told me they needed to see it off my account. Was I wrong for doing so?

[Anonymous]

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@Anonymous wrote:

See, my wife asked that, I can't remember the verbatim conversation but I do know they asked about the account, and I figured they already knew about it and voluntarily told them it was a repo. Then they went away for a couple of minutes and told me they needed to see it off my account. Was I wrong for doing so?

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Hmmm I am huessing because you offered up the info, that was how they came to that conclusion that it was negative. That was last year. Would you be going with the same lender this time around? Do you have pretty solid mortgage scores if it is only this single account that is holding you back?

I guess you could unearth what happened, send it to EQ (which is terrible at dealing with anything), and see if the would be willing to change it to a negative reporting account and then drop it off your CR since it is too old to report. That is a lot of *ifs*, imho that would have to go right. It wouldn't restart the reporting timeline of 7 years, I wouldn't think it would restart the SOL since you are not offering to pay it, but I couldn't say for certain if it would work out to your benefit.

Otherwise, since it is not reporting negatively, the earliest it will drop off is 10 years after the "last reported", so prob May 2022

I wish you the best of luck and I do hope you are able to get your forever home!

[Anonymous]

I really appreciate it. As far as my lender, they're a credit union and they only go by Equifax fico Score 8 which is weird to me since 99% go off of 2, 4 and 5 but I digress. 

Last question, do you think an alternative option would be to contact the financial company and see if I can get them to remove it from my CR? Since Equifax is so bad at doing things like that, maybe the finance company can play a more reliable middle man?