Repo/ Judgment Question

[hopefulinde]

I had a repo on a car from Credit Acceptance in 2014 that is still showing a balance of $10, 500 on my credit report.  Credit Acceptance took me to court and we settled at judgment for $8k that I'm paying on.  Both the judgement amount ($8k) and the $10k balance are showing on my credit report.  Do I dispute the $10k balance since it's wrong? Or let things lie until I get the judgment paid off in full?

[Anonymous]

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@hopefulinde wrote:

I had a repo on a car from Credit Acceptance in 2014 that is still showing a balance of $10, 500 on my credit report.  Credit Acceptance took me to court and we settled at judgment for $8k that I'm paying on.  Both the judgement amount ($8k) and the $10k balance are showing on my credit report.  Do I dispute the $10k balance since it's wrong? Or let things lie until I get the judgment paid off in full?

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I would just let it lie until its paid, otherwise they are going to update it monthly, which is a score killer.

[RobertEG]

Your credit report can include the showing of the balance at time of charge-off/repo, as well as the current balance.

As you pay down the debt, they should reduce the current balance, but not the reported amount of the debt at time of charge-off/repo.

Creditors are often negligent at monthly updating of current balance as a debt is reduced, but technically, you could dispute and requrie they do so each month under the provisions of FCRA 623(a)(2). 

You may later be in a position of requesting good-will deletions once you have repaid the debt, so I would personally not make it a monthly issue, and wait for conclusion of payments, and then assure update to $0.