Repo account - please help

[Anonymous]

I made a mistake not too long ago of disputing a repo account online right before I joined this forum. I'm concerned that I have woken the dog and it's going to bite. My credit report does not have a collections from the OC but the OC updated the account to show last activity date as 4/2007. I called the OC to find out what is going on and before I knew it, they transferred me to their collections department. I didn't know at the time I was talking to a CA rep and she was getting my info...address, phone #..etc etc. She then informed me that she will have to play a recorded message and that's when I realized it was a CA. The message informed me that if I don't dispute the letter then they will consider it valid.

So, I got worried and called the OC again to find out when was my DOFD and according to the rep, the last payment I made was in 10/2004. However, when I called all 3 credit bureaus, there is a variation of DOFD.

EX = dofd = 11/2003
EQ = dofd = 10/2003
TU = dofd = 08/2004

I'm worried the CA will start reporting to the credit bureaus and try to sue me since it looks like it's within the SOL?. My question is:

Is the last payment to the OC the DOFD or the date CRA is reporting?

A lesson learned and hope others will learn from this mistake.

Thanks

[Anonymous]

One more thing. Did they re-age the account? This is what's showing in my report from myfico.com

Citifinancial Auto

Status as of Mar, 2007
Date opened Nov, 2002
Date of last activity Mar, 2007
Date paid out Not Reported
Date closed  Mar, 2007

[llecs]

No, it isn't re-aged. DOLA has nothing to do with the age of the TL.

You'll need to order the reports directly from the CRA. IMO, many CSRs give inaccurate info. The reports directly from the CRAs will show what the DOFD truly is. Looks like TU's info is off.

DOFD has nothing to do with the date of last payment. DOFD is the day you first became late and never recovered. So, aside from the est. removal dates on TU and EX (subtract 7 yrs to get DOFD) and the DOFD date on EQ, look for the first 30 day, then 60 day, then so on. The month of the first 30 day without being current again is your DOFD.

How long is your SOL for your state for car loans (IMO, use written as the basis)?

[Anonymous]

Since I inadvertantly spoke with a CA rep, I probably will see their CA account on my report soon?

The SOL for written contract is 15 years.

[llecs]

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ficonewbie01 wrote:

The SOL for written contract is 15 years.

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Ouch. The answer would likely be no, but maybe the debt could be argued as a promissory debt, rather than written. Is promissory sooner than written? In any case, I would start saving for the worse-case scenario.

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ficonewbie01 wrote:

Since I inadvertantly spoke with a CA rep, I probably will see their CA account on my report soon?

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Maybe. Maybe not. If the OC is still reporting a balance, then you won't see the CA anytime soon. Also if the OC still owns the debt, some OC-CA agreements prohibit the CA from reporting. If the CA owns the debt, then there's a good chance, but not always so.

[Anonymous]

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@llecs wrote:

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@Anonymous wrote:

The SOL for written contract is 15 years.

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Ouch. The answer would likely be no, but maybe the debt could be argued as a promissory debt, rather than written. Is promissory sooner than written? In any case, I would start saving for the worse-case scenario.

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@Anonymous wrote:

Since I inadvertantly spoke with a CA rep, I probably will see their CA account on my report soon?

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Maybe. Maybe not. If the OC is still reporting a balance, then you won't see the CA anytime soon. Also if the OC still owns the debt, some OC-CA agreements prohibit the CA from reporting. If the CA owns the debt, then there's a good chance, but not always so.

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The promissory debt is no better. It's 15 years too...LOL

The OC has written a charge/off for the debt and the CA owns it.

It sounds like in this scenerio, it is best to make payment arrangement with the CA to prevent a judgment showing on the report. Of course after I send a DV letter to them when and if they do send me a dunning letter or start reporting to the credit bureaus.

Message Edited by ficonewbie01 on 05-21-2009 01:19 PM

[Anonymous]

Should I make any further contact with the original creditor? I would like to know the amount still owed and what they sold the vehicle for...etc etc.

[llecs]

If I was in that situation, I wouldn't contact anyone, unless I had the $$$ to PIF. Did you ever have online access to the account? Maybe you can still log in to the lender's website and see. I can still see both paid loans from 2006 and last month.

[Anonymous]

Thanks llecs. I appreciate your advice. Unforunately, I never had online account with them.

[Anonymous]

What are the chances of a lawsuit from a CA if they are not in the same state as you?