The reported payment history profile is clearly incomplete, but that is not, in my opinion, the most substantive issue.
It is not asserted that the account was not delinquent, so correction of the payment history profile can clearly be accomplished by addition of each monthly derog status. The substantive issue is credit report exclusion, which when it occurs will wipe the payment history derogs, making the monthly completeness kinda moot.
As for when it falls off, when did you first become delinquent on the account, and thereafter the account has remained delinquent?
That defnes the date of initial delinquency that then determines the exclusion of adverse delinquency information.
As for a repo, did the creditor take a net loss upon sale of the vehicle, or did the sale price discharge the remaining balance on the loan?
That will determine whehter the repo was equivalent and subject to a charge-off of the loss, or whether it was simply a delinquency.
Monthly delinquencies in a common chain of delinquency each have an exclusion date of 7 years from initial date of delinquency in that chain, and a charge-off or repo, if the repo resulted in a charge to profit and loss being taken by the creditor, requires exclusion no later than 7 years plus 180 days from the reported DOFD.
The payment history profile could properly show a level/type of delinquency status for each and every month since initial delinquency.
That could alternately, at the discretion of the creditor, be reported as a degree of monthly delinquency, such as 60/90/120/150/180+ days late, as Repo, as CO if they have taken a charge to profit and loss.
It is impossible to determine what the creditor actually reported to the CRA, as the commercial credit report may have lumped any repo into a common category called FC.
I would order a complete, non-commerical report from annualcreditreport.com for a clear showing of what the creditor actually reported.
Dispute of the reporting of forceclosure as an accurate monthly delinqency status can be disputed, but wont require any removal of reporting of derog status or any removal of the account. It will more likely result in the addition of a monthly adverse status for each and every month since initial delinquency.
Yes, you can dispute and get it corrected, but you may not like the results....
I would concentrate on getting the DOFD before disputing the inaccurate but incomplete payment history profile, and if the debt has continually remained delinquent since that date, asserting credit report exclusion if the DOFD was more than 7 years plus 180 days ago.
If repossessed in 3/2012, the DOFD was likely several months prior, which would be the latter part of 2011.
That would now be almost exactly 7 1/2 years ago....
