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Vehicle Charge-off from 2012?... Any Advice?

firemartinez1980
Regular Contributor

Vehicle Charge-off from 2012?... Any Advice?

I bought a used vehicle in 2012 and unfortunately I had alot of financial issues a few months later due to unforseen circumstances. Needless to say, the vehicle wasnt paid on and eventually repossessed not long after...The account showed up on my credit report as a Charge-off and Closed. This was opened in Oct 2012 and "Charged off" probably 6-7 months later...

 

On my credit report, it shows a blank payment history up until January 2018 until present, but before that it shows nothing.

 

What are the chances of disputing this now and getting it off my credit report?? It's been almost 7 years from the start of the account and the history of the account seems to show inaccurate.

 

Any info on this??

Message 1 of 15
14 REPLIES 14
IrishGuy77
Regular Contributor

Re: Vehicle Charge-off from 2012?... Any Advice?

The thing, if you dispute and it will start over (7 yr rule)

 

I would advise is to wait till it falls off and if they re post it again, then start request settlement/payment arrangement and make a agreement after pay off, request for deleation.

Message 2 of 15
CreditSweeper
Established Contributor

Re: Vehicle Charge-off from 2012?... Any Advice?


@IrishGuy77 wrote:

The thing, if you dispute and it will start over (7 yr rule)

 

I would advise is to wait till it falls off and if they re post it again, then start request settlement/payment arrangement and make a agreement after pay off, request for deleation.


What?  If I’m understanding what you’re saying, everything you typed is false. 

 

OP - derogatory accounts will, generally, fall off your reports 7 years after the date of first default. If you’re close to that, you can often request early exclusion from your reports by contacting each of the 3 bureaus directly. Search for early exclusion for more details. 

 

Good luck!

 

 

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Message 3 of 15
firemartinez1980
Regular Contributor

Re: Vehicle Charge-off from 2012?... Any Advice?

I am within about 6 months of the original "Open Date" of being 7 years since it was from Oct 2012. Why would doing an online dispute to try to remove it restart the cycle of it showing on my credit? Makes no sense..

 

I want to try and apply for a Mortgage in August and would like this off my credit report asap is possible.

Message 4 of 15
ScooterMcDoodlebutt
Established Contributor

Re: Vehicle Charge-off from 2012?... Any Advice?


@IrishGuy77 wrote:

The thing, if you dispute and it will start over (7 yr rule)

 

I would advise is to wait till it falls off and if they re post it again, then start request settlement/payment arrangement and make a agreement after pay off, request for deleation.


This is incorrect information. Filing a dispute does NOT reset the clock.

 

The 7 years starts when the account first went delinquent and STAYED DELINQUENT. You said there is no payment history showing until Jan ‘18- what is it showing from Jan ‘18 to present? Have you been making any payments? If you brought the account current then you HAVE reset the clock. If it has been delinquent since you bought it then it should fall off around the end of this year. Can you provide some more info?







Message 5 of 15
firemartinez1980
Regular Contributor

Re: Vehicle Charge-off from 2012?... Any Advice?

Unfortunately I didnt pay anything on it since 2012. I was never contacted about the amount nor was it ever sent to a collection agency either. The vehicle was just repossessed in late 2012 and thats it. 

 

When I look at my credit report and under that account, nothing is shown prior to Jan 2018, its just blank, then from Jan 18 until now it just shows "Failed to Pay"

Message 6 of 15
ScooterMcDoodlebutt
Established Contributor

Re: Vehicle Charge-off from 2012?... Any Advice?


@firemartinez1980 wrote:

Unfortunately I didnt pay anything on it since 2012. I was never contacted about the amount nor was it ever sent to a collection agency either. The vehicle was just repossessed in late 2012 and thats it. 

 

When I look at my credit report and under that account, nothing is shown prior to Jan 2018, its just blank, then from Jan 18 until now it just shows "Failed to Pay"


Ok, so then it would fall off like I said around Oct-Nov 2019. Hold off on buying a new car until it falls off. You can ask for early exclusion from the 3 bureaus and see if the remove it- TransUnion will delete 6 mo early, Experian 3 mo early, Equifax 1 mo early. GL!







Message 7 of 15
firemartinez1980
Regular Contributor

Re: Vehicle Charge-off from 2012?... Any Advice?

The real question is, will there be any penalty or will it hurt my score if I dispute it and for some reason it's not removed. That's what I am worried about.

Message 8 of 15
GApeachy
Super Contributor

Re: Vehicle Charge-off from 2012?... Any Advice?

OP you can also get your 3 credit reports from annualcreditreport.com (for free) and it's either on TU or it's on EQ that will show the month/year of it's expected removal.

"My Take Home Pay Don't Take Me Home"
Message 9 of 15
RobertEG
Legendary Contributor

Re: Vehicle Charge-off from 2012?... Any Advice?

The creditor reported a charge-off.

A charge-off must be excluded no later than 7 years plus 180 days from the date of your first delinquency that preceded the charge-off.

See FCRA 605(c).

That exclusion date will not be until sometime in 2020, depending upon the actual month of the reported DOFD,  and thus there is currently no basis for a dispute based on lack of exclusion of the charge-off.

 

While the CRAs normally will exclude at approx 7 years from DOFD, that date has also not yet arrived, so there still would be no basis for a dispute asserting improper showing of the CO.

 

The real issue that might be disputable is not the lack of exclusion, but rather the lack of completeness of the payment history profile, which does not show the complete payment history.  However, consumers rarely dispute the completeness of a payment history profile that does not show all prior delinquency status reporting for all prior months, as it adds derogs.  However, if you wish to dispute the incompleteness of their payment history profile and requrie them to add delinquencies for all prior months since initial delinquency, then that would not be an improper dispute.

 

 

Message 10 of 15
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