Negative account reporting

[dogbelly]

Hi,

I'm new here and had a question about an old account that just showed up on my Experian report. This is an auto loan that was opened in 2016 and due to a layoff was repoed in 2017. Since that time I have been able to rebuild my credit.

This account showed up on my Experian report today as a charge-off and caused a 49 point drop. It was always on Equifax and Transunion. 

My question is, can a creditor wait 6 or 7 years to start reporting an account? 

[GZG]

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@dogbelly wrote:

My question is, can a creditor wait 6 or 7 years to start reporting an account? 

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yes, but they can't continue to report it beyond 7-7.5 years past the DOFD 

it should be removed around the same time as it's removed on TU/EQ

is it reporting accurately? 

[dogbelly]

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@GZG wrote:

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@dogbelly wrote:

My question is, can a creditor wait 6 or 7 years to start reporting an account? 

---

yes, but they can't continue to report it beyond 7-7.5 years past the DOFD 

it should be removed around the same time as it's removed on TU/EQ

is it reporting accurately? 

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Thank you for the response. I will have to verify that everything is accurate. It was just a shock to see it show up after so long.

[SouthJamaica]

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@dogbelly wrote:

Hi,

I'm new here and had a question about an old account that just showed up on my Experian report. This is an auto loan that was opened in 2016 and due to a layoff was repoed in 2017. Since that time I have been able to rebuild my credit.

This account showed up on my Experian report today as a charge-off and caused a 49 point drop. It was always on Equifax and Transunion. 

My question is, can a creditor wait 6 or 7 years to start reporting an account? 

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It depends when your first default on the auto loan took place. Regardless, I would dispute it. My understanding is that it's not allowed in the report if the original default was 7 years or longer ago. If the first default was 2017, they might still be within the 7 years, but I'd keep hammering away until it's gone from your reports.

[dogbelly]

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@SouthJamaica wrote:

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@dogbelly wrote:

Hi,

I'm new here and had a question about an old account that just showed up on my Experian report. This is an auto loan that was opened in 2016 and due to a layoff was repoed in 2017. Since that time I have been able to rebuild my credit.

This account showed up on my Experian report today as a charge-off and caused a 49 point drop. It was always on Equifax and Transunion. 

My question is, can a creditor wait 6 or 7 years to start reporting an account? 

---

It depends when your first default on the auto loan took place. Regardless, I would dispute it. My understanding is that it's not allowed in the report if the original default was 7 years or longer ago. If the first default was 2017, they might still be within the 7 years, but I'd keep hammering away until it's gone from your reports.

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Thank you for the advice. I will definitely dispute this, before this showed up I was over 700. 

It seems like it is being considered as a recent default.