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Old car charge off

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TammyV
Guest
Subject: Old car charge off
 
 Posted on Wed Jul 09, 2008 2:19 pm  
I had a car that was charged of in 2003. The creditor has since sold the loan to a collection agency, and they sold the loan, and so on. Every time it gets sold, it gets reported again! The last time I looked at my credit report it was report just this past June. How can I get them to accurately report the actual charge off date? Would I even be able to do that?

At this rate it will never be removed. Any ideas on how to get this straightened out?
 
goodnatured



Joined: 03 Nov 2007
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Posts: 2524



3614 Magic Points
 
 Posted on Thu Jul 10, 2008 3:08 am  
The SOL goes by the original creditor, from the date of when you made the last payment. Just because someone else buys it does not change the SOL. The only thing that adjusts the SOL is if you make a payment on it, then the SOL clock starts ticking all over again.
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Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!
 
CMBV22

CMBV22

Joined: 08 May 2008
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Posts: 373



3902 Magic Points
 
 Posted on Thu Jul 10, 2008 7:16 am  
If you would like to get a few of those old loan holders listings off your CR send DV letters to them and since they dont own the dent and probably dont have the proof anymore they will probably delete their listings.
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Justin

Justin

Joined: 17 Jul 2006
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Posts: 232



6571 Magic Points
 
 Posted on Thu Jul 10, 2008 11:25 am  
Hi Tammy
Since it has been charged off in 2003, it will stay in your credit report for seven years from the date of your first missed payment that led your account to charge off, no matter how many times and to whom the debt has been sold. So I think that you can expect the listing to be removed from your credit report in 2010.
_________________
Best Wishes
Justin
 
goodnatured



Joined: 03 Nov 2007
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Posts: 2524



3614 Magic Points
 
 Posted on Thu Jul 10, 2008 3:27 pm  
I don't know, I would think that it would be worth a shot to get it removed anyway, if it don't work then you have nothing to lose anyway, it will just remain there until the seven years is up, so either way it is worth the try anyway.
_________________
Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!
 
fireyone



Joined: 26 Feb 2008
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Posts: 1926



9601 Magic Points
 
 Posted on Mon Jul 21, 2008 1:31 am  
This is true.
 
goodnatured



Joined: 03 Nov 2007
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Posts: 2524



3614 Magic Points
 
 Posted on Mon Jul 21, 2008 2:26 am  
Seven years seems like a long time to wait, mine are all paid except for one that is playing hard ball and has filed a summons on me. I still have to wait the seven years to get it off my credit report, I think they should cut the time in half or something if you have paid the account off, it gives you no incentive to pay it off, if you are still being punished years after the pay off.
_________________
Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!
 
fireyone



Joined: 26 Feb 2008
fireyone's page
Posts: 1926



9601 Magic Points
 
 Posted on Tue Jul 22, 2008 1:11 am  
I totally agree. My record is about clear...someday...I have learned a valuable lesson even though I didn't ask for all this. No more cc debt for me.
 
anthony

anthony

Joined: 31 Jul 2006
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Posts: 381



9616 Magic Points
 
 Posted on Tue Jul 22, 2008 6:54 am  
Hi goodnatured
The thing is that before you paid off the debt in full, you should have made your creditor agree for a pay for deletion agreement and get it in writing. This is because once you pay off the debt, the creditor has no incentive to delete the listing from your credit report. Even if they promise orally, it makes no sense, because after you pay off the debt, if they do not delete the listing, you have no proof to ask them for deletion. However since you have already made the payment, there is no other option but to wait for seven years to get it deleted from the credit report. All you can do is to request your creditor to delete the listing.
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Anthony..

A positive attitude is not achieved by turning a blind eye to the negative, but rather by responding to every situation in the most positive way possible.
 
fireyone



Joined: 26 Feb 2008
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Posts: 1926



9601 Magic Points
 
 Posted on Wed Jul 23, 2008 12:12 am  
You hear alot of them not deleting a debt after the promise to. They make it seem like it is such a hard thing to do but I bet it would only take a phone call or internet connection to delete it.
 
goodnatured



Joined: 03 Nov 2007
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Posts: 2524



3614 Magic Points
 
 Posted on Thu Jul 24, 2008 1:25 am  
I was not aware at the time and it is too late now, probably no sense in even trying to get them to delete it. They did update them all paid in full so that was a relief, I don't know how much good it will do.
_________________
Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!
 
fireyone



Joined: 26 Feb 2008
fireyone's page
Posts: 1926



9601 Magic Points
 
 Posted on Thu Jul 24, 2008 11:52 pm  
That really stinks but at least they are paid. It probaly iks a relief just not having to worry.
 
Justin

Justin

Joined: 17 Jul 2006
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Posts: 232



6571 Magic Points
 
 Posted on Fri Jul 25, 2008 12:57 pm  
Hi goodnatured
As far as I know, even if it is mentioned as "paid in full" in your credit report, it will not improve your credit score. But "paid as agreed" status is good for your credit report. The best thing is to make your creditor agree for pay for deletion. This way, the listing gets removed from your credit report and your credit score improves.
_________________
Best Wishes
Justin
 
best buy credit repair .



Joined: 25 Jul 2008
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Posts: 8



1083 Magic Points
 
 Posted on Fri Jul 25, 2008 1:40 pm  
Never pay an old Debt, it will start the seven year reporting all over again!!!


10 years ago I filed for bankruptcy. From then on, I have been doing credit repair on my own and my wifes credit files. It is a full time job just knowing how to handle each negative trade line on your report. There are legitimate credit repair services out there. I used Lexington law, who turned out to be the worst, monthly fee schemers. I did then get tired of the wording, "this item has been verified" letters. So............ I decided to read up on the Fair Credit Reporting Act.
I am now certified. I do credit repair as a part time Job. I have had very good results. It is all in the know how. Took me ten years to learn, but I learned. The draw back to repairing credit is the time involved. Following through on replies, how to handle a collection agencies verification, or validation letter sent back to you. Its like trying to sell real eastate, You need to know what you are doing.
Feel free to visit my site:

Bestbuycreditrepair.com
 
Guest







 
 Posted on Fri Jul 25, 2008 6:23 pm  
with this same debt the day I actually defaulted was 03/01....
 
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