10 yr old car repo on report. Need help

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Allen123
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Subject: 10 yr old car repo on report. Need help

Wed Jul 01, 2009 4:38 am

My car was repossessed in 1999. But I am still receiving letters from collection agency for debts worth $ 4565. I have not made any payment arrangements since 1999. As far as I know this car repo should have been removed from my report by now. I am confused and don't know if I should pay off the debt.

rachael

Joined: 11 May 2009
rachael's page
Posts: 244

6581 Magic Points

Wed Jul 01, 2009 7:37 am

Hi Allen,

A repossession can remain on your report for 7 years for the date you first fell behind on payments. For instance, you last paid in August,1998 and the car was repossessed in Jan,1999. Repossession on your report would remain till 2006.

To remove the repossession from your report, you should dispute the matter with the credit bureaus, You should send them a "Dispute Letter" via certified mail, with a return receipt requested. The credit bureaus will investigate and remove the repossession records from your credit report.
_________________
Looking forward to a debt-free life.

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