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QUESTION: Does anyone know? I had a repo in 2001 [bank froze assets for 12 mos which was resolved in 02, after damage was done]. Bank wrote letter of apology to all creditors in 03; and with my settlement proceeds I contacted all companies [most were charge-offs by then] ONE company, like the others, had told me "pay via Western Union today" and we will report you as "paid in full". Of the 9 creditors only this ONE is still actively reporting me [1/2009] as "delinquent" . Every letter I write to them [Volvo finance] and credit reporting agencies, falls on deaf ears, but "updates my file" to "current'. SOL is 7 years, but its still ticking! HELP
If you have already settled the debt with the collection agency and the CA still reports as delinquent in your credit report, you should file a complaint with the Federal Trade Commission if the credit bureaus does not update the listing to "settled as agreed" or "settled for less" in your credit report.
Statute of Limitation has nothing to do with the debt being listed as "delinquent". SOL only defines the time limit within which the creditor or the collection agency can legally collect the debt.
Do you have the proof that you have settled the debt with Volvo Finance? If you have the proof, send a copy of the document along with the dispute letter to the credit bureaus and ask them to change the status to "settled" in your report. If they still do not remove it from your report, then as Carol said, you should file a complaint with the BBB and the FTC.