Can a creditor change the date of the 1st deliquency so that it can be reported longer on your credit report?
lady m asked:
I had an automobile placed under chapter 13 in 1999, the chapter 13 was dismissed because I couldn’t make the payments. It was dismissed in 2000 and I returned the car in 2001. The Creditor has reached the SOL and is now stating that my 1st deliquency was in 2001. How can I address this to get it removed from my credit report?
Janet
I had an automobile placed under chapter 13 in 1999, the chapter 13 was dismissed because I couldn’t make the payments. It was dismissed in 2000 and I returned the car in 2001. The Creditor has reached the SOL and is now stating that my 1st deliquency was in 2001. How can I address this to get it removed from my credit report?
Janet
Tags: Address, Deliquency, Sol
June 11th, 2009 at 9:05 pm
Samuel
if you returned the car in 2001 then it goes on file in 2001 because you stated that you quit paying and returned it then it is on your report for 7 years
June 12th, 2009 at 9:04 pm
Brittany
You need to look over your reports carefully to see if what they are reporting is the “charge off” from the original contract or if it is the “deficiency balance” from the sale of the vehicle (or both) before you claim that they are reaging.
If you are looking at tri-merge reports from 3rd party companies, such as True Credit, etc., I would suggest that you order your credit reports from each CRA.
Tri-merges can be inaccurate or fail to report the full listing that the true CRA reports show.
A repo can actually have two seperate listings, from the original creditor, on a credit report (not counting a collector or a judgment).
One listing can be for the charge off of the original contract and the other listing can be for the deficiency amount after the vehicle was sold.
If they are reporting both then the charged off listing “must” report with a zero balance.
If they are reporting the charged off account only (and not the deficiency amount) and your last payment was in 2000, then the reporting period for the charge off would start in 2000 and cannot be reaged to report for a longer period.
If they are reporting the deficiency amount, then the reporting period would start on the date the vehicle was sold that created the deficiency.
Like bigdog said, if you returned the car in 2001 then the reporting period (for the deficiency amount) would start in 2001 since that would be the year the vehicle was sold creating the deficiency.
As for the collecting SOL for the repo, it would start on the date the vehicle was sold that created the deficiency. Since a repo voids the original contract, the repo would not fall under written statutes but under the UCC with a 4 year collecting SOL - which you are far past that date.