Needing Some Advice Plz
i had a repossion that that has a closed date nov of 1997 onmy credit report... my question is does this mean in dec of this year they cant report it no longer? my second question is after all this time, just last month they turned it over to a collection agency, do they they get to keep reporting too even if the first one cant cuz of the 7 year thing?
Due to the Fair Isaac Act after 7 years it is supposed to be dropped from your credit report. Do not take this for granted in Dec.,2004 check your credit report with all 3 national credit agencies. You may be able to check it free on the internet.
Another place to check out with credit questions is http://www.creditboards.com great place to learn all about credit.[ Edited by wpruett on Date 02/01/2004 ]
Quote:
On 2004-02-01 01:27, mike3367 wrote:
i had a repossion that that has a closed date nov of 1997 on my credit report... my question is does this mean in dec of this year they cant report it no longer? You should dispute it sometime between 6 mos. and 3 mos. out. (Jun - Aug). Often they'll either be unable to verify, or they'll just drop it a little early. Quote:my second question is after all this time, just last month they turned it over to a collection agency, do they they get to keep reporting too even if the first one cant cuz of the 7 year thing?
The Collection Agency may try to re-age it. That's a violation of the FDCPA or FCRA (don't ask me to remember which right now), and worth $1k to you if you really want to push it all the way to court. But what ought to just about cover it is a nastygram with a cease & desist from collecting this past-statute-of-limitations debt, don't sell it to any other junk debt buyer and don't report it to bureaus either.
I've dealt with a lot of stuff on my credit report. Took me almost a year and a half to completely clear my report. But it was worth it. I had your exact situation on my report but the collection agency kept passing the same account trying to re-age it. I didn't touch the account and when the original account cleared after 7 years, all the collections fell off too. I don't know if that will happen with you, but that was my experience. my suggestion DON'T TOUCH IT!!!