Should this still be on my report?

Question

On my credit report there is a car that was repoed and I know after so long it should be taken off. However, for the past couple of years it says "write off" next to it. Meaning, they finally got the paper work in order that says I didn't have to pay them off. Anyway, my question is what is the point of putting it on as a "write off" Why is it listed at all? Should it be?

Well it's been almost 7 years so I guess I'll just deal with it being there.

Answer 1

A repo is usually 10 years, even then, another collection agency can buy the debt from the original company and report it again for another X amount of years. It's not right, but it does happen. It's very hard to get bad debt off of your report.

Answer 2

YES - repo's will show most definatly. Everything does. A write off means that the balance was written off as a loss and drops your score tremendously now they only way to get the "write off" removed is to pay it so it shos "paid". Information stays on your report for 7 years from the date of the last transaction so that would be the date they wrote that off.

Answer 3

Not sure why anyone has said ten years. As the previous person said, its 7 years from DOLA (date of last activity).
Certain bankruptcies stay on for 10 years, most everything else has to be off in 7. And unless you discharged the debt in a chapter 7 bankruptcy, you are still liable for the debt and they can still get a judgement and garnish your wages.
In my opinion the best thing to do is to contact them and work out an arrangement for what you owe. Get them to agree, in writing, that once you satisfy the debt they will remove their listing completely from your reports. A collection or bad debt listed as paid still hurts your score. The fact that the account was ever negative brings your score down, paid or not.

Answer 4

Wite off by the finance company shows they have cut thier losses with you, it does not release you from owning the money.

When you lost the car, the finance company has to sell it, and they are required to either auction it, or sell it to auto brokers. If they use auto brokers, they obtain 3 offers and sell it for the highest offer.

Then after the car has been sold, they subtract the sales price from what you owed and any fees they incurred to repo. The balance is then presented to you for payment, and you can pay that amount to avoid the full impact of the repo being reported on your credit. Had you paid this balance to the finance company, and worked with them to settle, they would have reported the car as surrendered, then shown the outstanding balance with a note of settled in full.

My family just went through this after my grandpa died and he had a leased vehicle under his and my grandmas name. Grandma didnt drive, but we could not sell the car in CA unless we had presented DMV with probate court documents showing my grandma was entitled to everything he owned. It really was a hassle because we had no probate over his estate.

Answer 5

Write offs are tough. Even if you pay it in full, it still stays on your credit report for 10 years. It is quite a heavy duty hit to your credit. Even if it is a tiny amount, it still stays there for the 10 years.

Answer 6

"Write off" is the a debt that still has a balance and should show up as R9 for revolving credit charge off. Yes it does stay on your report.

Answer 7

Yes - a reposession will be on your credit report for ten years. As most most other information now (used to be 7 years).

Answer 8

I've most effective ever mentioned one man (two times) You all recognise him, he constantly posts "That wasn't a query, and is in violation of the Y&A blah blah, so i am reporting you" I document that an rant and threats.

Answer 9

Try contacting the credit bureau and ask them to remove it.

Answer 10

no