My husband had an auto loan back in 1999 and it when into repossession but he paid it off in full and It is still on his credit report now in 2007 and it shows as an unpaid repo. How can we get this off there ? Also he has collection accounts from 1999 that are still on his report do we pay these off to get them removed? I heard that can make your credit worse true or not ?
2007-04-02 04:21:17 · 4 answers · asked by cmt 1 in Business & Finance ➔ Credit
The Fair Credit Reporting Act states that debts can only be posted to your credit report for 7 years, beginning on the date they became delinquent. Therefore, if these debts have been out there since 1999, they must be removed.
Send the credit reporting agency a letter disputing them.
Also send each creditor a letter demanding that these debts be valididated. Inform them that these debts are being posted to your credit history in violation of the FCRA and if they are not removed, you will file a small claims suit for $1000 against each of them.
That will get them removed.
http://www.zagrosbigvand.com/credit-repair.html
2007-04-02 04:54:03 · answer #1 · answered by Anonymous · 1⤊ 0⤋
All negative informtion should fall off the credit report after 7 years. Sounds to me like the seven years is up. Dispute that with the credit bureau. Of course, the seven year rule is according to the date of last activity...so (for example) the car loan technically went into default in 12-99 and was not repoed until 6-00, then it wouldn't fall off until this June. Even though it should have fallen off by now, still follow up with the collections agency and get a receipt stating that the balance was paid - this is for your records in case it ever comes up again. If the reposession is a judgement, it can stay in indefinately. In that case, you would have to get proof of the debt being paid and then send it to the credit bureau.
The other collectons from '99 should have fallen off by now as well. Bear in mind that the collection agency or original creditors (whoever has the debt) can still come after you for the money you owe...so just b/c it falls off, does not mean you don't owe. My advice would be to pay them off regardless.
Your credit rating will not get worse for taking care of seriously delinquent items.
2007-04-02 04:49:55 · answer #2 · answered by YSIC 7 · 0⤊ 0⤋
It is time for that to be taken off, get your credit report from annualfreecreditreport.com--the truly only place you can get it free from all three credit bureaus and dispute the charge and make sure in the comments you put it has been past seven years on this debt and it will be immediately removed!
2007-04-02 06:28:04 · answer #3 · answered by mphsgurl79 3 · 0⤊ 1⤋
call the auto place and tell to take if off..
2007-04-02 04:45:10 · answer #4 · answered by shorty21 5 · 0⤊ 0⤋