I had a lease car with GMAC that I had to let go do to financial issues. GMAC reported a derogatory entry in Feb 2000. It is now 7 years later and Experian is still showing this entry. I asked them to investigate in March but they reported as verified and did not change. Can I get this removed or is Experian correct?
2007-04-04 04:48:54 · 7 answers · asked by Anonymous in Business & Finance ➔ Credit
DaMan almost has it! But not quite....
According to the Fair Credit Reporting Act, section 605 (15 USC § 1681c), the reporting period runs 7 1/2 years (7 years plus 180 days) from the date (month and year) of the last delinquency (a.k.a. “last missed payment).
Though the calendar says 7 years, you could be still waiting out that 180-day period right now. Let's say you were late towards the end of '99. You gave up in January and didn't pay. They repossessed the car, then sent your balance to collections in Feb. The date of the last missed payment is 01/00. It would be 7 years + 6 months from that point, meaning it wouldn't fall off until 07/07. I hope that makes sense. :-)
2007-04-04 08:39:46 · answer #1 · answered by YSIC 7 · 0⤊ 0⤋
My god, these answers are horrible.
Please send a certified letter to Experian requesting that they comply with Section 503(a) of the Fair Credit Reporting Act and remove derogatory information older than 7 years old; this specifically refers to CHARGE-OFFS!
Please note: If a court judgment came out of this "financial issue" then the court judgment remains on your credit report until paid!
So get this. If this went to a court and they obtained a default judgement against you and you never paid -- then it could stay on your report for 20 years. You pay it in year 20 and then it ages 7 years as PAID on your credit report. And in year 7, it will finally drop from your credit report with no mention whatsoever!!!
Get on the good foot!
2007-04-04 05:45:01 · answer #2 · answered by DaMan 5 · 0⤊ 0⤋
You can't get it removed, it's the truth! Stuff can hang on your credit report for a long time. If you contact GMAC and make a settlement, at least it will show you settled, but it will cost you.
2007-04-04 04:53:15 · answer #3 · answered by Anonymous · 0⤊ 0⤋
maybe because u did not pay it off.. and i may stay on your reprot.. try calling GMAC and see what they can do..
I know when u pay something in full, then it takes 7 years from that date..
2007-04-04 04:53:58 · answer #4 · answered by shorty21 5 · 0⤊ 0⤋
you have to ask them to remove it, not just look into it. also if you still had contact with the company after that date it will still be on there, it is 7 years from last contact.
2007-04-04 04:53:21 · answer #5 · answered by Laurajean 2 · 0⤊ 0⤋
They don't have to remove it after seven years if they don't want to.
2007-04-04 04:55:21 · answer #6 · answered by ik ben alphabetsoup 3 · 0⤊ 1⤋
They are correct
2007-04-04 04:52:49 · answer #7 · answered by Anonymous · 0⤊ 0⤋