I bought a GMAC car in 1989. I messed up towards the end of the loan., it is now showing as a paid charge off from 1995. I disputed it, saying that the date of the charge off was incorrect.
According to my CRA's the debt is due to fall off 11/02. This seems like a hopelessly long time to me. (Unfortunately, I think that since it was prior to 1998, it stays on for 7 yrs from date of last activity, instead of 7 yrs from first delinquency.)
Anyway, I've disputed it a few times, and each time, it comes back verified, with more negative detail! On Equifax it went from charge off in 1995 to charge off, 36 30 day late payments!! That is unbelievably not true, there is no way I was 30 days late on 36 separate occasions.
To top it off, GMAC refuses to acknowlege my two certified mail letters to them requesting proof of the debt, and the late payments.
I accept that I loused up the loan, but for goodness sake, I bought the car 12 yrs ago!! Does anyone have experience with them? What should my next step be? I thought I would send my two unanswered letters (receipts attached) to the CRA's, but I am afraid that since they already verified, it wont be worth much?
How damaging is this old charge off, anyway?
Thanks everyone for your time