I had a mobile home that I originally financed in 2001. After 2 years in 11/03 they offered a refi that would have a cheaper payment so I refinanced it. In 2004 things got very bad, I got behind & they refused to work with me on the payments and it so I told them they would have to take it back, that happened between July 2004 and September 2004. I received a 1099 in late 2004 on the debt. I started credit repair in 1/07 at the time it was showing on my credit report as a repo. When I app'd for my mortgage in 4/07 the credit people with the lender did a 3 way call to this finance company and my credit report was updated to paid. That particular entry shows up even now as paid although it only reports on Equifax. About 6 monthes ago I get a call from this finance company stating I owed them a large amount. I stated I had a 1099 and they said they had no record of it. I emailed them a copy of the 1099 and have heard no more from them. Until today, I pulled my tri report & there is a new entry on TU stating an amount of 29K, labeled a repo, & an open date of 11/03 and it was reported on 9/08. I am wondering what is my best response? Is'nt that a reinsertion? Now I have two entries: one on Equifax showing paid and this new one on TU. They already issued a 1099 & it's past SOL in Texas. Not sure how to go about disputing this. Any ideas? Thanks, Tegleg
I'm not clear; was the debt ever fully paid or settled? If so, and you have supporting paperwork, you would have an affirmative defense of "accord & satisfaction". That means you fully completed their mutually agreed-upon settlement, and no further claims can be made. With legit paperwork, it's pretty much bulletproof. I'm not clear on your "credit repair" in 2007. What did this repair entail? If your repair involved making any sort of payment, it re-started the SOL timer. Even if it did, if you have it in writing that the 2007 payment was the full amount of a settlement, then your "accord & satisfaction" defense would still be valid. *IF* that is the case, I would dispute with the CRA. If they validate to the CRA, a lawsuit might be in order -- they're reporting a debt that was already settled.
Sorry to be confusing, I'll try to clarify The acct went delinquent in 2004. After trying to work out some arrangements & them refusing to work with me I told them I would have to let it go. I turned in the keys and left around 7/04. No payments were made by me since I left the property. Around December they sent me a 1099C along with a letter stating they sold the property and the 1099C was for the difference between the sale & account. I was considered insolvent for 2004 by the IRS. I started trying to repair my credit in 2007 to try to buy a house, the acct was listed, as a repossession with a balance owed. I disputed with the CRA's, & Exp deleted but Equifax did not. On review of my old credit reports it was never on TU. I app'd for a FHA loan in 4/07. I was questioned about this acct by the lender, the credit people with the lender set up the 3 way call with the finance company to verify that they had sent me the letter stating the property was sold and the rest cancelled and the date it occurred. The finance company updated the acct on my Equifax report as "Paid". I did not question why it was updated to "Paid" when I was still 1099C'd for the remainder. I was just happy to see it. Around Feb 2008 I recieved a call from that finance company stating I owed them the balance. I told them the property was sold & I received a 1099C from them. They stated they did not issue a 1099C and I was lying. So I scanned and emailed them a copy of it. They replied back they received it and I heard no more from them. Now I do a tri-pull through privacymatters and note a new insertion on TU by this finance company it only lists that it was a repossession, opened 11/03, lists the amount, a report date of 9/08 and nothing else. I didn't think it was legal to reinsert a previously deleted account. However I don't think it was ever on TU that I recall. Just wondering the best way to dispute this? Thank you! Tegleg
Ok, makes a little more sense now. IMHO, if they sent you a 1099, then that's that. My guess is that TU is right in reporting it, as long as they're reporting it paid. It's not really a re-insertion, as far as I know, since it was never there in the first place. Dispute your report online with TU. When you do, it will give you a full copy of your real report, and this will show exactly how it's listed. No matter what, dispute as "not mine / unknown". If it's listed as delinquent and they validate, send a CMRR disputing it (and again, give no reason). If they still don't update it to "paid" or "settled", send a second CMRR saying something like "This entry is invalid. Please resolve this matter promptly. This is my third and final attempt to call this item to your attention. I appreciate your assistance, and look forward to resolving this matter without the need for legal action." If they listed it as "paid" or "settled", you can still poke at it with disputes from time to time to see if it can drop off, but I wouldn't waste money on going CMRR or anything. Worth a shot, right?
Absolutely. Thank you so much for the info, it makes perfect sense to me. I just didn't want to dispute it incorrectly & end up with it stuck there forever. Thanks again! Tegleg
