I had a car loan and the car was repossessed over 12 months ago ( I ran into serious financial trouble and could not avoid!). The creditor has kept the account open reporting to Experian and Equifax a serious delinquency that's more than 180 days past due. On the Experian report the original account is being reported and a collection account. On Equifax only the open/delinquent accout is being reported. Finally the account is also reported to Trans Union. However, the TU report says the account is closed/repossessed and was delinquent 60 days before closing. The TU report is accurate. I have disputed with Experian and Equifax and they both state that the creditor keeps stating that reports are accurate. Can the creditor keep reporting the account as open and delinquent while it has been placed for collection? Can the creditor report this account 3 different ways to each agency. I am afraid to write to FTC because the balance owed is a large sum and the SOL to collect (4 yrs in my state) has not passed. I am afraid that further challenging the creditor will result in judgement or wage garnishment. Does anyone have any advice?
RE: Account Given to Collectio The SOL applies to whether or not the company can sue you. Even after the SOL runs the debt may still be owed, legally allowed to remain on your credit report and they may still be able to attempt other methods of collections. If you insist on not paying then you'll have to keep quiet for a long time. Most companies are willing to work out reasonable payment arrangements on a reduced balance. You can lay low or contact them and try to work something out. The choice is yours. Justice ========== Peace of Mind When You're in a Legal Bind. http://www.prepaidlegal.com/go/jenean
RE: Account Given to Collectio Once the SOL ends they can not legally do anything to collect. I know this already. I will just lay low. They can report to credit bureaus for 7 years but after 4 years the debt is not collectable. Thanks but I am already a customer of a pre-paid legal service that has served me well. I do not insist on not paying this debt. I can't afford to pay it and the company is not keeping accurate records. When they accurately report and I can then negotiate a deal. I did not ask for advice on getting out of the debt but asked for advice to get the creditor to report the account accurately. Does anyone else have any advice?
