In 1999, Bank of America charged-off my auto loan for non-receipt of payment. Now, 2 years later, the loan still appears on my credit file but for some reason Bank of America stopped reporting my account to the credit bureaus about 4 months BEFORE the "charge off." Therefore, the loan appears as an open account with a positive payment history with a "last report date" of June 1999. I want to have this account shown on the credit file as a "paid" account with a zero balance. If I dispute this item to be shown as a zero balance, can BoA still report it as a charge off? What is the statute of limitations on reporting things like this? I guess I got lucky, since it was never reported to the bureaus as a charge-off, but the fact that it still shows a large balance ($11,000) is hurting my credit. Incidentally, when I realized that the loan had been charged off, my credit union purchased the loan at a 7 percent interest rate before BoA could reposess it. Should I dispute it and hope that BoA reports "paid--Zero balance." Or do I risk BoA reporting that it was a "paid collection?"
You were lucky. And I sugggest you do nothing. They will surely report it as a collection for that is what it was. They probably just didnot update your report once it was purchased because you "technically" escaped repo. Leave it alone at least until the 7 years is up. You do know that you really should have a repo on your report or at least lates. Be happy with what you have now. roni
