I am trying to help my sister-in-law with a credit situation. She had a repo in 1996. It went to collection's. In 2000 she settled w/collection A. She has papers that states paid and account closed. It was also removed from her CR. Then it poped up 2 yrs later w/ CA B. They would not budge even though she had papers, then just last month another collection agency bought it. The account date is a new date, like it's a new collection. It will be another 7 years, before this on falls off. It appears they are re-aging it. I told her to start with a validation letter first and see what comes out of that or should she send copies of her papers from CA A and demand the item be removed? Thanks in advance.
You have about covered it. All communications CRRR, since you may have to take them to court. A 1996 repo should have dropped off in 2003, paid or not. Dispute thru CRAs, and if they verify, they have re-aged. Does she have papers showing original date of the loan, and date of the repo? One exception: If this is not just a collection, but a judgement was obtained. But if they were collecting on a judgement, they would likely have said so, and the CR would probably show it.
Wow quick response. She did dispute thru CRA, it is only on one report. it came back as verified. Yes she does have all papers stating loan and date of repo. This is a collection. I told her not to speak to them or give them any info on anything. What should be the next step she should do? I just don't want her to shoot herself in the foot if I miss something that can be done. Thanks
