My current Credit Score is 644 and I have only one derog on my credit. The derog is a CO for a car repo. When they sold the car again, they made their money back. However they have posted on my credit report that I owe them $5300+!! When they first repo'd the car they said I owed them just under $1000 after the money they earned from selling it. Basically I just want to know if I should dispute this CO with the credit bureaus or with them directly or both of them? I don't mind paying them something to clear it, but I am not paying $5300 after they earned at least $4500 selling it again. Someone give me some advice please.
I am going to dispute them with the credit bureaus tomorrow after work.... whats the worst that can happen?
What if the SoL in the state I lived in is 3 years (North Carolina) and the state I live in now is 6 years (New York). Which SoL applies, the one where the written contract was made or the one where you live at now?
I'm not an attorney, but my understanding is that the state where the card was issued and used. If it charged off while you were still in the first state, then the SOL from the first state would definitely apply.
Well that's not a very smart way of thinking about it because if they do sue you and win a judgement, then they can garnish wages and levy bank accounts as well as report the judgement for another 10 years. This is something you do not want to happen, unless you plan on being broke and unable to improve your credit for the next 10 or 20 years.
Hmm... very true... I didn't about it like that... I need to think about this before sending anything in. Its just that they are reporting the amount owed incorrectly. I know this for a fact. I have two letters, here. The first one is for less than $1000 after they sold the car. Than about 6 months later it was $5500! How did the CO go from sold for almost all of the amount left on the loan plus a few late fees to an amount more than I had left pay in the first place (and still had the Car)? I think they won't try to sue me.
