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. Question #1 Can the creditor keep reporting the account as open and delinquent while it has been placed for collection? Question #2 Can the creditor report this account a different way 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: Kristi and Other Experts.. Mmmm. Those are valid points. Sometimes it is best to let sleeping dogs lie unless you want to bring attention to yourself. If the SOL is not up and the debt has recently been charged off (last 12 months) then you are still very much an interest to the creditor. I say leave it be as the differences you state don't vary that much and probably equal to about the same rating. Killer wrote: ------------------------------- 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. Question #1 Can the creditor keep reporting the account as open and delinquent while it has been placed for collection? Question #2 Can the creditor report this account a different way to each agency? I am afraid to write to FTC because the balance owed is a large ....
Deficiency Balance Collections Killer: I tend to strongly agree with Kristi, itâ??s sometimes better to let sleeping dogs lay in situations similar to yours. Because what youâ??re potentially facing is a deficiency action, a lawsuit to recover the balance of the repoâ??d auto loan. Depending on the creditor if too much activity originates from one account, it will be flagged for further action â?? marked in such a way as to stimulate deficiency balance collections. Yet another aspect to consider is whether or not the creditor maintained deficiency integrity, did they do the right things giving them a right to sue for deficiency? If not then you may want to consider stirring the waters with reasonable confidence of little or no repercussions. Since deficiency guidelines vary from state to state, I suggest you visit my website Resource Center and check them out as appropriate (www.CreditDefenses.com/RCenter.htm). Click on the heading; Deficiency Balance Guidelines and select your state accordingly. For instance, in the states of Louisiana and Colorado (just to name two) an RTC or Right-To-Cure status exists. Certain procedures must be followed if a creditor could hope to prevail by way of deficiency suit. Sometimes, creditors purposely avoid these rules, because they have no real intention of pursuing deficiency. The nutshell, however, is that if relative deficiency balance guidelines were not followed. Then defenses can be raised on your part should they start to come after you, even if only by way of standard collection methods (other than lawsuit). Keep The Faith, Anthony Villaseñor
RE: Kristi and Other Experts.. Thanks to the both of you. I will definitely follow your advice! Killer
