A repo is on your credit 7 years from the date of repossession, much like how a charge-off works. ----------------------------- chipper www.leavethehouse.com ><- <>- ><- <> ~~~ ><- <>- ><- <> ><- <>- ><- <> ~~~ ><- <>- ><- <> Wouldn't this make the Account report for over 7 years????? ><- <>- ><- <> ~~~ ><- <>- ><- <> ><- <>- ><- <> ~~~ ><- <>- ><- <> I thought the clock started when you first became delinquent? ><- <>- ><- <> ~~~ ><- <>- ><- <> ><- <>- ><- <> ~~~ ><- <>- ><- <>
I believe it is from the time the account first becomes delinq---unless it goes to court and the OC or CA gets a judgment (default or not). A jusgment will restart the SOL and become a whole new set of rules, depending on the state. And a judgment can only be for the deficiency balance, I believe in all states according to the UCC...once a repo occurs, the loan agreement becomes null and void.
Concerning Statute of Limitations on Collections: No, since it is not a payment by the debtor. Concerning FCRA Statute of Limitations on Reporting: No, since FCRA fixes a Date Certain that is started by the FIRST missed payment taht led to Default. Only bringing the account current can re-start this SOL.
On bureaus that I have seen, the reposession shows as a separate line activity, starting the date of actual repossession. It sounds like this is not always the case. If I was wrong, than I apologize.
