DH had a voluntary repo last year. The debt is showing on TU CR as a charge-off. Is this normally the way they are reported? Is it being reported as a charge-off rather than a repo because it was voluntary? I'm afraid if we dispute it, it will be changed to a repo. Is that a possibility? Is one any worse or better than the other? TL was last updated 4/2002. No other reporting was done on this account in prior 2-1/2 yrs. Would it be better to leave it alone for a while? I need some advice on how to proceed with getting this TL removed. Any opinions/advice?
From my experience, a repo'd car will show as a chargeoff. The fact that it doesn't say "repo" anywhere doesn't matter because a lending officer can tell it was- just by the fact that it was a chargeoff... As for what to do about it, I'd check into your state's SOL on repo's. I've heard that there is a 2 year SOL of collection on any deficiency balance. I know this falls under the UCC but I'm not sure if your state laws would supercede that or not. If the debt is past the SOL, I'd say go ahead and try to get it removed. If they can still collect- leave it alone. Is there a judgment against him for this debt? Did the OC ever assign it to a collection agency?
With my repo, one CRA says ts a chargeoff, the other says its a repo. obviously with the fact they are in the thousands of dollars, neither are good for the report. I have one of each on my file and they aren't that ld (under 2 years), but I will dispute them because sometimes you luck out. Sometimes you don't and get them commin after you , but that risk is there with a $50 collection just the same. If you have a lot of visible assets chances increase they come after you.
