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Discussion in 'Credit Talk' started by rl, Jun 13, 2000.
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Your credit report is a representation of how you've handled credit extended to you. Having your repossession removed before the time it falls off, would be falsely representing your true ability to handle a debt and repay it.
Are you sure you don't work for a CRA? Could have fooled me, as your words are virtually identical to theirs.
While your at it why don't you call rf a DEADBEAT who got what he deserves because he refused to 'pay his bills'.
How recent was the repo? Did you pay off any remaining deficiency balance before it went to a collection agency?
Sure, I may sound harsh and impersonal, but when you sit back and look at it, isn't what was written true?
Again, this isn't going to be to your liking, but if that repossession was the difference between an Aria Persona and a Chase Gold, who is going to end up being affected? Those individuals who have managed credit responsibly in the past, and have earned to ability to qualify for a prime gold card. Because if rf failed to pay and his/her debt was charged-off, I'm going to ending up paying in the way of higher interest rates and fees!
So your saying we should return to the recent 'bad old days' where the CRA's maintained untruthfully that there was no way to remove negatives.
That companies like Carreon & Associates and Lexington should just close up shop and the only advice given out on these forums is "give up any hope as your stuck waiting it out baby"
As regards your credit philosophy, if those with good credit (I have NO negatives, believe me I know) should be rewarded how come I keep getting swamped with bullshit sub -prime and sub sub-prime offers, instead of the prime and premium one's I deserve?
About the only consolation is that I haven't received a "pre-approved" offer for Capital One's pathetic joke of a gold card...probably tomorrow
Due to an unethical salesmans bad advice, I "turned it in" and bought a new one. I didn't even find out it was a repo until 4 months later. I am more than willing to pay the deficit, but obviously I would like it removed from my report if possible. So no, I have paid nothing as of yet. I have yet to receive anything from a collection agency, but it has already been 3 years.
Shame on you David for judging me based upon one credit issue, for which you do NOT know the details. This attitude is the very reason I wish to learn about my rights as a consumer, instead of sitting back and being treated poorly for ONE miscalculation of judgement. That judgement, by the way, was influenced by a saavy salesman who could care less about what people like you thought about me. Thanks for the inspiration to continue to learn more about my rights, and have a nice day.
I understand that people make mistakes and poor choices - and I'm not exempt. But in terms of credit: you get what you earn. Again, I've never been in the shoes of someone suffering from an overburdening debtload or a poor credit history, but some people just don't learn. I've read some that have a secured whatever with a $1000 limit wondering: hum, do ya think I could get a Chase Platinum card with a $10K limit? Of course you can't! It's unfortunate, sure, but that's the way it is. Only time will turn the tide of a poor credit history, and even with that, it's up to you to make good decisions.
David D. -for the life of me, I can see no reason for you to be on this board, if you are not here to help or learn.
If your sole reason is to chastise others, I'm pretty sure they would rather not hear your ruminations on the morality of doing something that is not exactly pure of soul.
Quite frankly, I could care less if your interest rate is 2% higher "because" rl has a repossession. If you just want to piss & moan about that, find another place. Here's some self-righteous adice for YOU: Don't carry a balance, and all that will be a moot point, won't it?
Where did you turn it into, the dealership so they could sell it? What did they tell you? Or did you knowingly call the finance company and tell them to take it away? It would help if you would elaborate on the details a little more.
Don't listen to the self-righteous people who push their "you get what you deserve" b.s. on these boards. The credit reporting system in its present state is highly unfair to the consumer and is completely pro-creditor. The main objective of the Big-3 and their affliliates is money, not truth or what is right. Just keep reading this board and others like it, and you will learn quickly how to fight the system.
Mind you, I am NOT advocating skiping out on paying one's bills. Cleaning up one's credit is all about paying what is RIGHTFULLY owed, deminishing the negative info as much as possible, and showing new postive payment information.
So, if you have to go pay the old bill off to clean up your credit, so be it.
Heres the deal: I wanted a new car, but I was so upside down that the salesman advised me to give it back to the dealer. So I did just that. I drove it to them, and told them I know longer wanted it. They told me that they would sell it at an auction, and that I could pay the difference. I honestly thought that I could just pay installments on the vehicle. A few weeks later a man from their legal department asked if I wanted the car back, and I told him no. A few months later I received a bill for some huge balance, more than the vehicle was worth. At that time I was also advised that it was in repossesion. As I stated, I am more than willing to pay any debt rightfully mine, and if that is what it takes "So be it". I just want to re-establish myself as a responsible person. I guess I just don't get how I can negotiate to have a repo removed. That just sounds impossible to me.
Thanks for any advise you can give!!!
ANY entry on a credit report can be removed by the creditor who placed it there. End of story. The CRA's post info submitted by their subscribers. Sometimes you can negotiate such a deal, with the creditor, for considerations that you provide (such as an immediate and full payoff).
Be warned, though, that there are many creditors (and I dare say the great majority of them) that will not play this game. If the repo was placed there by "Earl & Sam's Skid Row Alley Auto Finance and Hot Dog Stand", then maybe you have a chance. If it was through a bank, or someone like GMAC, Ford Motor Credit, etc., it's going to be virtually impossible.
If you still owe them money and they want the money and it's contingent on them removing the derogative, they will do it to get the money. It all comes down to money. Make a deal and get it in writing before you send them a nickel.
If you pay it off and go back later and ask them to remove it, they will likely thumb their nose at you.
Nice summation Mo, and its true that many of the bigger companies/banks are intransigent over this, basically meaning if they have no intention of sueing you their is absolutely ZERO incentive to convert this into a "paid collection" which does absolutely nothing to increase your credit score. These greedy, narrowminded creditors and CRA's have just brought this upon themselves.
About the only possibility I can see is if his account is passed on to a collection agency (for usually pennies on the dollar) as it may be possible to reach such a settlement with the collection agency.
Unfortunately, in most cases the creditors will wait until at least 6 years have passed before selling them off. By which time an individual would be better off waiting the short period until it is purged.
One more item, I have seen on some very rare occasions a collection agency buy up thousands of such repossesions and then post on credit forums on offer of 30%/35% for accounts they hold, I recall one such on the old Credinet board.
I cannot imagine why there aren't far more of these, instead of being total scumbags and thieves they could make many such similar offers (credit cards, loans, etc.) and guarantee a written statement on the companies letterhead that upon full payment they will remove the negative entry. Or if they have an agreement were they cannot recant the negative, the agreement would state that that upon full payment at the agreed upon rate (30%, whatever) they would not reply to the CRA's when asked for verification.
Simple yes, odds of it happening about the same as Rocco of CCB turning honest.
You know David, your sanctimonious scolding on this board is getting tedious.
The fact of the matter is that at least 50% of the credit files maintained by the CRAs contain errors. Therefore those people with errors in their credit file are having their true ability to handle and repay their debts falsely represented. In fact, most creditors know that this is the case and have made adjustments for that.
Is 7 years some sacred period of time to have a derogatory item deleted from the report? Is there any real difference in the person's ability or willingness to repay a new creditor after 6 years and 11 months versus 7 years and 1 month?
The fact of the matter is that the CRAs are only in this for the money and as such, if they are going to be profiting from people's personal information they better be damn sure that they can verify what they are reporting. "If they can't prove, they must remove."
There is NOTHING illegal, unethical, or immoral about getting information removed from a credit file that can not be verified. Any derogatory information about any person, in whatever form, no matter who is brokering this information should be back up by some kind of evidence. If those who report degoratory information are too lazy (or cheap) to keep the evidence in a convenient place for them to verify the derogatory information, that's their problem and they deserve the consequences of having it removed.
CRAs, creditors, and collection agencies get away with all sorts of slimy and sleazy activities all of the time. Unfortunately most people don't know how to respond effectively to these tactics. One of the reasons that this board exists is to educate people in ways in which they can protect themselves from such shennanigans. Your judgemental attitude contributes nothing to fulfilling that goal.
So then contact the owner of the debt (I presume its the original creditor, the finance company) and negotiate payment and removal of the repo and all the supporting derogatory info. Arrange to pay for pennies on the dollar, and if you have a problem with this then find a law firm or credit repair service that will represent your interests.
I have no idea how they did it but Lexington got a 2 year old repo removed from my reports on the second round of disputes. It took them 6 months to do it.