Experian Credit Report Online Disputes
2010
Credit report – repo is showing as a charge off years later?
I decided to pull up my credit report, and there is still a repo showing up on there, from 2002 (I believe, the account was opened in 2000, and I believe the repo was about 2 years later, maybe 3, my last late bill I have is from 02). However, it is listed as charged off in May of 2008, and in the other notes from Experian it also says purchased by another lender. Am I mistaken, or is this illegal for a creditor/CRA to list misinformation?
I don’t know if this makes a difference, but I’m using truecredit.com to monitor my reports. The other two bureaus are clean, and from what I’ve gathered Experian tends to make some errors.
I plan on sending a letter to dispute it since they won’t open up one online for me. What should I send them? Ultimately I’d hope they remove it, or at least correct that date. I have a feeling the charge off listed in 08 will appear as too recent if I decide to apply for a credit card.
You really need to order a hard copy report from the CRA’s and not go by what True Credit is showing.
Tri-merge reports are often incomplete and wrong.
If you get your real report from Experian it will tell you the estimated date of removal for the repo charge off.
The reporting period for the charge off would start from the first time you became 30 days late and never brought the account current.
If the deficiency amount is reporting as well, the charge off should be reporting as a zero balance and the reporting period for the deficiency starts from the date the vehicle was sold (which is generally up to three months, more or less, after the repo)
If you defaulted in 2002 it should be removed sometime this year.
If you defaulted in 2003 it should be removed sometime next year.
If you defaulted in ‘02 or ‘03 but experian shows that it will remain until 2015 then it had been reaged and would be a violation.
If you defaulted in 2002 then you could try an obsolete dispute with Experian.
If it was sold to a collection agency, you may soon find the collector sending you dun letters. The collector cannot report it once it is past the reporting period, though they can try to collect.
The deficiency on the repo falls under the UCC with a 4 year statute of limitations for collecting.
Article 2 of the UCC:
ยง 2-725(2) [a]n action for breach of any contract for [the] sale [of goods] must be commenced within four years after the cause of action has accrued. A cause of action accrues when the breach occurs . . . .
How can I establish credit?
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