Bad Credit? - Repair it here yourself!

There're many reasons you may want help for bad credit. We're here to help you understand what affects credit, what makes credit bad, how and what entities define your credit, guide you through the credit definitions, financial concepts, common misconceptions and provide you with information and tools that will help to solve your credit problems. Get help for bad credit now! To achieve this, we provide you with Free Access to a wealth of credit related content, forms, tools and calculators. We show you how to improve your bad credit step by step, reestablish your ability to borrow monies, how and where obtain loans, credit cards, mortgages and other financing. Repair Credit now!

Credit dispute: the same repossession shown twice ...?

Fri Apr 27, 2007 11:04PM | By Tony

See more in Credit Repair | Permalink | Email | Comments (0)

Q: I cosigned on an auto loan back in November 1999. My ex took the car and was making the payments. I found out through a friend that the car was repossessed in early 2001. I have never been contacted by Toyota even after they repossessed it, and they have been very uncooperative when I have tried to contact them.

The issue is that 2 accounts for the same repossession are showing on Equifax, both by Toyota. The first shows only a partial account number and a balance charge-off of $0 - shows repossession in 02/01, but paying as agreed from then till 02/04. The other account with 4 more numbers has the full amount he still owed - shows no payment history for 81 months at all. I have tried contacting them numerous times, even before they repossessed the car, to handle this matter and get the account in good standing, but no one seems to know anything, and they wouldn't talk to me. I disputed these 2 accounts back in 2003 when they were already charged-off. How can I get the 2 consolidated into the 1 correct account?

Is there any way I can get them to only list the first account? When will this fall off my account? Should it be from the 02/01 date when it was repossessed or from when they last reported it? The no payment history for 81 months is what concerns me. Does that mean that it won't fall off? Is it worth it to try to contact them or will it re-age the account which is already past the statue of limitations? Thanks.

A: As far as getting rid off duplicate account, you can only write to the credit agencies and point to this. Write few letters if necessary. Reposession should stay no more than 7 years from the date of repossession. Contacting the credit agencies should not re-age the statute. The statute of limitations on car loan, which is a written contract, can go as far as 15 years, depending on the state you live in.

Post a comment

Name:

Email:

URL:

Remember personal info?

Comments:

Please enter the code as seen in the image above to post your comment: