Re-Reporting Delinquencies

**bboyoxygen** · 02-23-2007, 01:19 PM

I had a car repo'd in 2003. The account was charged off and reported on my credit. A couple months ago there was a new posting on my credit report from another credit union for the same amount but saying Unsecured Loan instead of auto loan. They have listed key derogitory for November 06, December 06 and January 07 and the account status is closed. My score has dropped almost 100 points in the last couple months.

I've never received anything in the mail explaining what was happening. The only reason I knew about this is because I have a credit monitoring service. The original credit union's post on my credit says account transferred to another office.

Here's my questions...

Is this legal?
Since it's a new company reporting this, does the 7 year clock start over again?
Is this a normal thing? Do companies pass around delinquint debt and keep it on the person's report until paid???

**GreatGadsby** · 02-24-2007, 09:01 AM

the 7 year clock does NOT restart from them passing it around.

they can sell the account to another entity and the new company CAN place it on your report again. but it has to be "Complete and Accurate". listing it as an unsecured loan that just went delinquent in 2006 is incorrect. dispute the tradeline with the credit bureau and write a stern letter to the furnisher.