[rezervd]

My question involves an auto loan or repossession in the State of: North Carolina

I had a boat Repo'd in 2001-2002 which was deemed a CO in 2002. They then showed Paid As Agreed through 2005, then another CO in 2005 followed with R for Repo. Now they are showing Paid as agreed since Dec 08???

The SOL on this was supposedly April 09. I have not made any payments since 2001-2002. They are currently showing it as a balance? I am posting it below, removing any personal data. Any help would be greatly appreciated

Account Number: XXXXXXXXXXXXX Current Status: REPOSSESSION
Account Owner: Individual Account. High Credit: $14,000
Type of Account : Installment Credit Limit: $0
Term Duration: 96 Months Terms Frequency: Monthly (due every month)
Date Opened: 2001/07 Balance: $8,169
Date Reported: 02/2009 Amount Past Due: $0
Date of Last Payment: Actual Payment Amount: $0
Scheduled Payment Amount: $193 Date of Last Activity: N/A
Date Major Delinquency First Reported: 09/2005 Months Reviewed: 40
Creditor Classification: Activity Description: N/A
Charge Off Amount: $0 Deferred Payment Start Date:
Balloon Payment Amount: $0 Balloon Payment Date:
Date Closed: Type of Loan: Auto
Date of First Delinquency: 07/2002
Comments: Involuntary repossession
81-Month Payment HistoryYear Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2009 *
2008 R R R R R R R R R R R *
2007 R R R R R R R R R R R R
2006 R R R R R R R R R R R R
2005 * * * * * * * CO R R R R
2004 * * * * * * * * * * * *
2003 * * * * * * * * * * * *
2002 * * CO * * * * *


???

I have investigated it 3 times to get it to show correctly, but maybe I should leave it alone or I am doing something wrong??

[OhMy]

My question involves an auto loan or repossession in the State of: North Carolina

I had a boat Repo'd in 2001-2002 which was deemed a CO in 2002. They then showed Paid As Agreed through 2005, then another CO in 2005 followed with R for Repo. Now they are showing Paid as agreed since Dec 08???

The SOL on this was supposedly April 09. I have not made any payments since 2001-2002. They are currently showing it as a balance? I am posting it below, removing any personal data. Any help would be greatly appreciated

Account Number: XXXXXXXXXXXXX Current Status: REPOSSESSION
Account Owner: Individual Account. High Credit: $14,000
Type of Account : Installment Credit Limit: $0
Term Duration: 96 Months Terms Frequency: Monthly (due every month)
Date Opened: 2001/07 Balance: $8,169
Date Reported: 02/2009 Amount Past Due: $0
Date of Last Payment: Actual Payment Amount: $0
Scheduled Payment Amount: $193 Date of Last Activity: N/A
Date Major Delinquency First Reported: 09/2005 Months Reviewed: 40
Creditor Classification: Activity Description: N/A
Charge Off Amount: $0 Deferred Payment Start Date:
Balloon Payment Amount: $0 Balloon Payment Date:
Date Closed: Type of Loan: Auto
Date of First Delinquency: 07/2002
Comments: Involuntary repossession
81-Month Payment HistoryYear Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2009 *
2008 R R R R R R R R R R R *
2007 R R R R R R R R R R R R
2006 R R R R R R R R R R R R
2005 * * * * * * * CO R R R R
2004 * * * * * * * * * * * *
2003 * * * * * * * * * * * *
2002 * * CO * * * * *


???

I have investigated it 3 times to get it to show correctly, but maybe I should leave it alone or I am doing something wrong??

NO, they are showing it as a REPO and NOT paid as agreed. The * that you are seeing is a ND month (no data reported)

[divemedic]

The good news is that this will disappear from your report in July.

[OhMy]

The good news is that this will disappear from your report in July.

True, but if they sell this off to a collection agency before then it can start the cycle all over again

[divemedic]

True, but if they sell this off to a collection agency before then it can start the cycle all over again

That is incorrect. Read this opinion letter from the FTC:

Section 623(a)(5) requires a creditor that reports a chargeoff to a CRA to notify the agency (within 90 days of reporting the account) of "the month and year of the commencement of the delinquency that immediately preceded" the chargeoff. Section 605(a)(4) provides that the credit bureau may report the chargeoff for seven years. Section 605(c)(1) provides that seven year period begins 180 days from that date.

Also, from this FTC letter:

it was Congress' intent in enacting Sections 605(c)(1) and 623(a)(5) to establish a single date -- the start of the delinquency -- to begin the obsolescence period on these accounts. This avoids the "multiple date" problem that arguably existed prior to the 1996 amendments. In the case you described, the date of the "commencement of the delinquency" that led to the creditor's chargeoff or collection action would be July 1991 or earlier (depending on how long the account was continuously delinquent before that). The seven year period would start no later than January 1992 (180 days later), with the result that the chargeoff or collection could no longer be reported in most cases beyond January 1999.

The reason Congress passed this was that Collection agencies were bypassing the law by continuously selling an account from one collector to the other, effectively negating the 7 year reporting limit of the FCRA. Section 605(c)(1) and 623(a)(5) changed that.