Looks like 2 choices here..they made a mistake and listed the wrong account OR they have more faith that they CAN and will repo it than you do...LOL
That depends on what you mean by "can't find or locate a creditor". If you get a copy of each of your credit reports, they will list the contact information for each of the creditors that are reporting any type of information about you on your credit report. if you cannot get a response from the creditor after locating their contact information on your credit report, then you may want to "dispute" the information with the credit bureau that is reporting the information. Simply write a letter to the credit bureau stating that the information being reported on XYZ account is not accurate. Please remove this information from my credit file. The bureau will contact the reporting creditor...if the creditor does not respond within a timely fashion, the information will be removed from your credit file.
A charge off is an account that the creditor has decided not to collect on. When they are listed as a charge off, that does not mean anything to you except a ding on your credit report. You are still obligated to pay the debt. What usually happens is a third party debt collection agency will make arraingments with the original creditor to come after you. This can be a double dip on your credit report because the original creditor might list it and the debt collector might list it also.
No, debts, liens, judgments incurred after a bankruptcy has been filed cannot be included and therefore cannot be discharged in the BK proceedings.AnswerI was informed that if you had included this creditor in your bankruptcy, which was discharged, the creditor should have stoped all actions towards obtaining a judgment against you. I believe this judgment can be discharged by filing a discharge request with the court administrator and only then removed from the credit report. However, if you did not list this creditor on your bankruptcy, then it will prevail. Call the court administrator.
My guess is that they probably can still list a repo on your credit report. Normally you get a double-hit on your credit report when you surrender property in bankruptcy: you get hit with the bankruptcy (which knocks your credit score down by 75 to 150 points) and you get hit with a repo/foreclosure for the surrendered property. Just because a debt is discharged in bankruptcy doesn't mean that it won't be listed on your credit report, it simply means the debt is no longer collectable. The credit report will continue to show the debt on your credit report and should list it as "discharged in bankruptcy." Similarly, if a person surrenders a home in bankruptcy, the foreclosure still goes on their credit, and if a person surrenders a car in their bankruptcy, it still shows up as a repo on the credit report. So, my guess is that a repossessed car, even one for which the debt was wiped out in bankruptcy and one that was not repossessed for some time after bankruptcy since voluntary payments were made for awhile, will still show on the credit report as a repo when it is ultimately repossessed. I can't say this is a definitive answer, but this is how I think the process works. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.
It happens all the time - but it shouldn't. More people should look at their credit reports so they will know what's on them. Check the Fair Credit Reporting Act. By law, only one creditor can list a given debt. Typically it's the original creditor (the subscriber reporting to the credit bureaus), that reports the information. While I don't want to advise you (I'm not an attorney) I would challenge anything on my credit report that I believe is incorrect. I would demand validation of any debt that I believe is incorrectly reported. One of the two institutions will be unable to validate because they cannot simultaneously report the same delinquency. With that said, remember: many people believe that whatever they do, they're not REALLY guilty as long as they don't get caught. The credit reporting agencies are no different. Until you challenge the lie on your CBR, your credit score will suffer. Pay your bills on time and these things will be less a concern over time.
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