of course.
debt's just don't disappear.
Most of the time cancellation of debt will remain on your credit report for seven years. If the cancellation of debt is associated with a bankruptcy, it may take 10 years.
This is tricky. There is no actual listing of the repossession on your credit report. There is a notation in relation to the debt owed. For example: say you borrowed the money for your car from ABC Bank. ABC Bank will then show as a credit action on your report. Next to that will be the balance of the debt, potentially the length of the contract, and a month by month code of your payment history in terms of thirty day payments. If the loan is defaulted, this will be noted. If the vehicle is repossessed, this will be noted as well. If no judgment is obtained, the notation will remain for seven years from the date of last payment. In the event of a judgment, it will remain for ten years.
They are pushing your buttons. The original company has probably written the debt off and it is possibly off of your credit report. Do not pay them one red cent, or they will be able to resurrect the debt.
Yes, the credit report has no bearing on whether a debt is valid and subject to litigation.
Paying off a repossession will not generally get it removed from your credit report. If you have a good faith basis for disputing the deficiency on your credit report, you should do that. Many consumers have very good arguments as to why they do not owe the deficiency they are being charged by lenders. In addition to disputing the deficiency on your credit report, you want to be sure to defend any deficiency action brought against you by a creditor. Do not default on these lawsuits. When faced with a competent defense, most creditors, debt buyers in particular, cannot prove their case against you. Winning the case is court certainly goes a long ways toward providing you with a sound basis to dispute the alleged debt on your credit report.
For Experian, a voluntary repossession will remain on your credit report for seven years from the original delinquency date of the debt.
If your vehicle is already up for repossession, it is already on your credit report as a delinquent or defaulted debt.
A repossession that is over seven years old is not supposed to be on your credit report. It is not unusual for a collection agency to illegaly "reage" a debt in order to try to pressure you to pay. From your post it does not appear that you know what is on your credit report. If you have been denied credit then you are entitled to receive one for free. Contact information for the three credit reporting agencies can be found at solidgoldhomebusiness.com If this item is actually on your credit report then you can dispute the information and demand verification. Dispute instructions will be included with the report.
seven years
IT IS NOT ILEGAL FOR ANYONE TO HAVE A DEBT SHOW UP TWICE ON THEIR CREDIT REPORT. THE BEST THING TO DO IS CALL THE CREDITOR OR COLLECTION AGENCY THAT THIS DEBT IS UNDER AND HAVE THEM REMOVE THE EXTRA INFORMATION OFF OF YOUR CREDIT REPORT. ASK THEM TO REPORT IT TO THE BUREAUS IN ORDER FOR THIS TO BE RESOLVED.
Seven years
A debt will stay on your credit report for seven years after the date that you were originally delinquent on the account. After seven years, this debt is taken off of the account.
Most of the time cancellation of debt will remain on your credit report for seven years. If the cancellation of debt is associated with a bankruptcy, it may take 10 years.
This is tricky. There is no actual listing of the repossession on your credit report. There is a notation in relation to the debt owed. For example: say you borrowed the money for your car from ABC Bank. ABC Bank will then show as a credit action on your report. Next to that will be the balance of the debt, potentially the length of the contract, and a month by month code of your payment history in terms of thirty day payments. If the loan is defaulted, this will be noted. If the vehicle is repossessed, this will be noted as well. If no judgment is obtained, the notation will remain for seven years from the date of last payment. In the event of a judgment, it will remain for ten years.
It won't fix it, but paying off any remaining debt from the vehicle should help your credit rating. Unfortunately, a repossession will linger on your credit report for about 7 years.
They are pushing your buttons. The original company has probably written the debt off and it is possibly off of your credit report. Do not pay them one red cent, or they will be able to resurrect the debt.
Yes, the credit report has no bearing on whether a debt is valid and subject to litigation.