KCD

debt added to credit score 6 years later

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    I have a car loan that was defaulted in 2010 and the car was repossessed. The car was worth 23,000 and was sole at "auction" for a measly 5,000 leaving me with a deblt of 18,000. This was 6 years ago and was just added to my credit report in august 2016. Can they put it on your credit report 6 years later. I thought I was finally getting rid of my old stuff and finally getting my credit score up? What do I do?

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As long as you actually became delinquent on it in 2010, then they can report it now.  The debt can stay on your credit reports for 7 years after date of first delinquency.  Do you recall what month you first became past due on that?  Note that "default" is not always the same as when you first became past due.  Many lenders will allow the loan to remain in place for extended periods of time as long as you are still making payments, even if you are never caught up and current.  I've seen where someone spent 2 years delinquent the whole time, and still made payments--never enough to catch up, but still made payments--and the lender let it slide until the guy finally stopped paying.  Then, they repossessed the car.  So, it's important to note when you actually stopped paying and the loan first became delinquent. 

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