mzjazzyazz Posted December 16, 2004 Report Share Posted December 16, 2004 I disputed DH's repo which was charged off in 1999. TU updated it to a $10, 000 balance and being 30 days late. Where should I go from here? How can they report a balance when it was 5 years ago. Link to comment Share on other sites More sharing options...
Guest jeeptravel Posted December 16, 2004 Report Share Posted December 16, 2004 Debt Validation to the original finance company (the one who re-po'd it) Once you have the paperwork showing the repo, you can supply the CRA with that and demand they reflect the status as $0 balance as of repo date. If they don't validate they must remove.There is a lot of help on here about DV.jt Link to comment Share on other sites More sharing options...
mzjazzyazz Posted December 16, 2004 Author Report Share Posted December 16, 2004 Thanks jt. I was trying to figure out how in the heck could they claim their is a balance owed if it was repo'd. One CRA says charge off and the other 2 said repo. Then after I disputed it , TU now says 30 days past due. I am going to prepare the letter to send to the Credit Union. Link to comment Share on other sites More sharing options...
Josh Mcgrath Posted December 16, 2004 Report Share Posted December 16, 2004 Debt validation only works with the CA's, I thought? Link to comment Share on other sites More sharing options...
mzjazzyazz Posted December 16, 2004 Author Report Share Posted December 16, 2004 Does anyone have a link where I can view the law in Cali on repossession balances? I am wondering how can I request for the CRA to update the balance to 0 if the car was repossesed. What is the law that states that? Link to comment Share on other sites More sharing options...
Guest jeeptravel Posted December 16, 2004 Report Share Posted December 16, 2004 Any creditor who is reporting derogatory must supply DV upon demand to the consumer. Why would you think it was only CA's? Every debtor would logically be bound to "validate debt."This handy chart shows CA's and CRA's processes but any creditor reporting to CRA's is bound by the FCRA to validate that what they are reporting is accurate.http://www.creditinfocenter.com/rebuild/debt_validation_workflow.shtmlSend a CMRRR letter to the credit Union saying they are reporting inaccurate balance and therefore in violation of the FCRA (or call them). Demand that they validate the debt they are reporting in writing (list it as is) or reflect it to say $0 as it was repo'd in (date?) Give them a deadline after which you will sue them in accordance with the FCRA as the inaccurately reported item is causing you to have bad credit.That's a DV letter. That would be a good move for you in getting this done.. GOOD LUCK! If all goes well, you could have this set to zero within a month. (no promises though)jt Link to comment Share on other sites More sharing options...
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