Halo Posted February 16, 2007 Report Share Posted February 16, 2007 Situation:In 2002, after a year of unemployment, I had to voluntarily return a vehicle back to the OC (DriveTime). The OC eventually turned the debt over to a CA. After recovering from unemployment I settled the debt with the CA in January 2006. The CA removed all negative information from CR. The OC continues to report the debt to all CRA’s every month. I disputed the debt via the CRA’s and as you know, they quickly validated the information with the OC. I sent a GWL as well as supporting documents (original agreement with their assigned CA and blacked out back statements as proof of payment) to the OC asking that they remove the TL from my reports, and what they sent back has surprised me. The letter reads “We have researched our trade line on your credit report. We verified that the information is correct. Applicable laws and regulations require that we report to the credit agencies any historical negative information that appears on an account (such as delinquency or late payments), even if the account has been paid in full.” My question:Where do I go from here? Can I sue them for reporting inaccurate information since I have supplied accurate proof of payment? This is how the TL reads from Equifax as of 01/07.Current Status: RepossessionBalance: 0Amount past Due: 0Months Reviewed: 12Date of Last activity: 08/2002Date Closed: 12/2002Activity Description: Transfer/Sold/PaidComments: Account transferred or sold.Exeprian:Account Name: DT CREDITAccount Number: Account Type: Auto Loan Type of Business: Automobile Financing Company Terms: 20 Months Account Status: Closed Monthly Payment: $0 Date Open: Nov, 2000 Balance: $0 Balance Date: Aug 31, 2005 High Balance: Not reported Credit Limit/Orig. Amt.: $5,806 Past Due: $0 Remarks: Not reported Payment Status: Account transferred to another office Link to comment Share on other sites More sharing options...
nascar Posted February 16, 2007 Report Share Posted February 16, 2007 They are reporting a zero balance, which is what they are required to do. They don't have to remove the account just because you paid it. Link to comment Share on other sites More sharing options...
willingtocope Posted February 16, 2007 Report Share Posted February 16, 2007 Well, for what its worth, there is no law that a creditor MUST report data to a CRA...it only says that IF they do report, it MUST BE ACCURATE.But...it looks to me like they are reporting accurate info. The account is closed, with a $0 balance, and it says "transferred/sold".If you've already tried the goodwill approach, and it didn't work, you're pretty much stuck, I'm afraid. You could try Recovering Attorney's approach...send a GWL to someone high up in the company with a check for their favorite charity...but...don't know if that would work. Link to comment Share on other sites More sharing options...
CreditLawGuru Posted February 16, 2007 Report Share Posted February 16, 2007 agreements you make with the CA are not binding on the OC. as long as the TL is being reported correctly, the OC is not required to delete. Link to comment Share on other sites More sharing options...
Halo Posted February 16, 2007 Author Report Share Posted February 16, 2007 Wow! thanks for the quick responses. I thought that it should at least be reported as "PAID" rather than repossession etc. Especially since everthing relates to past tense, meaning that the 0 balance etc.. was reported years ago and not since the settlemnt with the CA. Link to comment Share on other sites More sharing options...
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