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Auto Repossession TL Advice/Help


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I'm not sure I'm posting this in the correct forum but here goes and please be gentle...I'm a newbie from Texas.

01/10/07 - I disputed an auto repossession TL with EQ.

02/13/07 - It came back confirmed.

02/16/07 - Mailed OC and asked them to verify debt.

02/20/07 - OC mails their response to my letter stating ...

This letter is in regards to a recent certified letter "OC" received from you dated 02/16/07. The account that you still have with "credit union" is your "car" that was repossessed on 11/02/04. Your balance is still outstanding in the amount of "money." You signed a certified returned receipt on "date" that explained the sell of your collateral. The letter also stated that the repossession and sale of the unit did not cancel or pay your debt to "OC." On "03/03/05" your account was turned over to our outside collection agency "CA." You need to contact "employee" at "phone number."

02/27/07 - I receive a call from "employee" who is with "CA." Conversation goes something like...

CA Employee - Hello I'm "employee" with "CA" and I wanted to see what we could do about setting up payments for "debt."

Me - Do you work for "OC?"

CA Employee - "No."

Me - Do you own the debt for which you are trying to collect?"

CA Employee - "No."

Me - I guess I do not need to be speaking with you then.

Ended call.

03/05/07 - I finally receive letter from "OC" they mailed on 02/20/07.

03/06/07 - Mailed OC again making my second request to verify debt. I also informed them that I was mislead by stating "the account you still have with..." and that the account was "turned over to outside collections "CA."

03/09/07 - OC receives my second request to verify debt.

03/17/07 - Pull EQ report and it shows that "credit union" has reported my auto repossession as "CO" since 01/05 - 12/06 and for 01/07 "No Data."

I do not see on my EQ report anywhere stating I am disputing the TL with the OC. The OC is required to report to the CRA that I'm disputing the TL right?

Question Time ....

What is your opinion as to who owns the debt?

If the OC "turned over" the account to CA, does that mean it was assigned and that the OC still owns the debt?

If the OC still owns the debt and it was "assigned" or "turned over" to outside collections. Did the "OC" violate the FDCPA by having the outside collections employee call me requesting payment for debt I've requested they validate?

If the OC did sell the debt to "CA" (which the "CA" denied owning) can the OC still update my credit report with "CO" every month?

If so for how long?

Any advice, comments, suggestions are greatly appreciated!

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This letter is in regards to a recent certified letter "OC" received from you dated 02/16/07. The account that you still have with "credit union" is your "car" that was repossessed on 11/02/04. Your balance is still outstanding in the amount of "money." You signed a certified returned receipt on "date" that explained the sell of your collateral. The letter also stated that the repossession and sale of the unit did not cancel or pay your debt to "OC." On "03/03/05" your account was turned over to our outside collection agency "CA." You need to contact "employee" at "phone number."

Handing over and assigning is basically the same thing in my book. If the CA is telling you that they do not own the debt, I would be they do not. It would give them more leverage to be able to see yes.

My question is this, did you in fact sign for the letter they are referring to? Was it mailed within 30 days of the date of sale? Did they notify you of your options within 30 days of the date of repo? Is the deficiency amount the same as they are stating now? (not including any interest, etc).

If so, then the letter you received, would probably serve as a validation. If you did NOT sign for any letters, or were not sent anything after the repo, then they are merely trying to paint over everything as if you did, and hoping that you are like a lot of OCs and do not still have your records to show otherwise..

(edited to correct my terrible spelling)

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elyse449

I'm trying to get this off my credit report. I was asking them to verify debt. It would appear their dates are incorrect. They repo'ed the car 11/04 but they are reporting I was 120 days late in 12/04. There is no "R" for respossession on my credit report.

myscoresawful

I do not recall signing for the letter. They haven't proved I did so far. I do not have any letters from them...but I am not sure if they sent me anything.

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  • 2 weeks later...

Well they provided everything to prove the debt is mine. The SOL hasn't passed for collecting debt in Texas yet. But they really don't seem too concerned about collecting for it. Even with 7K on my EQ report my score is 682 which I don't think is bad at all. So I'll probably just leave it on there ... unless they try to collect for it, then I'll see if I can knock the price down. Apparently the OC still owns the debt ... but has assigned it to a CA. I'll look into finding out if the CA is licensed in TX to collect debt.

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  • 2 weeks later...

I have read what the OC sent me, but I'm still confused as to who owns the debt. The OC says XYZ CA manages the account now. But on a monthly basis the OC still reports "CO" on my CR. The OC or CA does not call to collect this debt and the CA does not report on my CR.

I did some checking and found out that Billy Joe Bob dba (doing business as) XYZ CA. Billy Joe Bob dba XYZ CA has a bond..which from my understanding is the required "license" for the state of TX.

The SOL has not expired yet.

The OC did not provide me with a contract that says they sold the debt to XYZ CA.

Can a OC report a debt they do not own?

Can XYZ CA collect debt if the bond is issued to Billy Joe Bob?

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I've done more research into my credit reports. Here's what I found.

09/04 - Date of Last Payment I made towards auto loan.

11/04 - Auto repoed by OC.

02/05 - OC sales auto.

The OC confirmed via Equifax that my date of last payment was 09/04 after I disputed with EQ per the credit report dated 02/13/07.

OC is now updating my date of last payment as 02/05. I assume, after the OC sold the car in 02/05 and did a credit on my account for the amount of the auto sale.

1 - Would that change the date of *MY* last payment in regards to how they report that to EQ?

2 - Is this considered re-aging an account?

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I mailed the OC a letter yesterday. It went something like ...

On January 10, 2007 I mailed Equifax/CSC and disputed an account that was being reported by your company. On February 13, 2007, after Equifax/CSC completed their investigation into this dispute, I received a copy of my updated credit report showing that your company verified that this account belongs to me and that the current status is being reported correctly. In that credit report, your company verified that the date of last payment was 09/04, that the date of last activity was 01/04 and the date major delinquency first reported was 01/05. As you can see, the dates your company verified with Equifax/CSC do not correlate with sequence of time nor do they match my payment history correctly. Furthermore, I received a copy of my Equifax/CSC credit report on 04/17/07. In this credit report your company is now reporting a change in the above mentioned dates. The date of last payment has now changed to 02/05, the date major delinquency first reported has now changed to 11/04 and the date of last activity has remained as 01/04. I believe my rights have been violated per the Fair Credit Reporting Act. In my research, I found the outcome to be to my advantage.

Violation Why Precedent/Law Fine

Creditors if they try and “Re-age” your account by updating the date of last activity or payment on your credit report in the hopes keeping negative information on your account longer. Consumer protection afforded by the Fair Credit Reporting Act. Fair Credit Reporting Act on 605 © Running of the reporting period. $1,000.00

Creditors if they report your credit history inaccurately. Defamation, financial injury. US Court of Appeals, Ninth Circuit, No. 00-15946, Nelson vs. Chase Manhattan. Extent of damages incurred by the wronged party as deemed by the courts.

As your company may already know, there is no law that states or require a company must report an account to the credit bureaus. So please do not feel obligated to continue to report this account to the credit bureau. However, there are various laws that state that if a company chooses to report an account to the credit bureaus, they must do it accurately. The fact of the matter is that I watched your company’s actions toward me, like a hawk and made sure your company did not make any mistakes or violations that I could document and use take your company to court. I have provided your company with a few of those examples, including the fines associated with violating those laws.

I ask your company with the utmost urgency to contact the credit bureau and delete this account from my credit report. Your company’s willful non compliance of the Fair Credit Reporting Act has injured me financially and caused undo stress, pain and suffering. I am requesting this for a third time, so any judge can see I gave your company plenty of chances to resolve this matter. Simply correcting the dates for the account in question after Equifax/CSC has verified this with your company will not excuse you from legal activity. As one judge simply put it, “Once the horse has been let out of the barn, you can not simply put him back in.”

I am requesting that after signing for this letter, your company will only have three calendar days to respond to this letter. In that response, your company should provide me with a copy of the letter sent to Equifax/CSC. In that letter your company sent to Equifax/CSC, your company should have indicated that the account in question be deleted from my credit report and it is to never appear on my credit report anytime in the future, for any reason. That letter should also indicate that you have requested Equifax/CSC remove any credit inquiries into my credit report. If on the fifth calendar day, I have not received the suggested response I have indicated above, I will file a compliant with the Better Business Bureau, Federal Trade Commission, Texas Attorney General, Texas Credit Union Department and any other organization I see fit to handle such complaints. I feel I have been fair and given your company more than enough opportunity to correct this action before I pursue other legal activity to insure my rights per the Fair Credit Reporting Act are protected.

Please do not think I am like any other American and will continue to allow your company to ignore my request and continue to injure my financial well being. I assure your company this problem has become to me as the utmost urgent and I will take any and all action towards your company to protect my rights given to me by legislature.

Thank you in advance for your expedited response in this matter.

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  • 4 weeks later...

OK so I filed a BBB complaint, AG of TX complaint and a National Credit Union Administration Complaint the OC responds to me. They said that in 02/07 they "verified" information. They verified information of last payment as 09/04. However after my second dispute they, did a full investigation and changed the date of last payment as 02/05...which is when they sold the car at auction. They said if I have information proving otherwise, to please present it to them. Does the sell of the auto at auction count as a payment made by me?

Can they "verify" information with Equifax and then after I disputed with them directly change the dates? They are still reporting the Date Of Last Activity as 01/04....even though I made payments through 09/04. Does that make sense?

Any thoughts on this?

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  • 2 weeks later...

The OC changed the date of last payment to 09/04...which is correct. The date of last activity changed to 04/03...that still seems incorrect to me. The date major delinquency first reported stayed the same...11/04. After the OC originally verified this debt with EQ back in 01/07, and I complained they changed some dates. But the OC still has incorrect information. Can they just keep changing dates?

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Something I ready previously finally sunk in my head. If an account has "charge off" in the Current Status field on my credit report it can not also have the charge off amount inthe Amount Past Due field? For instance, if the current status is "charge off" and the amount past due is "$7k" this is a violation of the FCRA. Meaning is it inaccurate reporting of my credit?

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This is how it reports on my EQ as of today.

Current Status: CHARGE-OFF

Account Owner: Individual Account.

High Credit: $0

Type of Account : Installment

Credit Limit: $0

Term Duration:

Terms Frequency:

Date Opened: 09/2000

Balance: $7,707

Date Reported: 05/2007

Amount Past Due: $7,707

Date of Last Payment: 09/2004

Actual Payment Amount: $570

Scheduled Payment Amount: $72

Date of Last Activity: 04/2003

Date Major Delinquency First Reported: 11/2004

Months Reviewed: 19

Creditor Classification:

Activity Description: n/a

Charge Off Amount: $7,707

Deferred Payment Start Date:

Balloon Payment Amount: $0

Balloon Payment Date:

Date Closed:

Type of Loan:

Comments: Consumer disputes this item, Charged off account.

This is not past the SOL in TX. Any help?

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This is the first post I've seen that has a majority of it's post done by the OP. I didn't read EVERYTHING, but from what I did see it looks like. Yes, they can report CO each month since they own the account. CO is an accounting term and a status. It can be CO (charged off) but you still owe the money so them reporting the 7k is legal. I suspect this will go on until the end of the reporting period. You need to find out the DOFD which was the 30 days after the first late payment that led to this repo. Who cares about the DOLP, since it will not determine the reporting time, even if it wasn't you that made that payment.

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  • 1 month later...

OK I'm going to try to tackle this TL again. It is the *ONLY* negative TL on my EQ report and it's not on EX or TU.

Since the OC sold this auto at auction in 02/05, does the SOL apply to the payment the OC got from auctioning the auto? Or does it apply to the date of last payment *I* made in 09/04?

The OC is reporting the date of last payment as 02/05. Last month they reported 09/04.

Also the date of last activity is reported as 04/03. I know this does not mean anything as fas as the SOL applies. But it *IS* incorrect information and it should not be 04/03.

Can you guys and gals give me some more advice, opinions, etc?

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OK I just bought the Suze Orman kit from MyFico. I pull my EQ report from the myfico web site that comes with SO kit on 07/19/07 and it shows the date of last payment as 04/03? Which is the date of last activity as reported on my EQ report date 07/18/07 from the EQ web site. Also on the EQ report from the EQ web site it shows this loan type as unsecured now. Originally it was an auto loan, but since they sold the car and I still owe them $7K can they change the type of loan to Unsecured?

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If this account was:

06/04 - 30 Days Late

07/04 - 30 Days Late

08/04 - 30 Days Late

09/04 - 30 Days Late

10/04 - 60 Days Late

11/04 - 90 Days Late

12/04 - 120 Days Late

01/05 - CO

02/05 - CO

What is the DOFD?

Also can an account be CO - Charged Off before the date of the sale of the auto?

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  • 2 weeks later...

Can an OC report information and then keep changing it? This is on an auto loan repossession on 11/04. Why do they keep changing information? I still do not understand how they can report the date of last activity as 04/03 when I made payments until 08/04. And scheduled payment amount was $570 not $931 they even sent me the contract I signed for the loan in 09/00. They also now list the actual payment amount as $0.

01/07 -

Date of Last Payment - 02/05

Scheduled Payment Amount - $931

Date Major Delinquency First Reported - 01/05

Actual Payment Amount - $0

Date of Last Activity - 06/04

02/07 -

Date of Last Payment - 09/04

Scheduled Payment Amount - $570

Date Major Delinquency First Reported - 01/05

Actual Payment Amount - $0

Date of Last Activity - 01/04

03/07 -

Date of Last Payment - 09/04

Scheduled Payment Amount - $72

Date Major Delinquency First Reported - 11/04

Actual Payment Amount - $570

Date of Last Activity - 01/04

04/07 -

Date of Last Payment - 02/05

Scheduled Payment Amount - $931

Date Major Delinquency First Reported - 11/04

Actual Payment Amount - $0

Date of Last Activity - 01/04

05/07 -

Date of Last Payment - 09/04

Scheduled Payment Amount - $72

Date Major Delinquency First Reported - 11/04

Actual Payment Amount - $570

Date of Last Activity - 04/03

06/07 -

Date of Last Payment - 09/04

Scheduled Payment Amount - $72

Date Major Delinquency First Reported - 11/04

Actual Payment Amount - $570

Date of Last Activity - 04/03

07/07 -

Date of Last Payment - 02/05

Scheduled Payment Amount - $931

Date Major Delinquency First Reported - 11/04

Actual Payment Amount - $0

Date of Last Activity - 04/03

This is the OC, who sold the car at auction in 02/05. Please, give me some direction where to go with this account? I sent another dispute off to Equifax (the only CRA listing the account) yesterday requesting they complete ALL the fields listed on my credit report. *SHRUG*

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After the OC repos the auto, how long do they have before they sale the auto? I read that if 60 % of the price of the loan was paid they have 90 days but what if less than 60% was paid?

The OC sent me a CMRRR letter that said they repo'd the auto on 11/02/04. It also said... "We will sell the auto at private sale sometime after November 16, 2004." Does that mean they informed me of the date of sale? They didn't sell the car until 02/14/05.

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The OC changes dates is not reporting "accurate". If you haven't already disputed it with the CRA's do that and if it comes back verified, then you need to contact the DF and give them specifics of what is wrong with the report. If they don't fix the errors, they are in violation. As far as how long they have to sell the vehicle, I do not know. The OC notifying you that they would be selling the car after X date, is sufficient notices prior to the sale. Did they say anything else in that letter? Most states require specific items to be covered in order to claim the deficiency, including the wording that any deficiency will be due by you. Additionally, they must notify you AFTER the sale and informing you how they calculated the deficiency. :goodluck:

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