LeroyM Posted March 23, 2012 Report Share Posted March 23, 2012 I have a vehicle that was charged off by the OC, however the loan was sold to a JDB. THe JDB sent me a letter stating the loan was charged off in 2006 and then it transferred to them for servicing. Can they legally still report this on my credit and admit the loan was charged off? The truck has been in my driveway for years and they have not attempted to tow it. The SOL in Texas is 4 years. What can i legally do about this? Transunion removed it from my credit but the other two Credit bureaus have not. What are my options. Are there any attorneys that can help me with this? Link to comment Share on other sites More sharing options...
TomnTex Posted March 23, 2012 Report Share Posted March 23, 2012 You are correct that the SOL is four years in TX. Which means that they can't legally sue you, but they can try. Don't pay them one dime or you restart the SOL. They can try to trick you using various methods. Just becareful.The SOL on the information remaining on your CR is 7 years and 180 days. After that it falls off. The older the repo the less it will hurt you on any new credit. Others will have more info. Link to comment Share on other sites More sharing options...
Coltfan1972 Posted March 23, 2012 Report Share Posted March 23, 2012 Yes they can report for 7 years, charge off means nothing other than an accounting term, and I would drive the vehicle. You don't need an attorney, nobody is doing anything wrong, in fact, sounds like you got a vehicle out of the deal. Link to comment Share on other sites More sharing options...
LeroyM Posted March 23, 2012 Author Report Share Posted March 23, 2012 I really want this off my credit report, and they are saying i made payments in 2005 and it was charged off in 2006. However the last payment was made in 2003 and the OC charged it off in 03. Since the OC went out of business in 2003, how can i get this off my report. Can i use my Bank statement. Citifiniancial Auto was the OC and they went belly up as far as i know. Link to comment Share on other sites More sharing options...
Coltfan1972 Posted March 23, 2012 Report Share Posted March 23, 2012 Have you disputed it with the CRA yet? Link to comment Share on other sites More sharing options...
LeroyM Posted March 23, 2012 Author Report Share Posted March 23, 2012 Yes, I disputed in writing and 2 of the 3 CRB removed the item. However, Resurgent added back today under Allegis Group. I received a Fedex letter stating i owed them this money and it had a copy of the original contract, but it didn't include the payment history. My concern is they might try and use this as a document stating it was a summons to court. Where do i go from here? The account number is the same as the last one they used but under a different name. Link to comment Share on other sites More sharing options...
Coltfan1972 Posted March 23, 2012 Report Share Posted March 23, 2012 Anything is possible, but even they won't try to say that was a summons for court. A summons makes it crystal clear you've been sued and spells out what needs to be done after being sued. If you are 100% for sure about the payment history that would show this over seven years, then personally I would send a detailed letter. Here is where it gets tricky. If you sue them you will have the burden of proof. That means you have to prove when the last payment was.Now, you can use discovery to basically flip that burden, but from the start you will have the burden of proof. Plus this would be an FCRA suit. Those are not exactly a cake walk, due to issues with hearsay and the FCRA not being strict liability. They have more than enough to validate the debt and to report to the CRA. However, I would dispute specifically the last payment date. If they verify, ask for a 626 investigation. If they verify after that then you only have two choices, live with it until it drops or sue. Not saying you would, but idol threats won't do jack squat. People that don't follow through on ITS letters pretty much have guaranteed that creditors use intent to sue letters for bird cage liner. Link to comment Share on other sites More sharing options...
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