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Old acct on CR


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I paid off a auto lease in 2006. Turned vehicle in and no problems. Got a bill for $2500 (mileage overage etc). Never paid it and they never tried to collect. It is now 2016 and they are showing an amount owed with a monthly payment. Can they legally make it look like a good account just to keep it with the credit bureaus?

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17 minutes ago, North-metro said:

The TL was placed by the credit company. It fell off after 7 yrs and now it shows back up with a 24 month history with no late payments. It just shows amount owed with a monthly payment. With this scenario it could stay on there forever.

Sue them.  I would also file a complaint with the CFPB.

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11 hours ago, North-metro said:

It shows date last paid Aug 2006. And then shows ok for the last two years. It shows a monthly payment due of over $400 and an outstanding balance. If I went to get a mortgage or a loan it would show up as a liability.

In that case, showing a balance owed does bring down your credit score and show liability, you are correct. 

I would start off by just sending a written dispute to the CRAs stating that this TL was a negative account that was previously removed due to age but has now been reaged and reinstated.  Ask them to remove due to being beyond the 7-year reporting period.

Do you have any old copies of credit reports showing this same account being reported as a negative unpaid account?  That could be very helpful.  I would attach a copy of that to my dispute if it is available.

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