How to get a creditor to stop posting on your credit after 10 years?

i had given my truck back to the bank march of 98 couple of months ago i had all 3 credit reports take it off but noe they have sent it to another collection aggency. i paid 20k for the truck in 97 and the last company i talked to about payin it off back in 04 or 05 said i owed like 44k so i told them i was not goin to pay it off. any advice

I agree with most of what bdancer posted and following what she posted would be a good idea.

I just wanted to add:
A repo voids the original written contract and because of that the deficiency "does not" fall under the written SOL statutes.
The deficiency falls under the UCC with a 4 year SOL and starts on the date the vehicle was sold that created the deficiency. (look up Article 2 Â§ 2-725(1) of the UCC)

***********************
eta

There seems to be some dispute on what I posted concerning the UCC SOL.

(First, the original creditor must follow UCC Â§ 9.506, and the OP's state RISA and MVRISA, in properly and timely providing all of the required notices and adhere to the redemption and cure limits. If they fail to follow those laws then no deficiency can be claimed)

As I stated the repo "voids" the original written sales contract. Once a vehicle is defaulted on and repossessed, the written contract is over, ended, fini. States "written" SOL statutes "no longer" apply.
That is where the UCC law and the OP's states repo statutes apply.
(The UCC laws and states repo laws should "never" be overlooked)

For examples of case law that shows the UCC is the correct SOL:

Ford Motor Credit v. Gilberto Arce

Defendant Gilberto Arce appeals from an order for summary judgment in favor of plaintiff Ford Motor Credit Company (FMC) awarding it $5,905.96 plus costs, representing a deficiency owed by defendant under a retail installment contract executed by him to finance the purchase of a used car. The sole issue is whether FMC's suit is barred by the four-year statute of limitations under Article 2 of the Uniform Commercial Code, 725 (Â§ 2-725). Following the Supreme Court's holding in Assocs. Discount Corp. v. Palmer, (1966), we conclude that the action is barred and accordingly reverse.

Article 2 of the Uniform Commercial Code (U.C.C.) applies to "transactions in goods." Article 2's statute of limitations, Â§ 2-725(1), provides that "[a]n action for breach of any contract for [the] sale [of goods] must be commenced within four years after the cause of action has accrued." A cause of action accrues "when the breach occurs . . . ." Â§ 2-725(2).

The Court added:

a deficiency action must be considered more closely related to the sales aspect of a combination sales-security agreement rather than to its security aspect and be controlled by the four year limitation in . . . Â§ 2- 725.

[Id. at 187-88.]

The Palmer decision has been cited with approval by courts in other jurisdictions. See First Nat'l Bank v. Chase, , 1251-53 (N.M. 1994); Scott v. Ford Motor Credit Co., , 1323-26 (Md. 1997). In our view, Palmer is dispositive.

We hold that the four-year statute of limitations under Â§ 2- 725 applies in this case. Accordingly, FMC's deficiency suit is statutorily barred. We therefore reverse the judgment in favor FMC's favor.
http://caselaw.lp.findlaw.com/scripts/getcase.pl?court=nj&vol=appellate%5Ca3166-00.opn&invol=2

++

Kevin J. Scott v. Ford Motor Credit Company, No. 145, September
Term, 1995
[Limitations - Installment sale of vehicle under contract creating security interest - Suit for deficiency after repossession and resale. Held: Four-year statute under U.C.C. Article 2 (Sales) applies.]
http://209.85.215.104/search?q=cache:UZDNCbrQvM4J:caselaw.findlaw.com/data2/marylandstatecases/coa/1997/145a95.pdf+Scott+v.+Ford+Motor+Credit+Co&hl=en&ct=clnk&cd=1&gl=us

There is a difference between an item showing on your credit report and collection agencies trying to collect. If the new collection agency has put the item on your credit report, dispute it as being beyond the 7 year reporting period.

Double check the Statute of Limitations (SOL), the timeframe to bring lawsuit, for your state: http://www.fair-debt-collection.com/SOL-by-State.html. It is likely that this debt is beyond the SOL but since it's a written contract, it may be longer. Also, the SOL is based on the last payment. In some cases acknowledging the debt can re-start the clock.

If the debt is beyond the SOL, send the collection agency a certified, return receipt letter requesting they cease and desist all contact. They have to stop and will probably sell the debt off to another collection. Just send another cease and desist.

Here is a functioning link for the statute of limitations.

Good luck.

Is this a judgment? Even a voluntary surrender has a deficiency balance that the bank could sue you for.

quickest action i can think of is to write either a snail mail letter of dispute to each bureau or go online and do it at each website and they will investigate it and they should find that it was supposed to have aged off. but the investigation can take up to 30ish days or so.

From the last payment, the account can show delinquent or a charge off for a maximum of 7 years. After that it cannot show up on credit reports. The statute to collect on a written contract is limited to 4-6 years from last payment in most states- verify for your state and then threaten to sue if they try to pursue you beyond that time.

Regardless as to the type of "contract" it would still fall under the FCRA as to how long it would be on your credit report. The FCRA limits the time for reporting to the following:
Unpaid Tax Lien - Indefinitely
Chapter 7 Bankruptcies - 10 years from date filed.
Public Records - 7 years from the date of payment;
Closed or Inactive Accounts - 10 years from the date of last activity;
Derogatory Accounts - 7 years from the date of original delinquency
There are certain exceptions: (1) Information about criminal convictions may be reported without any time limitation. Bankruptcy information may be reported for 10 years; (2) Information reported in response to an application for a job with a salary of more than $75,000 has no time limit; (3) Information reported because of an application for more than $150,000 worth of credit or life insurance has no time limit; (4) Information about a lawsuit or an unpaid judgment against you can be reported for seven years or until the statute of limitations runs out, whichever is longer.

So unless the collection agency has legal right of ownership to a lawsuit or judgment and your state has a longer SOL then they can report it to the CRA's. If they DON'T, then they can not redate the debt just to keep it on your credit report as per the following:
RE-DATING OF THE DEBT IN VIOLATION OF
[CITE: 15USC1681s-2] Â§ 623. Responsibilities of furnishers of information to consumer reporting agencies
a) Duty of furnishers of information to provide accurate information (1) Prohibition (A) Reporting information with actual knowledge of errors A person shall not furnish any information relating to a consumer to any consumer reporting agency if the person knows or has reasonable cause to believe that the information is inaccurate. (B) Reporting information after notice and confirmation of errors A person shall not furnish information relating to a consumer to any consumer reporting agency if-- (i) the person has been notified by the consumer, at the address specified by the person for such notices, that specific information is inaccurate; and (ii) the information is, in fact, inaccurate.

Check your states SOL at this link
http://www.fair-debt-collection.com/SOL-by-State.html

If this debt is "time barred" in your state, here is another link on how to deal with the CRA's and collections on this matter.
http://www.ftc.gov/bcp/conline/pubs/alerts/timebaralrt.pdf
Information on time barred debts.

One last note! the above mentioned UCC reference does NOT pertain to written contracts for consumers, it is for contracts written regarding the sale of goods (i.e. Wholsalers etc).

Article 2
Â§ 2-102. Scope; Certain Security and Other Transactions Excluded From This Article.

Unless the context otherwise requires, this Article applies to transactions in goods; it does not apply to any transaction which although in the form of an unconditional contract to sell or present sale is intended to operate only as a security transaction nor does this Article impair or repeal any statute regulating sales to consumers, farmers or other specified classes of buyers.

Hope this answers your question
LEGAL DISCLAIMER: The advice contained herein is for informational purposes only. It is not to be construed as Legal Counsel nor Legal Advice.

sorry man i have no idea

...

Read : - " 7 Ways to Ensure You're Paying the Right Creditor "

http://www.flixya.com/post/GOLDCash360/809127/

...

pay it. You borrowed the money and agreed to the terms it is your responsibility. Posting it to your credit is how they let everyone financially know that you did not honor your contract.
Sorry to be so mean, its just how I see it.
I believe a person is only as good as their word and strive to live by that code.

Enter Your Message or Comment

User Name:
User Email:
Post a comment:

Archive: Forum -Forum -Finance - Links - 1 - 2 - RSS - All RSS Feeds
The Causes and the Results. 0.034
Copyright (c) 2011 Financial Crisis Sunday, May 27, 2012 - Terms of use - Privacy Policy