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My car was repossessed in 1999. But I am still receiving letters from collection agency for debts worth $ 4565. I have not made any payment arrangements since 1999. As far as I know this car repo should have been removed from my report by now. I am confused and don't know if I should pay off the debt.
Hi Allen,
A repossession can remain on your report for 7 years for the date you first fell behind on payments. For instance, you last paid in August,1998 and the car was repossessed in Jan,1999. Repossession on your report would remain till 2006.
To remove the repossession from your report, you should dispute the matter with the credit bureaus, You should send them a "Dispute Letter" via certified mail, with a return receipt requested. The credit bureaus will investigate and remove the repossession records from your credit report.
WHAT CAN I DO/?
I HAD A CAR REPOSSED IN 1999.THE BANK SENT ME A LETTER SAYING THE CAR WAS SOLD AT AUCTION. NOW SOME CREDIT COMPANY WANTS ME TO PAY THEM FOR THE CAR 10 YEARS LATER.IS THERE ANYTHING I CAN DO
Hi Tracy,
You can show the proof of car repossession and tell the credit company that the car has already been sold at an auction. By the way, do you know whether or not the entire debt amount was settled with the money from selling the car? If not then it might be a problem for you. If it is settled, then no one can harass you now.