i had a car repo for $17xxx. back in 04/2002 with citi auto finance. got a copy of my equifax report about 4 months ago. on the report was a new collection acct dated 05/2007 through some company called lvnv funding in the amount of about $7036. it stated on the report they purchased the portfolio from citifinancial. the only dealings i've ever had with citi is the above mentioned car repo. another thing i noticed on this report is some other person's name(same 1st name as me, diff last name)and someone else's ss#. there appears to be no fraud because the few accts good or bad on the report are mine...except for maybe the lvnv acct that my post is about. so, my question is, if this lvnv is related to the car repo am i allowed to be reported by 2 different companies for the same thing? thoughts on how to fix this? not being an expert on this, is the different name/ss# a completely separate issue to report?thanks for the help!!!
Forums
debt
I'm in the 'same boat'. I have 2 DIFFERENT companies, on my CR, showing the same debt. My advice? Maybe you can 'dispute' one of them and explain the situation. Have the CB 'investigate' BOTH comapnies. That way you'll know, for sure ( my personal exoerience, anyway) which one actually 'owns' the account now.
debt
Yes, how does that work that two companies have the same thing on a credit report. How does one work on having them take it off.
As I understand it:
Original creditor and the collection agency currently working the account can report, but two collection agencies cannot report the same debt.
You need to file a dispute with the credit reporting agencies on this, I doubt that you will get any cooperation from the collection agencies.
I don't believe a dispute will help in your situation above. Most people think that when they allow their vehicle to be repoed that they are no longer responsible for the debt. The fact is that when a lender repos your vehicle they then either sell it or take it to an auction. The difference between what you owe and what they got for it is still your responability to repay. That would explain why there are two different dollar amounts showing. the name thing is quite baffling but I think a dispute will only correct your name, not remove either debt. You're really going to have to consider repaying that $7000 if you ever want it resolved. Atleast the original repo claim on your credit should fall off in 4 more years.
car repo
So.........in the ABOVE case.if the car is sold ( ie....auction) and they don't get the 'full amount', would the person ( who oewes the debt) have to pay the 'difference'? A friend of mine is going through this....just asking for some information.
Absolutely...your friend can be held responsible for the deficiency balance.
Morningstar, I can't help but to mention that I truly like your snowman pic and think we are all ready for spring to come along!
For the above topic. You should tell your friend to try to sell the vehicle herself or see if a dealership who specializes in bad credit can take that vehicle as a trade in on a less expensive vehicle. The problem with repos is most lenders could care less how much they get knowing you will ultimately still be responsible for the difference and if you don't pay it yourself some collection agency out there is usually more that willing to buy the debt from them so they make out either way.
:)
That is totally true. My husband had a car repoed when we first met. Bought it and the transmission leaked. we took it back and they called the next day and said they couldn't find anything wrong with it so we brought them the peice of cardboard we stuck under it before we took it out. Didn't matter to them even though they had to hear it slipping. It was our younger days and we didn't have much cash. If we paid to fix the transmission we wouldn't have the money for the payment...if we made the payment we wouldn't have had money to repair the car. So stupid us didn't contact an atty about it. We just left it go back. It was sold at auction for not much at all and we ended up paying the rest through payments so it wouldn't be on his credit record..It does suck but we are older and wiser. No more back woods car lots for us.