car repossessed 4 years ago but was never reported as such

by Guest » Wed Jun 12, 2013 06:55 am
Guest

my car was repossessed about 4 years ago but it only shows as late payment with a balance of $5890. Can it still be reported as repo if i challenge this entry on my credit or is there a time limit as to when the creditor can report it as a repo.
After the car was repoed I didnt hear anything back from the creditor, never received anything as far as the car being sold or if i owe anything else on it. Vehicle was bought at a buy here pay here dealer in GA

Total Comments: 2

Posted: Wed Jun 12, 2013 01:04 pm Post Subject:

A repo on your credit report will stay there for 7-10 yrs depending on the state you live in from the date of first delinquency.

Posted: Wed Jun 12, 2013 01:25 pm Post Subject:

How is this related to insurance?

My recommendation is to dispute the entry with the credit reporting company. This can be done online. It's then up to the credit company to confirm the entry is correct. It's no loss to you if it's confirmed.

The issue with this is that the credit company will sometimes try to get around the law and replace the entry with a note that an amount was removed as a it was disputed. Personally, I question if this can be done legally.

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