I was out of the country on work and my sister was taking care of my bills for me, but comes to find out she was not paying them at all. So my car got repoed and was REALLY BEHIND.Would me paying on it now help my credit score? How long would this be on credit report?
Passive Income
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{ 4 comments… read them below or add one }
Not good at all. Probably at least 5 years.
Not a very reliable sister there.
Were you in the military? Maybe you are protected by Soldiers and Sailors Relief Act?
The statute of limitations (SOL) for collecting and reporting on a repo starts on the day it was sold creating the deficiency balance.
It will stay on your credit reports for 7 years from that date unless you request they delete the negative tradeline upon payment.
Have you recieved ALL of the legal notices before and after the sale?
Is the deficiency amount now with a collection agency? If so, did you request validation of the debt before you started paying. If not, I would suggest sending a debt validation letter to the collection agency and if by chance you are dealing with the original creditor, request debt verification from them.
Before you pay anymore on it, request that they remove any negative tradelines they had placed on your reports upon payment?
It very well could mark your credit score. Of course, like the person above stated, if you are in the military and were deployed when this happened, check into the soldiers and sailors act, it helps protect military personnel when it comes to their finances. Also, I would check with your lendor if you car was financed and find out what you can do to get it back if you can. They may even be able to assist you with repairing your credit report. Also, if you’ve ever seen Suze Orman on CNBC, she’s a financial wizard, look her up online. She gives very good financial advice for all situations. If you can contact her, she may be able to point you in the right direction also. Good luck!
You should contact the lender, they’ll be happy to hear from you. Make arrangements to pay the debt in exchange for a letter stating you paid the debt. Appeal to them and see if they’ll adjust the credit report if you pay the debt quickly. Believe me, they’re more interested in payment and much less interested in your credit report or car. If you don’t correct the wrong, it’s my experience it’ll be on your credit report for a long time. I’m a lender, so I see the mistakes people made many years ago.