Please help WHY CHAT or others
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Posted by Mr. Mike
(12.109.73.249) on April 19, 2004 at 15:13:07:
Hello, I am new to posting and I have been to Why Chat's site, but have not found out the answer to my particular situation and I am hoping you kind peers can assist me. Here is what is going on: Approximately 7 years ago I purchased a vehicle... and it got repossessed (well I did not return the vehicle it was hidden for several months) and here is the information on my credit report from the original creditor:
Acct Type: Installment/ Auto Loan
Acct Status: Closed
Monthly Payment: 415
Date Open: Aug, 1997
Balance: $0
Terms: N/A
High Balance: $13,000
Limit: N/A
Past Due: $0
Remarks: PAID CHARGE OFF
Payment Status: Bad debt& placed for collections& skip
The company sold it/transferred to another collection agency and here is the information they are currently reporting:
Acct Type: Collection Account
Acct Status: Open
Monthly Payment: N/A
Date Open: Jan, 2000
Balance: $15,000
Terms: N/A
High Balance: N/A
Limit: N/A
Past Due: N/A
Remarks: Placed for collection
Payment Status: Collection account I have never talked to the current collection agency and I have not paid either of them a dime since I was in default originally in 1997. So what I would like to know is the original one needs to be removed off my credit report sometime around August 2004, since the 7 years is up (the original debt was in California). The new company however, is showing an opening date of January 2000 for the same debt... am I going to have to wait until 2007 for that to be removed from my credit? I do not know if playing swap the creditors is still allowed, so I would like to know what steps I can make to assure this haunting mistake of my past does not continue to haunt me. I should have filed bankruptcy but instead waited it out. I thank everyone in advance for any guidance they can provide!
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