2 claims on credit report - both are duplicate. And their both fruitless.? Had a car reposed in 10/2002 �C exactly 4 years ago.

Had a car reposed in 10/2002 �C exactly 4 years ago. Owed $6K. the innovative creditor sold the account �C claimed I owed $0 �C but my credit has be shot �C and will be for the next 3 years.

Last month, a collection agency got a hold of this commentary, and is claiming that I owe them the $6K, when I know they paid next to zilch for this account. HELP! My credit has be getting much better in the last 3 years �C and altogether �C I owe $3500 surrounded by student loans. Learned my lesson, live within my means, hold little credit cards with little balances.

I sent a notification to the credit bureaus and told them that this is not new, but an old claim disguised as something foreign. Can they do this? And will my credit report keep this new information on? I really thought that this be going to fall off within 3 years �C so not only have they re-aged the debt, but they must own paid $0.02 per dollar owed - which is crazy.

Has anyone ever gone through this? what happened?

Answer:
Juncogirl, I hope your reading this.
DO YOUR RESEARCH and quit giving out incorrect information! Start by reading the Fair Credit Reporting Act.

I gain tired of wasting my time correcting bad answers..

For starters, it's illegal for credit reporting agencies to report like debt twice. One of them must be deleted.

Items can only be planned for 7 years, beginning from the date of the delinquency. After that they must be deleted from your credit report. Purchasing a debt does NOT reinstate the reporting interval.

Note that this does NOT excuse the debt. You are responsible until the statute of limitation runs out. Car loans are considered written contracts, so the SOL will be a little longer. Check the contact I supplied below for more info on this.

So what do you do?

Start by sending the credit bureau a dispute letter. In it say that the reporting date is not correct. Also point out that they are almanac the debt twice, and one must be removed.

Send letters to both the original creditor and the collection agency. Point out that they are index incorrect information and that it must be removed immediately. Also demand that they demonstrate this debt by showing exactly how the came up with the amout you owe. Ask something like money they received after the repo and why they failed to include this amount.

If they fail to do this surrounded by 30 days, file a small claims lawsuit against both parties for $1000 respectively. You don't need a lawyer, and it will cost you $25-$50 depending on the state you live within.

This usually will solve things.

I think you are living an illusion. When cars are repossessed the loan does not move about away. Usually the car is sold at auction and the difference between what they receive and what you owe is still your debt. You should have obtain, in writing, why the company said your balance be 0. If you don't have this you are kind of shafted. You have need of to find out why you owe the entire amount, what happened to the car and what you should really owe. You should never enjoy accepted the statement that you owed 0 without tabloid to back this up. If your repo was not module of a bankrupcy, the debt will not disappear off your credit. This negative credit will stay on your report until 7 or 10 years or indefinately until you clear this issue up. You have your work cut out. If you have broadsheet to back up why you owed nothing, you involve to make copies of this and send this to the collection agency and the credit bureaus. If you hold no paper, good luck you are surrounded by for a long haul trying to clear up the mess.

Its called a "zombie debt". For more information, here is an article that be published online by MSN money.

http://articles.moneycentral.msn.com/sav...