La Sol ?

What is the name of your state? Louisiana
opened an auto loan 2/95, last pay and repo 4/96, sold to CA 3/01 whom reports on credit reporting agency open 1/95 which is incorrect, then sold to another CA 4/03 and there letter is trying to call it a "retail installment contract", how they report it to the agencys is unknown at this time. the auto loan agency and the first CA are both listing on the credit report at the same time. is this also allowed? and since last payment was made 4/96 (over 7 years ago) is this account past SOL? and can I make the credit reporting agencys remove them from the reports?

[Ladynred]

The CA's entry of 'date opened' is just the date they acquired the account. Unless they re-age the original date of last activity, this is not illegal. Neither is 2 entries on your CR, one from the OC and another from the CA.

The ORIGINAL delinquency is what starts the 7 year reporting period, and collections CANNOT outlive the original 7 year limit. If the account went delinquent in 5/96, this thing should NOT be on your credit reports, it should have dropped off, at the latest, in May of this year. Dispute it with the credit bureaus as obsolete.

The SOL in LA for written contracts is 10 years. However, once the vehicle was repo'd, the original contract is void. The SOL for collecting on a deficiency from a repo, per the UCC, is 4 years - you're well past it.

Write your dispute letters to the CRA's, send them certified, RRR and keep track. They have 30 days to do their thing.

I have heard rumers from others about a 7year limit but wasn't sure.
my guess is I can tell this new CA this accoun't has expired and never contact me again?

[Ladynred]

Yes, you can send the CA a cease and desist letter. I would also suggest that you post this question over at [url]www.cardreport.com[/url] in that forum. WhyChat is something of an expert on repo's (and a retired lawyer) and can tell you if there's anything else you should do.

The 7 year limit for derogs on your credit report is no rumor, it is Federal Law - Fair Credit Reporting Act, and you have the right to dispute the obsolete entries.