Mobile Home Repo - Balance Due

[basslady13]

What is the name of your state (only U.S. law)? AR - In 2001 My husband co signed for a mobile home. The person allowed the mobile home to be repo and the original lender updated and wrote off the balance in 2005. A new lender or collection agency updated this in 2009. The original creditor's status fell off his credit report in 2011. The new agency's balance states it will not fall off until 2015. Under the fair credit act I thought it could only stay on your credit report for 7 years. I am not sure if this applies to mobile homes, if so, can we get the collection agency or lender off the credit report by contacting the Reporting agency? He was not contacted for 7 years he had no idea this was out there.

 

[justalayman]

You are correct. They cannot "re-age" the debt and claim a new reporting period. It is based on the original date of delinquency.

 

[basslady13]

Thank You

The weird thing about the whole thing is the Main borrower never had it show on their credit report at all and has bought a house during all this time. So when contacting the reporting agency do we just tell them they have re aged the debt and it should have fallen off the credit report when the original lender's did in 2011?

 

[justalayman]

Yes. You file a dispute with the credit reporting agencies. There are three you need to deal with individually: Experian, TransUnion, Equifax.