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Is a repossession a collection?


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The last post in this topic was posted 3615 days ago. 

 

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I had a repossession about 6 years ago. After it was repossessed, I was contacted by the Credit Union's collection department and ended up paying off the account. I'm in New York, where the SOL for reporting is 5 years for paid collections and charge-offs.

 

Prohibited information. (f) (1) Except as authorized under paragraph two of this subdivision,
no consumer reporting agency may make any consumer report containing any
of the following items of information. (iv) accounts placed for collection or charged to profit and loss
which antedate the report by more than seven years; or accounts placed
for collection or charged to profit and loss, which have been paid and
which antedate the report by more than five years
;

 

I guess my question is: What exactly is a repossession? Is it a collection, a charge-off, or something unto itself? Experian and Equifax removed the account at 5 years, but Transunion is refusing because it isn't a collection.

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I would think a repo is more like a charge off. When it gets placed with an agency for collection of any amount owed after the sell the collateral, then it would be a collection also.

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I would think a repo is more like a charge off. When it gets placed with an agency for collection of any amount owed after the sell the collateral, then it would be a collection also.

My husband and I had a vehicle repoed in December, and it shows on our credit reports as a charge off.

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How would I go about disputing this with Transunion? I tried getting them to remove it recently and they refuse to because a "repossession is not a collection or charge-off."

 

They just barely updated the balance to 0 after two years of fighting with them, calling the original creditor, AND providing them with the PIF letter that I received from the creditor. I've started getting transferred to their Special Handling department. I just want this TL gone.

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