old car loan issue

[Nixer]

So I have a old car loan from 2001. It ended up getting totaled and I didnt have gap insurance and decided not to pay off the remaining 3k. On my reports it shows status as of november 2003 is being bad debt/collection and also says 30 days late as of september 02 for the first time and will be on record till 9/09. I havent distubed this TL yet as I am affraid of them coming after me for the money since its almost SOL. I havent heard from them in probably 5 years. I am also trying to buy a house before September and this is not helping me any. My question is: should I dispute it now or should I wait till it is SOL then dispute it? Is it likely they would try to get the money now?
Thanks

[Trish]

Go ahead and dispute it with no worries!
If you're sure that the date of first delinquency (DOFD) was Sept 02, then the state SOL for collecting ran out last year (since MN SOL is 6 years). They may try to collect on it, but they would not be able to sue you.

It may be reported until Sept 2009 because the reporting SOL is 7 years.

Look over the way it's reporting very carefully and see if there are any errors. Dispute any errors if possible. Do it via CM. Handwritten if possible (if not, use purple or teal italic font). If there are no errors, then just dispute it my saying you have no knowledge or records of such acct.