Illegal to delete debt from reports?

[jlyriq]

So I had a Creditor call me today about a account/car loan and that they were trying to settle for 40% of the owed amount and when I told the lady that i was interested but i wanted to have the TL removed from my credit report or worded different on my report I was "By Law" they can not removed it from my credit report. Is this true and what should be my next step if its not true? (which i know they can remove it since they put it there)

[Trish]

Oh bs......it's not illegal to remove an account or change the way it's reporting.
Reporting to the CRAs is TOTALLY voluntary. They don't HAVE to report anything. The only thing that's illegal is reporting incorrectly.

Is this a charge off? If so......then tell them ok, you will settle but you want the notation of charge off removed........and that they just report the account as PAID. That's not illegal or incorrect. There is no incentive to pay if they will not remove it or change it to a positive standing TL.

[jlyriq]

no this is not a charge off

[Trish]

Oh......then why are you wanting them to remove it? Are there late notations?

[jlyriq]

its a repo, o i just looked and it does say charge off on 2 reports, sorry

[Trish]

Oh.......a repo. Hmmm......that makes it a little more complicated.
Going to need a little bit more background......like how old, how much......if you were sent the appropriate paperwork........what was the deficiency balance after the resale?

[Trish]

But my answer still stands that removing a TL from a CR is not illegal. That's still inaccurate.

[jlyriq]

the repo is 2 years old and the balance after the resale is $7,373 and they wanted to settel for 3,000 (payed of six months). paperwork?

[jjgross]

Originally Posted by jlyriq

the repo is 2 years old and the balance after the resale is $7,373 and they wanted to settle for 3,000 (payed of six months). paperwork?

Theirs no law that says they have to report anything to a cra.If there's no obligation to report it,then there's no reason to leave it as a negative notion.

[Trish]

You should have received paperwork after the repo. Intent to sell......where they tell you if it's going to be sold at a private or public auction and that you should have the opportunity to buy it back. Then the notice of sale and deficiency balance......an itemized list of what you owe after the sale of the vehicle.

I think there's one other that I'm forgetting........it's been a while but I believe there are 3 notices you are supposed to get.
There are different laws on the repo and if the sale was done in a commercially reasonable manner. Like I said.....lol........complicated.

If all of this was done correctly and you are willing to pay/settle.......then that's really the best way to handle it. You don't want them suing you......and it would be very easy to do for 8K (which could easily turn into double that if you fight it).

It will probably be difficult to get them to report it positively.......you can always try but really you are at their mercy. It's for a large amount and it's still within SOL.