- Jurisdiction
- Alaska
Hello,
So my husband and I started leasing a car in California over 5 years ago. Long story short. It was repossessed a short time later. It hit my husbands credit Oct 2014 with a deficiency balance of $4,272. The balance is owed to a third party collection agency in Oregon. There has not been a judgement on it. We never tried to set up a payment plan or have had any contact with the collection agency to settle. Over the period it has been on his credit the balance has gone up to $10,202 as of Jan 01, 2020.. I tried to dispute it about a year ago and it was verified accurate with FCRA requirements. The collection agency reports it every month with an updated balance adding about an average of $100. Is this legal? By the end of the 7 years before it can be taken off his credit it till be about $12,000. It just seems very inflated to me. Also he has had about 3 new missed or late payments added to his credit report from this company. Can they add new missed payments? We have not tried to settle this account or set up any type of payment arrangements.
Thanks.
So my husband and I started leasing a car in California over 5 years ago. Long story short. It was repossessed a short time later. It hit my husbands credit Oct 2014 with a deficiency balance of $4,272. The balance is owed to a third party collection agency in Oregon. There has not been a judgement on it. We never tried to set up a payment plan or have had any contact with the collection agency to settle. Over the period it has been on his credit the balance has gone up to $10,202 as of Jan 01, 2020.. I tried to dispute it about a year ago and it was verified accurate with FCRA requirements. The collection agency reports it every month with an updated balance adding about an average of $100. Is this legal? By the end of the 7 years before it can be taken off his credit it till be about $12,000. It just seems very inflated to me. Also he has had about 3 new missed or late payments added to his credit report from this company. Can they add new missed payments? We have not tried to settle this account or set up any type of payment arrangements.
Thanks.