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Date: Wed, 01/14/2009 - 11:38

Submitted by anonymous
on Wed, 01/14/2009 - 11:38

Posts: 202330 Credits: [Donate]

Total Replies: 2


I had a loan through commerce bank. It ended up getting repo'd. I'm trying to clean my credit up and planning on paying it at tax time. But on my credit report it shows profit loss write off in 2007. I haven't been contacted at all. I was wanting to know what this means. I don't want to contact the bank until I have money in my hand. I'm hoping they will settle for less then what i owe.


Any help with "profit loss write off"




Even if they are not trying actively to collect from you, you still owe the creditor(s). This unpaid account may create problem for you if you're planning to buy a home or access a loan in the coming 7 years (the period for which the unpaid account's listing remains in the credit report). The mortgage lender may force you to payoff these unpaid debts before approving you for their loan because these outstanding debts can be turned to lien over the property.


lrhall41

Submitted by phoenix on Wed, 01/14/2009 - 23:11

( Posts: 1445 | Credits: )