Car loan shown as negative & good standing
Date: Sun, 05/31/2009 - 08:43
In 2000 I purchased a 2 yr old mini van after bankruptcy & divorce, so the interest was high. 1 yr later I lost my job & my ex was ill & could not work or pay child support. I fell behind & and the car started breaking down every 3-5 months. I struggled to keep this car, but eventually it broke down for good, needing a 5K repair, while I still owed nearly 6K on it.
After months of struggling to pay what I could Fairlane Credit agreed to accept $2,000 as payment in full.
Now my credit report shows this debt as negative mark, as well as an account in good standing order.
Is this how it works? It seems contradictory to show one debt as both bad & good.
After months of struggling to pay what I could Fairlane Credit agreed to accept $2,000 as payment in full.
Now my credit report shows this debt as negative mark, as well as an account in good standing order.
Is this how it works? It seems contradictory to show one debt as both bad & good.
I'm not sure of the listing, but since it was a delinquent accou
I'm not sure of the listing, but since it was a delinquent account, it should show as negative in your credit report for 7 years and 180 days from the date of delinquency, even after it gets reflected in your report as "paid in full". Now since the debt has been reflected as paid in full, the account is no doubt in good standing because there is not outstanding against the account.
