Election of remedy - reported by subscriber

[BKIN2010]

This shows in comments under my capital one auto loan that I bk'ed. I kept the car (did not reaffirm) and have always paid on time. What does this mean? Is it negative? Should I dispute it?

[BKIN2010]

I guess no one know what this mean. Thanks for viewing.

[AngelinaCat]

No one is online right now, and I don't know. Please be patient. I am sure someone will respond in the morning.

[LadyInTheRed]

I tried a Google search and found the question asked many times, but never answered very well. It seems to mean that the creditor had more than one choice of how to deal with your default, could choose only one, and has chosen one. Here's a legal dictionary definition: http://legal-dictionary.thefreedicti...on+of+Remedies

It does seem to be a negative entry. The alternative is for it to be listed as included in bankruptcy, which may not be any less negative. Since you've continued to pay, you could try to get them to report it as paid as agreed, but I don't think they have to.

[BKIN2010]

Thanks LadyInTheRed. I tried Google as well with the same results. I contacted cap 1 and they basically said since the loan was included in bk they will not report anymore even though I continue to pay. I did not re-affirm. Intrestingly, cap1 approved me for a blank check. I might just use it and then ask them to get the vehicle i have.

[IBroke]

I have the same remark on my old Cap. 1 auto-loan - but only on Experian. The car was repoed and the deficiency IIB. The status on Experian says "IIB" and the comment-field shows the "remedy....".

[BKIN2010]

Thanks IBroke, the comments is only on my experian as well

[debee]

I think it means there was a repo and the creditor was shafted for the deficiency.

This is the definition from a credit reporting perspective: "A car or other item is repossessed, but the value is less than the balance due. The credit grantor must consider the account paid and cannot collect the difference in the amounts."

I found a page of credit bureau comment codes and that's what it said. You can read the page at cuanswers, here.

[BKIN2010]

I am confused because I still have my car...still paying every month...

[debee]

Maybe they use the reporting anytime they're shafted for the deficiency. Just guessing.

[BKIN2010]

probably