But they haven't taken anything. What does this mean?
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Can you be a little more specific? Exactly who is reporting what? -
TU report for my son says his tools were repossessed three years ago.
No they haven't been though.Comment
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Who is the account with? Did your son ever have an account with whomever this is? Did you call the creditor?Comment
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Snap on. Yes he did/does have an acct with them. He hasn't been able to pay on it for the three yrs but he still has possession, so that's why I wonder why cr has them listed as repo'd.Comment
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It sounds like the creditor may have wanted to--or attempted to--repossess your son's tools, but for some reason they couldn't locate them and therefore failed to repossess. Since tools do not have a title, and can easily be resold or stashed at a friend's house, I would suspect that most people who fall behind on the payments--especially if the reason is due to a job loss--cannot be located for purposes of repossession. Your son is very lucky that even though he has apparently quit paying on the purchase loan, he still has the possession and use of his tools, which are needed for him to do his job, or find a job if he's currently unemployed!
Your question appears to be "If the creditor failed to execute the repossession, can they still legally report a repossession?" and the answer is yes. If the contract with the creditor gives them a "security interest" in the items purchased, then upon default, the creditor has the legal right to repossess the items, and to report as such to the credit bureaus. The right to report negative information on the debtor's credit reports is not eliminated if the debtor chooses to sell, give away, or hide the items in an effort to prevent repossession.Comment
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He's not hiding them. They have just been in storage since he lost his mechanic job. They send him a bill maybe one every three months or so. They have never attempted to come get them. But I understand now how they are reporting it on CR.Comment
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