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carrieb77

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Score just dropped 70 pts from a repo from 2011
I have had a repo on my credit report since 2011 I was advised to start making payments on it to look better on a mortgage application. I did and my score dropped 70 points and it is being reported as a "new repossession"

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Top Contributor
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You got bad advice

Not knowing all the particulars of the account and what else is on your credit report its hard to say how you should have approched this account. But once you contact a collection agency, A)  it resets the "clock" so to speak, They now have 7 years to collect and it will continue to report for 7 more years. and B) The account is now in active collection, hence the drop in your score and showing a new repo.  

If I were you, I'd see if you could negotiate a "Pay to Delete" with the collection agency.  Google it for more info and templates on how to write to them. if they agree then this could all go away quickly. Save up your cash and  Start by offering to pay 25% of the balance due in one lump payment. ( they probably paid 7-10% of the balance to buy the account) Address your letters to the "Collections Manager" (generally, no one else can make such agreements)  Get the aggreement in writing before sending any money.  

Good luck

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