Record Requirements Following a Repossession

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Question:

If a customer has a repossession and there is a deficiency after sale of collateral, and the customer was notified of the balance owing, is there a time frame that we are required to keep any correspondence regarding the balance owing or a time frame that the individual must dispute the balance reported to the credit bureau?

Answer:

This one would be controlled by state law, not federal regulations.

First published on BankersOnline.com 2/05/01