Auto Loan Collection/Repo hell. Advice??

[Anonymous]

Hi all!

I got divorced a while back, and to make a long story short, I had a repo during 11/04.

I've been trying to get back on track, and I joined myFico in July. I ordered my credit report and began working to improve it. I decided to go for a car loan in the last couple weeks of the year, just to get a better deal.

I have one positively paid off auto loan, and then the reposession. I have no other auto-related lates. I know the auto scoring is a bit different, so I thought I'd be ok. Usually, you can get a car after a repo after about a year.

My credit union turned me down, and they said something to me about a repo in 2007. Huh? Then, Roadloans turned me down, their reason being "Reposession Date is Too Recent." I called to ask when it was, and they said "April, 2007". What???

I pulled my EQ report here on myFico again, and NOTHING has changed since my July report. Nada.

Here's what shows on my report for Accounts pertaining to auto loans:
(good loan)
creditco Acct#XXXX 9/2001 $0 OK
Date opened [?] Sep, 2001
Date of last activity [?] Jul, 2003
Paid account / zero balance

(repo loan)
creditco Acct#XXXX 7/2003 $0 Repossession
Date opened [?] Jul, 2003
Date of last activity [?] Sep, 2004
Account transferred or sold


And here's what it shows for Collections for the repo in question:

The collection agency "410yc00420" was hired to collect a debt of $$$$$ originally owed to "xxxxxx" on account number "XXXXXXXX".

Collection agency [?] 410yc00420
Original balance [?] $$$$$$
Current balance (as of Apr 01,2007) [?] $$$$$$
Status (as of Apr 01, 2007) [?] Unpaid
Date assigned [?] Mar 01, 2007
Date reported [?] Apr 01, 2007
Date last active [?] Dec 01, 2004


Maybe it's me, but it seems like it's being reported correctly in terms of collecting, and this collection is listed under "collections", not under "accounts". Only one thing is showing on my report marked as a "repossession" is the actual repo loan.

So why are lenders seeing this as a repossession for april 2007? I don't get it!

Next, what can I DO about it??? I'm stumped!

(if necessary, I have a friend at a dealership who can pull my auto report from the CRA's and I can see what they see. Good or bad idea??)

Please help!

Thanks!

[fishbjc]

Have you called RoadLoans to discuss this with them?  I have a pretty low used interest rate with them.  I found them to be very reasonable to deal with.

I *think* people have so much paperwork to deal with that they focus their eyes on one thing and that's it.

Maybe I'm wrong here, but if you're declined a loan, don't you have the right to dispute their incorrect information with them?  Start by calling RoadLoans & see what's up with this.

Maybe their contacts need glasses.

[LuvsRetro]

Hi, JennaBean: 

It is the "Date assigned" that is causing the inaccurate reporting.  It is making it look like it is a current default/repo.

Collection agency [?] 410yc00420
Original balance [?] $$$$$$
Current balance (as of Apr 01,2007) [?] $$$$$$
Status (as of Apr 01, 2007) [?] Unpaid
Date assigned [?] Mar 01, 2007
Date reported [?] Apr 01, 2007
Date last active [?] Dec 01, 2004

My brother had the same problem with Ford and it took several months to get this corrected. 

You need to dispute the account with the CRA's as inaccurate asap.   You can do this online.