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New Visitor
Posts: 1
Registered: ‎08-27-2009
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Can a repossession be removed from my credit

In November 2008, we got behind on our truck payment by 2 months due to medical problems.  I called the bank to set up arrangements for payment.  They directed me to a thrid party collection agency, I called and scheduled a payment over the phone to withdraw from our checking account to bring the account current.  I received a confirmation number, etc.  By the end of the week, I relized the payment was still sitting in our checking account and called the collection agency immediately to see why the payment had not posted.  She said our payment did not go through because of insuffienct funds (which was not truck), so I asked her to verify the account number and the number they had taken down was incorrect.  So to get this payment processed faster we used a credit card and she assured me the payment would post and everything would be fine.  That same night a repo man took the truck from our yard with no warning from the bank,  the collection agency or anyone (we did not have any clue it was in repo).  We thought the truck was stolen.  I called the bank the very next morning (the people were rude and insulting) and told them I had made a payment to bring the account current the day before and they verified it posted, but there was nothing they could do.  I then wired them all of the money they wanted to get this truck back.  We got the truck back with expensive items missing from this truck.   We paid the loan in full the very next month and now have the truck, title and a letter from the bank thanking us for our business and come back for future business (not in this lifetime).  But they will not take this repossession off of our credit report.  Is there anything we can do to get this removed? 
Valued Contributor
Posts: 1,668
Registered: ‎02-18-2009
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Re: Can a repossession be removed from my credit

This sounds like a cop out but:

 

Your state may have some rules or regs that can help you out. You may want spend a hundred to talk to a lawyer who specialises in situations like this.

Signature line begins:
Credit is not a right, but a business transaction, one that takes into account risk, and charges accordingly based on that risk.
Your credit score is an aspect of your credit profile. Important? yes but just an aspect. Contributing/supplemental information determines the finer point of the deal. Ask any question, respect me not to get mad if the answer is not the affirmation you are looking for,
Senior Contributor
Posts: 3,299
Registered: ‎04-22-2008
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Re: Can a repossession be removed from my credit

When a lender sends your file to a repo man, they will still make arrangements to recieve payment.  It is your repsonsibility to  guarantee a payment is recieved and processed into your account and that they rescind the repo order.  This is why they do not usually accept check over the phone or any payment arrangements in this case.  Once it has been sent out to repo, they usually need western union or some sort of guarnanteed funds that they can see and post to your account right away.  The collection agency was just collecting a balance and had little to do with the repo itself.  Long story short, once you are at the point the vehicle has been sent out for repo, there is absolutely no guarantee you will get to keep it until the original lender tells you that they have not only contacted the repo company, but also recieved confirmation it has been removed from their list.
Valued Contributor
Posts: 2,894
Registered: ‎08-13-2009
0

Re: Can a repossession be removed from my credit

If it was me, I would send a copy of the letter from the bank that shows the loan was paid off in full and a copy of the title of the truck to the credit bureau's.

 

In your cover letter/dispute, I would suggest that a mistake had been made.  How could you possibly own, free and clear, the very truck that they said was repo'd? 

 

Then ask the credit bureau's to remove the repo.

 

Sometimes, logic and facts will influence the person at the credit bureau.  The paid in full letter and the title look to be a "duh...wonder what happened?"

 

Worth a shot.  Keep your letter simple.  Keep it honest.  Say that a mistake might have been made... 

Super Contributor
Posts: 5,759
Registered: ‎01-28-2008
0

Re: Can a repossession be removed from my credit

Yes a repossession can be removed from your credit reports.  I got a repo I cosigned for removed back in July with the CA and OC.  And since it was my brother who I cosigned for, I made sure I got the repo removed from his reports too.

 

 It took a month or going back in forth with the OC and CA to get the tradelines deleted.   Fortunately, I had plenty of time on my hands over the summer. 

Established Member
Posts: 30
Registered: ‎03-01-2011
0

Re: Can a repossession be removed from my credit

DI, 

 

Please specify how you started the process and how it ended. My husband and I are in a situation where we are going to need to fight this. We purchased a vehicle from a dealership and within a few days the engine locked up and it sat in the shop for 3 weeks. The dealership would do nothing for us. It is a $20,000 loan that just sat. It is about to be repossessed. WE will need to start fighting this ASAP. There are a lot of other factors involved in how the dealership sold to us...(misrepresented the vehicle etc). We want to fight this and do not want my husbands credit file to suffer. Please no judgements on this or the fact that it is about to be reposessed. Just looking for answers. Thanks!

Valued Contributor
Posts: 2,669
Registered: ‎04-25-2011
0

Re: Can a repossession be removed from my credit


wakefield622 wrote:

DI, 

 

Please specify how you started the process and how it ended. My husband and I are in a situation where we are going to need to fight this. We purchased a vehicle from a dealership and within a few days the engine locked up and it sat in the shop for 3 weeks. The dealership would do nothing for us. It is a $20,000 loan that just sat. It is about to be repossessed. WE will need to start fighting this ASAP. There are a lot of other factors involved in how the dealership sold to us...(misrepresented the vehicle etc). We want to fight this and do not want my husbands credit file to suffer. Please no judgements on this or the fact that it is about to be reposessed. Just looking for answers. Thanks!


Di has not logged on in 14 months.. hopefully someone else will have some guidance..

 

-scott

Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 09/14: TU: 784 | EQ: 752 | EX: 784
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession


Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $13900, Citi/Home Depot $8500, Capital One Cash Rewards $3500, BOA $7500 Total Utilization: 3%. AAoA: 2yr, 9mth. INQS: 1 TU, 1 EQ, 3 EX
New Visitor
Posts: 1
Registered: ‎12-21-2012
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Re: Can a repossession be removed from my credit

What's CA and OC stand for??
Moderator Emeritus
Posts: 32,865
Registered: ‎08-04-2007
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Re: Can a repossession be removed from my credit


Kimbooboo wrote:
What's CA and OC stand for??

Welcome to the forums!

I'd suggest reading the following:

Common Abbreviations

Credit Scoring 101 - great for knowing what is in your credit score and to see how your score is impacted.

What Steps Do I Take - great for learning the repair process.

and Example letters - PFDs, GWs, DVs, etc.

Community Leader
Valued Contributor
Posts: 2,441
Registered: ‎11-29-2012
0

Re: Can a repossession be removed from my credit

Wakefield you need to research your state's lemon laws, and/or talk to an attorney. . Why don't I have an option to quote a post?

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