@Anonymous wrote:
Hello everyone,
So recently I've been trying to get an auto loan and kept getting denied. Finally asked DCU what the problem was and they said I had a repo under Capital One that was still being reported. That was back in 2009, I got the vehicle back and paid it off.
Called COAF today and they acknowledged the resolution of the account but that they could not change how it was reporting. They were trying to get me to file a dispute through them though I refused and said I could do it myself through the 3 agencies. Is there any reason they were so hard pressed for me to file disputes through them? How should I go about this.
If this isnt updating monthly I suggest you just leave it alone and find another lender willing to work with you. You would only dispute it if it has factual errors in the way its reporting. If you dispute it if its not updating monthly when it updates after the dispute its going to cause a Fico score drop. If it is updating monthly now then you still would only dispute errors that are reporting but it wouldnt drop your Fico score anymore. DCU doesnt like other things they see in your CR is what I suspect since this actually is a redeemed repo and not one left unpaid.
@Anonymous wrote:
Well actually this is a factual error. The vehicle was paid off 4 years ago but it's being reported as if it was repo'd. So if I get this corrected on the CR's my score will drop?
If they took the car its a repo even if you recovered it the next day and then paid off the loan, reporting as a redeemed repo is factual. If its reporting a repo not being redeemed then you have a factual error.