03-18-2012 12:55 PM
I'm seeking some sound and knowledgeable advice. I recently had my 2011 Ford Escape repossesed, yet recovered the vehical less than 2 weeks later. I, like most people in this economy, lost my job and thus a steady income sept.of 2011. I was able to keep up with most payments for only a month. I called Capital One Auto (lien holder) at the time I lost my job and the following month when I knew I was going to be late. In subsequent months (Nov-Dec) I called and updated them on my status of employment as an attempt to keep the lines of communication open. At the time I was only able to secure a temporary position so I could pay something. I was able to pay Oct late (although they did not report it on CR) so my lates would be 3mos in Jan. By Feb they were already coming for my vehical even though I told them I was attempting to catch up on my past due. Short of the long of it. They repossessed it on 22feb. I was able to get a short-term loan from a family member to pay my past due and was able to get my car back in less than two weeks. In communicating with the recovery department I asked to make sure this would not reflect as a repossession on my CR. I was told yes. Stupid me, should have gotten that in writting. As it is being reported on all 3 CR's:
Acct Status: Clsd
Past Due: $2415
Payment Status and Comments: Repossession
It does not state redeemed nor is the other information correctly reflected. How do I go about removing this repo status from my credit report? The loan is not even a year old and I've never had a repo before. I have 2 credit cards with Capital One both of which are in good standing and even through the unemployment I have kept current just so that I keep good credit revolving. I am now fully employed (which I have also updated Cap 1 on) and making more income than I was when I first got the car so payments will not be a problem going forward-provided they do not downsize. I need some advice on how to best approach this with Cap 1 and get my credit back in good shape. Having a repo on my credit has brought my score all the way down to the 520's on all 3 cr's from 650's.
I have signed on with a credit repair legal firm (Lexington Law) in an attempt to see if they could have a better approach than I, but I am now not so sure they can/ will do any more than I can do myself.
Climbing the credit mountain to reach that 720 goal!
03-18-2012 01:07 PM
Honestly I don't think that there is much you can do to dispute the reporting ~ the car was repossessed, and even though you were able to recover it and repay, it will still count as a repo.
I wish that there was some way to get around this but I don't see it. It is showing $2415 past due, is that accurate or has the loan been completely paid off now ?
You might have to resort to sending GW letters to Cap1 requesting them to remove the account or modify the negative status.
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