Repossession

[Anonymous]

I recently had a repossession of two musical instruments posted on my credit report.  This lowered my score by nearly 80 points.  The repossession occurred as a result of   a comedy of errors (only not so funny) starting with my debit card being stolen, and the recurring charge being denied for two months, because I didn't give them my new card number.  I was actually then out of the country for several weeks, and missed any written communication that was sent.  When I returned home, I called to take care of the final bill and to see if there was a way to keep it off my credit report.   The account manager was very nice, but she said they would report a zero balance, but there was no way to take the repossession off once it's been reported   Does this sound correct?  I didn't pay the bill, because I wanted to negotiate a way to get the repossession off,a nd I worried that if I paid in full I would have no leverage.  Advice?

[Callandra]

I'm pretty sure if they're reporting it, they can delete it. 

You can keep trying pay-for-deletes or you can pay it anyway (it's always better to have something paid; probably won't help your score but looks better on manual review) and try writing Goodwill Letters to get them to remove it. 

[Anonymous]

I recently had a repossession of two musical instruments posted on my credit report.  This lowered my score by nearly 80 points.  The repossession occurred as a result of   a comedy of errors (only not so funny) starting with my debit card being stolen, and the recurring charge being denied for two months, because I didn't give them my new card number.  I was actually then out of the country for several weeks, and missed any written communication that was sent.  When I returned home, I called to take care of the final bill and to see if there was a way to keep it off my credit report.   The account manager was very nice, but she said they would report a zero balance, but there was no way to take the repossession off once it's been reported   Does this sound correct?  I didn't pay the bill, because I wanted to negotiate a way to get the repossession off,a nd I worried that if I paid in full I would have no leverage.  Advice?

[gdale6]

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@Anonymous wrote:

I recently had a repossession of two musical instruments posted on my credit report.  This lowered my score by nearly 80 points.  The repossession occurred as a result of   a comedy of errors (only not so funny) starting with my debit card being stolen, and the recurring charge being denied for two months, because I didn't give them my new card number.  I was actually then out of the country for several weeks, and missed any written communication that was sent.  When I returned home, I called to take care of the final bill and to see if there was a way to keep it off my credit report.   The account manager was very nice, but she said they would report a zero balance, but there was no way to take the repossession off once it's been reported   Does this sound correct?  I didn't pay the bill, because I wanted to negotiate a way to get the repossession off,a nd I worried that if I paid in full I would have no leverage.  Advice?

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They can delete the TL if they so desire. I would try again to get the PFD and if thats not possible then you can pay them off and switch to GW letters asking that the TL be  removed. OCs are tough to get TLs deleted so sometimes its best to just settle them to stop any updating. The updating is what keeps your Fico score depressed. Welcome to My Fico

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/PFD-Q-amp-A-Examples-and-PFD-Success-Stories/td-p/2031275

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/PFD-Example-Letter/td-p/4519