Tricky Repo / 3 collections!!

[Anonymous]

Anyone have success with ford motor credit?

I have a redeemed repossession that is from about 2 years ago. They came and took the car. I paid a big fee, got the car back. Long story short. The last two years every payment has been on time and I have paid way more than the required amount every month.

Is there any way for me to get this off my credit as I would like to buy a second car soon and I know this will effect me!

Side note. Leading up to the repo I had about 6 months of late pays. What's the best way to get those off as well?



Lastly I have 3 collections on my credit report

One is from a Bank of America card for like $1750 which is now wanted by North Star location services

One is synchrony bank which was a gap card.

The third was a Barclays card.

From what I'm seeing both of those were bought by portfolio recovery totaling $3700

What is the best way of getting these off my report?! Paying the OC or trying to do a pay for delete with the collection company. Any advice guys? Just trying to clean things up now that I have a career and need to get my credit in order.

Thanks!

[gdale6]

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@Anonymous wrote:
Anyone have success with ford motor credit?

I have a redeemed repossession that is from about 2 years ago. They came and took the car. I paid a big fee, got the car back. Long story short. The last two years every payment has been on time and I have paid way more than the required amount every month.

Is there any way for me to get this off my credit as I would like to buy a second car soon and I know this will effect me!

Side note. Leading up to the repo I had about 6 months of late pays. What's the best way to get those off as well?    You will need to request GW removal of these marks, odds are the redeemed repo is going to say as it describes the overall condition of the loan.  http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/GW-letter-Q-amp-A-Examples-and-GW-Success-Stories/td-p/1573680



Lastly I have 3 collections on my credit report

One is from a Bank of America card for like $1750 which is now wanted by North Star location services

One is synchrony bank which was a gap card.

The third was a Barclays card.

From what I'm seeing both of those were bought by portfolio recovery totaling $3700

What is the best way of getting these off my report?! Paying the OC or trying to do a pay for delete with the collection company. Any advice guys? Just trying to clean things up now that I have a career and need to get my credit in order.   If the OC is reporting 0 balance and has sold the debt you cannot deal with them, to get their TL removed you would try the GW letter to them as well. You can try the PFD with Portfolio but they are notorious for denying them. If the collections are updating monthly you want to move to settle them even if they deny the PFD as settling them will allow your Fico to recover as monthly updates keep it depressed. If the OC still owns the debt and they have engaged a CA you can try to negotiate a recall of the collector in exchange for full payment.


Thanks!. 

[Anonymous]

I had the same issue with a redeemed repo, but in the account status area it showed as a repossession.  I disputed with EQ and they put the account status back to paying as agreed, which increased my score 14 points and in the comments section placed "redeemed or previously repossed.  I am fine with that and better than having the tradeline as a repo. TU and EX will not do the same, so I sent a GW to the finance company and awaiting their response.

[joemysterio]

I'm going to be trying a GW to delete for mine. I had a car through Ford Motor Credit in 2006. I lost my job in 2009 and went 3 months unable to pay. It was repo'd, and I got it back 2 days later. Paid it on time from then on and last payment was March 2012. I remember last year when I pulled my report that it was going to fall off in June 2016 so I was excited. I pulled my report a few weeks ago and now it says it'll be on record until March 2022! I was crushed, I still am.

I'm going to call and mail them GW letters every month until I can get them to delete that from my credit report. I had another loan with them since then and it's paid off 100% with no lates ever. I'm hoping that detail will help.

Did something change recently or am I misunderstanding how items fall off your credit report?

[RobertEG]

There has been no change in the credit report exclusion provisions of the FCRA.

FCRA 605(a) lists, in subsections (1)-(4), four specific adverse items and their respective exclusion periods.

Subsection (5) then provides a catch-all provision of 7 years for the occurence of "any other item of information."

A repo is not one of the specific items listed in subsections (1)-(4), so it is governed by the catch-all provision of 7 years UNLESS the repo resulted in a charge to profit and loss by the creditor, in which case it is covered by subsection (4) as a charge to profit and loss or its equivalent.

A recovered repo is returned to good-standing with no charge ot profit and loss by the creditor, so must become excluded no later than 7 years from the date of occurence of the repossession per FCRA 605(a)(5).

[Anonymous]

The late payments and repo will fall off this year (if it hasn't already) but the account itself will stay for another 10 years. After the negative things on the account fall off it'll be a good trade line so you want it to stay on your reports