topic Re: Repo being reported incorrectly!?!? in Rebuilding Your Credit

Repo being reported incorrectly!?!?

Anonymous — Fri, 26 Jun 2015 06:59:08 GMT

Hello, I have a car that was repoed in October of 2014 and was paid in full the next day as I thought the car was already paid off, but that's another story. Anyway, it was showing on my credit report as being "charged off/may still owe a balance." I disputed this last month on all three bureaus and now on my Equifax it's stating Repo and in the payment history it's showing Repossession as of this month, June. As I've stated, I've owned the car free and clear since October of last year. I'm trying to get my report to show that it's been paid, are they reporting this correctly? If I dispute with the bureau again and mail them a copy of the title and the letter I received from the bank stating that the car was paid in full by me last year would they have to change it?

Re: Repo being reported incorrectly!?!?

Anonymous — Sat, 27 Jun 2015 04:01:56 GMT

Anybody?

Re: Repo being reported incorrectly!?!?

Anonymous — Thu, 02 Jul 2015 03:43:47 GMT

This thing on?

Re: Repo being reported incorrectly!?!?

StartingOver10 — Thu, 02 Jul 2015 17:29:14 GMT

I would report the lender to the CFPB. If you have the paperwork showing that you paid it the next day, the most it should be showing is "repo" not charge off since you redeemed in full the very next day. JMO

Re: Repo being reported incorrectly!?!?

TRC_WA — Thu, 02 Jul 2015 17:41:07 GMT

@Anonymous wrote:
Hello, I have a car that was repoed in October of 2014 and was paid in full the next day as I thought the car was already paid off, but that's another story. Anyway, it was showing on my credit report as being "charged off/may still owe a balance." I disputed this last month on all three bureaus and now on my Equifax it's stating Repo and in the payment history it's showing Repossession as of this month, June. As I've stated, I've owned the car free and clear since October of last year. I'm trying to get my report to show that it's been paid, are they reporting this correctly? If I dispute with the bureau again and mail them a copy of the title and the letter I received from the bank stating that the car was paid in full by me last year would they have to change it?

Once a repo it's always a repo...

... just like once a charge off it's always a charge off.

The fact that it was repoed and then paid off the next day doesn't matter... it's still a repo and can be reported as such.

I believe I read that here recently... someone please correct me if I'm wrong.

Re: Repo being reported incorrectly!?!?

gdale6 — Thu, 02 Jul 2015 23:41:44 GMT

As stated by TRC once a repo its always a repo in this case a redeemed repo. I would report them to the CFPB as suggested by SO10.

Re: Repo being reported incorrectly!?!?

Anonymous — Fri, 03 Jul 2015 04:12:52 GMT

Okay, I understand that once it's a repo it's always a repo. But did that mean they can report it this way? Under the payment history it's stating repo every month up to now since October when it was paid off in October.