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Good Afternoon. I had a reposession in February 2011. I paid off the reposession and had the lease resintated. They said at the time they would remove this from my credit report (I stupidly did not follow up on this). Now it is still showing up on the report and I am finishing out the lease. I opened a dispute with all three agencies to have the reposession removed as I reinstated the lease and I was on time with all my other payments.
What options do I have at this point. Can it be removed from my reports? If not, will it look better since I had the lease reinstated and finished off?
I'd like to buy my next car (big mistake for me to lease right out of college in a bad economy) and now I am afraid this will be a big issue.
A dispute is not going to help because it is a statement of fact that it happened. The credit bureau will simply contact the creditor using the simplified E-Oscar system and the creditor will verify that the repo occurred. What you will need to do is contact the financing company and ask them to please modify their reporting, otherwise known as a goodwill adjustment. Read the Rebuilding your credit forums sticky threads and get some idea of how to go about this. You might also ask them to simply delete the whole tradeline from your reports if the lates associated with the repossession are showing and they will not remove them through modified reporting.
BTW welcome to the forums. You will find invaluable information on here to improving your credit situations.
Thank You, I'm going to need it. My time I was unemployeed I wracked up credit card debt and student loan defaults (giant mess). Right now I am employeed stabily and I live cheap. My main goal is to restore my credit which was once perfect and now is deeply damaged. This is my first step.
I'm in the same situation. My car was repossessed in 2011 after 30 days late. I paid all fees and had the car back in my possession in less than 48 hours. Now it's 2013 and I've noticed my report shows the account is closed and the notes reflect Reposession. I've been paying on the car on time every month since the repo and have called the bank about this, they tell me the account is open dispite me telling them it's closed on my report. The balance is updated every month to show my payments but it still falls under closed accounts with a repo tag. Would trading this car in, selling it or even refinancing it through another bank be a wise decision being I'm trying to build credit?? This is destroying my Ex score big time.
Pharoe33, it doesn't sound like your tradeline is being reported correctly at all. Get that straightened out first or you will have a tough time getting a refi or a new loan. Is it one of the large banks that is reporting the tradeline as closed (Wells Fargo/Chase/Santander for example)?
Thanks for the reply. Its a smaller bank, Fort Sill National Bank. They only report to Experian, because of this account Experian is behind my other two scores by 50 points.
You probably need to get to someone at the bank that does the actual cr reporting because if they closed the line on your report its not helping your credit.
If they reinstated the loan, then the report should show it as open and not closed. And since you are making the payments on time every month, they must have reinstated the loan!
I'm going to give them a call again today as well as push out a GW in the mail.