Good morning everyone!
Last year I traded in a BMW 550i to a dealer and bought a different car. For some reason, the dealer took a couple of weeks to get the check to my bank to pay off the old loan. Once the check arrived at the bank, it ended up bouncing and the bank came after me for the monthly payment, a late fee and the next month's payment. They immediately reported that I was over 30 days late on the loan despite the issue not being my fault (thanks USAA....). The dealer wrote another check, saying the first check was from their old bank they don't use anymore, and covered my late fee. The loan got paid off, and I thought I was good to go.
Fast forward one year today, where I'm trying to buy a new car, and I noticed my FICO Auto scores are over 100 points lower than my regular FICO scores. I noticed the 30-day late payment popped up with all 3 bureaus so I disputed the remark. Experian denied the dispute, saying they reached out to USAA and USAA claimed that it was my fault. Transunion accepted it and removed the derogatory remark from my report and I have yet to submit my dispute with Equifax as my Experian and Transunion scores are currently the worst. Is there something I can do with Experian, especially since they seem to be the go-to for many dealerships and banks when pulling a credit score? Is a 30-day derogatory remark even something to stress over?
Any insight is appreciated; thanks in advanced!
