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Repossed car still reporting 90 days late (two years later!)


swizinger
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I had a car repossesed almost two years ago and I am looking at my credit report and the auto financing company has been reporting it as 90 days late every month for the last 18 months or so. I was thinking of sending a DV letter but realized that it is the original creditor so they don't have to honor my request, right? I know that it is illegal for them to keep reporting this info but I am not finding the right law to site in a letter to them in order to get them to fix it. Any help would be greatly appreciated, thank you.

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It is not "illegal" for them to report; it is a violation of the FCRA to report inaccurate information.

Is the fact that the car was repossessed also reflected on your credit reports and id so, is that information correct?

In any case, you need to dispute any inaccuracies in the tradeline(s) with all the bureaus that reflect the tradeline; they should either correct the information or delete the tradeline.

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Hello Robert Nashville and swizinger,

I don't in the least want to high jack this thread, but Robert you said something in your post I was hoping that perhaps you could clarify for me. You asked if the repossessed car was reflected as such on the credit report. Is this important? Does the car have to be listed on the credit report as a repo, if in fact it is?

Regards,

Debbie

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Hello Robert Nashville and swizinger,

I don't in the least want to high jack this thread, but Robert you said something in your post I was hoping that perhaps you could clarify for me. You asked if the repossessed car was reflected as such on the credit report. Is this important? Does the car have to be listed on the credit report as a repo, if in fact it is?

Regards,

Debbie

I actually don't know if a repossession will show up specifically as a "repossession" on a credit report but I suspect it will; at least in some way.

I"m not aware of the specific mechanism but I believe the Fair Isaac people know when a repossession has happened (and a FICO score will reflect that) so there must be some mechanical means for that to happen; whether the consumer can look at their credit report and "see" in stated in plain English I don't know.

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  • 5 weeks later...

I disputed with the credit bureau and they updated my credit report and it does show that it was reposessed. It now only show that I owe $824, the amount it costed them to repo it and the difference between the price they sold it to me and the price they got from the subsequent buyer. Hope that info helps. Thanks everyone for your advice, my credit score I'm sure has greatly improved.

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Maybe so, but now I don't owe that much money overall, and the reposession was back in 2006. I think that is somewhat better than 90 days late 18 or so months in a row (credit score wise). I know that it is bad either way but at least with it changed to reposessed back in 2006 it's bad tradeline info that is older instead of new bad tradeline info. Either way it is going to haunt me until it falls off, unless I can bargain with them for a PFD. I was just getting pissed off that they were continuing to report as if I owed the full balance and it was 90 days late. And when they went to manually underwrite me for credit they really didn't like to see that tradeline.

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I saw a repo tradeline on a credit report once and it reflected just that-a repo-however, how that calculates into your scores etc who knows...my friend had the same problem and was told it was still reporting because she had a "balance due". The car had been sold at auction for less than she owed and the auto finance co was expecting her to pay the difference between what the car brought in and what she owed...

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