Problems with credit report being wrong?

Question

I had my car reposessed and then reclaimed it 1 week later. I have made my payments on time every month since. It is still showing up on my credit report as a repo and that the account is closed. It's not showing any payments I am making. I have contacted the bank and they give me the run around. I disputed it on my credit report and they checked with the bank and said it is correct. I have the car in my posession, is there anything I can do to have my credit report fixed?

Yes, it is with the same bank and is still the same account number. All the bank said is that if I am making payments then it should show on my report, even though I sent them a copy of my report showing that it is not reflecting the payments.

Answer 1

Now is the time that you need to start maintaining a log of every conversation and person that you speak to. The more detailed information that you have the more fire the companies will have to try and resolve the issue. But whatever you do, do not give up until the matter is resolved or explained to your satisfaction.

You said the car was repo'd but then you reclaimed it a week later. When you reclaimed the vehicle did you still make the payments to the same bank? Did your account number change or stay the same?

Its possible you reclaimed the car but the acct could have been transferred to another bank and its possible that you could still be paying the same bank - but they closed out your first acct and issued a completely different account. If that's the case, then the reporting is absolutely correct and will remain a repo.

Whatever the case though - for your current payments that are being made on time, you seriously need to get that added to your credit report to show that you are now honoring the auto loan.

If this doesn't work - seek an attorney. If you cannot afford one, some states offer free assistance, or check with the EAP program at your employer. In addition the People's Lawyer is also a good source of info www.peopleslawyer.net. But be sure to identify which state the auto is in because some laws vary from state-to-state

Answer 2

This is a very simple problem to fix. It makes it better for you since this is a local bank and you can get right up in their face.

You have the power here.

1) You don't have a case against the credit bureau. Their only responsibility is to "verify" the debt with the bank, which you claim they did.

2) Send a letter demanding that the bank "validate" this debt. Make them show you that the information in the credit report is correct. If you are making payments on the car, it seems to me it will be difficult for them to report that the car was repo'd, doesn't it?

Just tell the bank that you can always go to court and as the judge what he thinks. If you win, you will get $1000 for your trouble.

Read the Fair Credit Reporting Act, it explains everything you need to do. Contact me if you need more help.

Answer 3

Yes, do yourself a favor and read the Fair Credit Reporting Act. It's dry reading but very educational. If the credit reporting agencies are reporting inaccurate info or if the bank is, send them both letters stating that it is inaccurate, you have the paperwork to prove it, and that if it isn't corrected immediately, they will be involation of the FCRA and you CAN pursue legal action to correct the situation. The word there is CAN. It means your have the option. Do you don't have to if you don't want to. That should get one of their two butts moving. Also a place I go for credit help is creditboards.com. There are some very well credit educated people in the forums. Good luck.

Answer 4

Take it to the Media. I believe its CBS that has a program they will handle anything that a company is trying to cause you trouble on. I was told I had an outstanding credit card that was bring my credit rating down. I have never owned a CC in my life. No one would listen, they sure did when I contact our local News Station now I am back to good credit again
Try it. It has worked for a lot of people....

Answer 5

It does not be a violation because of the fact it relatively is the buyer's duty to ascertain the information on their comments is actual. so which you no longer understanding the place it became despatched to isn't their fault and that they did no longer only deliver it out randomly to all your previous addresses, so that's needless to say no longer their fault. Your perfect guess for ordering a rfile would be to jot down an worry-free letter to them asserting you have been denied credit with *in spite of financial company you record* and am writing to request a duplicate of your credit rfile. supply them your call, date of beginning, SSN, cutting-edge handle and previous handle and mail it in. that's freed from charge, I do it myself atleast thrice a three hundred and sixty 5 days. ascertain you needless to say label which handle is cutting-edge and previous. you in effortless terms would desire to placed one previous handle.