Brian Lends His Expertise

6 months ago, I made a car payment that was 2 months past due on Saturday. On Thursday the following week, my car was repossessed because their computer system didn’t indicate the payment made over the weekend. I was informed if I had called, the repossession wouldn’t have happened despite the fact that i made a payment at their branch location. I had my car back in 3 hours, now there is a redeemed repossession on my credit. Do I have grounds to ask for that to be removed? Additionally, the account is now listed under closed accounts, but it’s an open account being paid as agreed.

Kim

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Kim,

This is a fairly easy situation , yet still complicated in its’ own way.

Outside of the “closed account” category, the “redeemed repossession” is not that far off from accurate, with respect to reporting.  Technically they repossessed it and you redeemed it.  That being said, 60 days past due seems to be a little fast to be repossessing a car.

However, I believe that your best course of action is to write a stern letter to the furnishers of information on how they are reporting the file inaccurately by showing it as a repossession when you had made the payment 5 days earlier and as you currently have possession of the vehicle and the account is still currently open and paid as agreed.  I would also recommend you to include a copy of the deposit slip with the corresponding date and amount and any recent statements from them indicating the account is still open and active.  Advise them that you want all remarks of a repossession removed and that you want it to show as an open, positive account because building and maintaining your credit history is very important to you.

Kindly remind them that failure to report this tradeline accurately incurs heavy fines per FCRA and you expect to have an answer within the next 15 business days.

I hope this helps,

Brian C. Aber
Senior Account Executive – HTDI Financial
Charter Board Member – National Association of Credit Services Organizations
877-877-4834 x704
brian @ htdifinancial dot com