Redeemed Repo

My husband had his car (unfortunately) repossessed in mid January and then was able to redeem it 2 weeks later.  This is showing up on his credit report. Is there anyway this can be removed because it was redeemed in a short period of time? Thanks.

Dee

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Hi Dee,

Based on what you’ve written, the Special Comments Section for Metro 2 data reporting should reflect “Redeemed Repossession”.  I’m sure that’s little consolation and only marginal FICO relief compared to the code for “Involuntary Repossession”.

My strategy would be in working with the bank or finance company directly on a personal level.  I would go in and talk with the branch manager and put a face with this account.  We are all people in this world trying to make it.  Ask to see if they will make an exception to negotiate the credit reporting of the tradline after three payments have been made on time. Worst case scenario, make a deal with them to pay off the tradeline and have the credit reporting limited to “paid/closed/$0 balance”.

Hope this helps and thanks for the questions.

Paul