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Posted in Auto Loans
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Question By
cedeke

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How can a auto acount that is current and being paid, be listed as closed and also as a repo?
They mistakenly repo'd my car a couple of years ago because they credited MY payment to someone elses account. Of course I got my car back...so why does it say it is in reposession and the account is closed?

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You forgot to mention who "They" is.

Despite the fact the accounting error was their fault, the repo was reported anyway.  Most likely, it was reported to all 3 agencies- Transunion, Experian and Equifax.  Since the car was considered repo'd, your account was also considered closed.

  You can contact "They" and jump through a bunch of hoops asking them to correctly update your credit report, but I wouldn't hold my breath.  If somebody ever gets around to it, there is no guarantee it will be reported correctly, or reported to all 3 agencies.

There is another alternative, one that will get you quicker and more positive results.

Simply go to WWW.AnnualCreditReport.com.  Here, you will be able to view your credit report from all 3 agencies, and dispute any entry you feel is incorrect right online.  It's quite simple.  However, if the repo is showing up on all three credit reports, you'll need to file 3 separate disputes.  Despite this, it will only take a few minutes each and you won't have to deal with some minimum wage person on the phone whos been there for only a week.

By disputing the repo, one of two things will happen.  First, "They" will respond and correct the report to your satisfaction.  Any of the 3 agencies will email you when a change has been made, so you'll know.  Secondly, "They" won't respond within the 30-day limit, and the entire entry will be deleted from your credit report forever.  That's good, too!  No entry is a ton better than a repo, and your credit score will take a big jump the moment those entries are deleted.

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"They" are the loan holders..the finance company. Thank you, I will try what you have suggested.

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