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Question By
StylesC2

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Should I dispute auto repo?
I financed a car back in Jan 2014 and a year later Jan 2015 fell behind a couple months and it was marked for repossession. I was able to pay the arrears and reinstate my loan (same terms) with my original creditor. Since then, I have pulled a credit report and this is what shows:
TransUnion: Pay status: Repossession Date Closed: 02/05/2015 >Maximum Delinquency of 60 days in 01/2015 and in 02/2015<
Equifax: Pay status: Pays as agreed This account shows in the comment section for 02/15 and 03/15 as Involuntary Repossession
Experian: Pay status: N/A, however it does show up-to-date payments Shows 60 days past due as of Feb 2015, Jan 2015 but has no mention of repossession

My questions are:
1. Should I dispute the Repossession status with Transunion and Equifax. I still have the car and have been exceeding the minimum payment amount with no missed payments since the time frame I described.
2. I know the late payments hurt but does a repossession remark affect my credit score more heavily?
3. Would I have any luck writing a letter of goodwill to see if the late payments/repo can be removed?

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The reposession comment would be the same as it went to collections, this is a reference they made as the comment they filed.  You should contact the creditor to request they remove the entry, IF they will adjust it.  I doubt you'd get a dispute in your favor if they ask the creditor who would in turn respond on what transpired and the remark will remain.  The creditor can fix this if they desire to fix it.

Reply by
StylesC2

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I just checked and it does NOT show under the Public Records section for any of the credit bureaus.

I have read through many of the articles here on CK, as well as many from other reputable credit sites/forums, and none seem to have the information I seek. I guess it was a miss here too because my questions still haven't been answered.

Do you happen to know if a repossession remark hurts more than 60/90 days late?

As for the dispute question, I specifically want to know if anyone knows if disputing the closed status on Trans Union (to be updated to open, current) would impact me negatively or positively.

**Please note that I am not intending for TU to remove the repo, rather that they update my account to the current status. I realize EQ is a different situation.

Reply by
StylesC2

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Sorry, the reply was posted on the wrong comment. Please disregard the duplicate.

If i an understanding correctly, you are sayimg that a repossession remark works similar to a collections remark. Now can you please elaborate a little further please? This is the first time I have ever had an account go past due. So, I don't know if paid collection accounts reflect positively or if they have the collection designation removed or what happens exactly when paid.

Also, should I try and get TU to update my account to show that it is NOT closed?

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Repossession is a legal procedure and is shown under the Public Records category on your credit reports. The late payments also were noted. Please read the articles on this site to see what is said about repossession.  You might try a goodwillletter, but don't be surprised if it is denied. It is, after all, their choice, not an obligation.

Reply by
StylesC2

3 Contributions
0 People Helped

I just checked and it does NOT show under the Public Records section for any of the credit bureaus.

I have read through many of the articles here on CK, as well as many from other reputable credit sites/forums, and none seem to have the information I seek. I guess it was a miss here too because my questions still haven't been answered.

Do you happen to know if a repossession remark hurts more than 60/90 days late?

As for the dispute question, I specifically want to know if anyone knows if disputing the closed status on Trans Union (to be updated to open, current) would impact me negatively or positively.

**Please note that I am not intending for TU to remove the repo, rather that they update my account to the current status. I realize that EQ is a different situation.

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