Credit Management Archive

A forum for anonymous discussion of credit, debt, and finance. No registration, no frills, just good advice.

Removing "Redeemed Repo"

Removing "Redeemed Repo"

Discussion open, post a reply
Posted in credit on Feb 06, 11 at 4:45AM
Hello everyone, I have had an auto loan through Citizens now for two years. Last January, my auto loan fell into default. I awoke early one morning to find my car was being towed! I had not seen a letter notifying me of a repossession and immediately paid the past due amount (in two hours) to redeem my vehicle. Now my credit is reporting a "redeemed repossession" since March. My question is this; is there any way to remove the "redeemed repossession" on my credit? Has anyone else had this issue? Any help would be appreciated.
Moving to the main credit forum for more views.
 
---
 
anyone?
 
---
 
Have you disputed it at all?
 
---
 
Is the actual loan still open?
 
---
 
I have disputed as of last week and, yes, the loan is still active. I've been actively paying since March (last reported month of payment).
 
---
 
What is the "I" status of the loan as it reports to your credit files?
 
---
 
what do you mean, "I"? I'm looking but I don't see that reported on my credit report?
 
---
 
It's the INSTALLMENT STATUS of your loan as reported to file from the data furnisher. It can read from "I0" all the way up to 'I9"
 
---
 
for instance on an Equifax report
 
---
 
it says "08" as of 9/07. I know it's not though, I've paid on time and have bank receipts to prove so since 3/07...
 
---
 
They have 30 days to handle your dispute, so for now, you have to wait and see what happens. If It's verified, you'll have to contact the loan company and tell them the problem. I'd use the good will type of approach. But wait, it may get changed because you disputed it.
 
---
 
thanks!
 
---
 
UPDATE: I got a letter in the mail from my lien holder stating that, "We inaccurately reported your loan to the three major credit bureaus. We are now reporting your account as: CURRENT, NOT IN REPOSSESSION" WOOOOOOOOOOOOOOO!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! I WIN!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
 
---
 
I am in a similar situation. I have a car loan that is still active I have the car. The credit report shows one month late payment, then a repo, but i got the car bak and now it is current however the credit report says REDEEMED REPOSESSION. what do i say to the creditor to get them to remove the redeemed reposession and late from my CR?

what did you say in the letter to get them to correct it?

thanks
reply to post
Your reponse:

Your email (optional, if you want to receive notifications of replies):

 

Search