Can Repossessions Be Removed?
Having a vehicle or other item repossessed can be financially, and even emotionally, devastating! Many times, a repossessed item can represent loss of freedom or income (in the case of a vehicle) or maybe loss of security or family memories (in the case of a home). These alone are bad enough; however, then comes the realization that a repossession reported on your credit report will cause your credit score to plummet!
It may seem like the end of the world, but it really isn’t! It does get better. And, when it does, you should consider beginning to rebuild your credit immediately. And, the place to start is your credit report. You should request copies of your credit report from the three major credit reporting agencies – Equifax, Experian, and TransUnion. These credit reporting agencies are legally required to provide you with one free copy of your credit history every twelve months.
Once you receive your credit reports, you should sit down with them and review them thoroughly. When repossessions are entered on your credit report, the entry will include a list of all fees associated with the repossession, such as towing and storage. Check these amounts against your receipts. These amounts must be listed accurately. If they are not listed accurately, you may be able to dispute the item as a negative entry.
If you find erroneous entries on any of your credit reports, it would behoove you to write a dispute letter to the relevant credit reporting agencies. Your dispute letter should outline the reason for your letter and should request the removal of the repossession entry. Be sure to include the relevant credit report with your letter and highlight the erroneous information. Be sure to also inlcude copies of the substantiating documentation, such as receipts. Keep copies of all correspondence and enclosures.
Once the credit reporting agency has received your dispute letter, it has 30 days to contact and verify the repossession with your creditor. If the creditor cannot or does not verify the repossession amounts within the alloted time frame, the credit reporting agency is legally required to remove the entry from your credit report. You should receive a letter from the credit reporting agencies which indicates what action was or was not taken with regard to your account and why. If you are unsuccessful in removing the repossession entry, it will continue to be listed on your credit report for seven years.
If you are unsuccessful in removing the repossession entry using a dispute letter, you could try negotiating with your creditor to either delete the entry or to improve the status of the entry. You might try writing or calling your creditor and requesting deletion of the repossession entry in exchange for partial or full payment of the debt. You should obtain in writing any agreement reached as well as both of your signatures.
Although repossession can be devastating, it is something you can recover from. Times are tough and you are not alone in this plight. Just remember that there are better days ahead!
Learn how to remove a repossession. Discover the only legal way to remove any questionable credit repo at www.repocredit.net.
