Can Repossessions Be Removed?
February 17, 2010 by Amy Garcia
Filed under Credit Debt
It can be financially devastating to have a vehicle or other item repossessed, not to mention embarrassing! The repercussion of repossessed items can mean different things to different people. Repossession of a vehicle usually means loss of freedom to the owner. Repossession (foreclosure) of a home can mean the loss of family memories. Beyond these emotions, a repossession will trigger the downward spiral of your credit score!
Though you may feel like this is the end of the world, rest assured that it isn’t! Things will get better. I can’t help you get your vehicle or any other item back once it’s been repossessed; however, I can help you understand how to begin rebuilding your credit. To start, you will need copies of your credit reports. You can obtain these from the three major credit reporting agencies – TransUnion, Equifax, and Experian. Upon your request, these three major credit reporting agencies are legally required to provide you with a copy of your credit report every twelve months.
When you have received all three of your credit reports, you should schedule some time to sit down with all three to review them. Repossession entries will include an itemized list of all fees related to the repossession, such as storage and towing. Gather all of the receipts you have which relate to the repossession and compare them to the amounts listed on your credit report. If any of these amounts are incorrectly reported on your credit report, you should dispute the items with the credit reporting agencies.
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.
The credit reporting bureaus have 30 days from receipt of your letter to verify the negative repossession entry with the appropriate creditor. If the creditor does not verify the disputed repossession errors within the 30-day time frame, the credit reporting agencies are legally bound to remove the repossession entry. The credit reporting agencies should send you a letter outlining what revisions were made to your credit report or, alternately, if they took no action and why. It should be noted that if you are unable to remove the repossession entry from your credit report, it will remain 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.
Max Wood (1)