Wht to do about my credit report and a repossessed car?

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Wht to do about my credit report and a repossessed car?

About 3 or 4 years ago I bought a car from a dealership. Maybe 7 or 8 months later I moved out of state and before I left I let the dealership know and made my car payment for that month. About 2 or 3 weeks later my car got repossessed because they said they never received payment for that month. A few days later I provided proof of payment and the dealership told me that I could get the car back but they were charging me a repo fee. I had to let the car go because of this and just found out they sold the car for the original loan amount but it’s on my credit for the whole amount. Can they do this legally?

Asked on October 30, 2012 under General Practice, Colorado

Answers:

B.H.F., Member, Texas State Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Undert the Fair Credit Reporting Act, you have a right for your credit and consumer debt history to be reported accurately.  Because some credit reporting agencies purchase information from other sources to combine with their own information, it's possible that you are not a victim of bad reporting by the car lot, but rather a victim of information that has not been properly updated.

So, your starting point is to get a copy of your credit report and follow the dispute procedures.  The report can show that you had to return the car and were subject to a repo, but it cannot represent that you owe on an amount that is no longer due.  If the credit reporting agency refuses to correct the information after you notify the agency and the car lot, then you can file a complaint with the state attorney general or file a private suit for a violation of the FCRA. 


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