Repossesion, should I write a Goodwill letter?

[voncreutz]

A few years ago, I got to a point in life when I no longer could pay my bills on time. I got 90 days late on my car payment, and the car was reposessed

I borrowed money from family and got the car back the following day. Since then, I have made timely payments for a year and a half.

The repossesion and the 90 days late, still shows up on my credit report at all three credit report agencies.

My question is this: Is there any reasonable chance for me to have this removed by writing a "Goodwill letter" to the bank that finance my car? Has anyone had any success doing this?, or am I stuck having this derogatory mark on my credit report for another 4 years (that's when its due to go to positive status.)

I'm trying to repair my bad credit now, and would be most greatful for any help and input.

Thanks

[Trish]

Hi Von. Welcome

I looked around on this and it appears as though they should be at least reporting it as a "redeemed repo"...
Now, from what I can tell redeemed doesn't really look any better BUT the fact is....they are reporting it inaccurately.

I think first I would try disputing it (dispute the repo AND the late notations) and then if it comes back verified then send the OC a verification letter... letting them know it's being reported inaccurately.
(you can modify that letter to fit your situation)
You can always try a gw later if the above doesn't work.

HTH

[voncreutz]

Thanks for your help

My misstake. It does say Repossession; Redeemed. Like you said, however, It still looks pretty bad.

It seems as if everything is being reported accurately, so I'm not sure if there's much I can do when it comes to a dispute.

I was thinking that a goodwill letter would be my only chance in this case.

I'm new to credit repair, but I realize that if I don't do something about the derogatory items that shows up on my report, I'll be stuck with sky high interesst rates and no chance for a mortgage for years to come.

[Trish]

I would still try disputing it. If you want.....go ahead and post how it's reporting (leave personal info out) and maybe we can make sure it's all accurate.

And if you're more comfortable with a gw letter......that's fine. It never hurts to try.

[voncreutz]

It shows up like this:

Loan Type: Automobile
Remark: >Reposession; Redeemed<
>Maximun delinguency of 90 days in 02/2008<
Estimated date that this item will be removed; 01/2013

Thanks again

[voncreutz]

If I wanted to dispute this derogatory mark on my credit report, how could I do it?

Since the information on the report seems to be accurate, can I still legally dispute it?, and if I do, what would my reason be?

thanks

[Trish]

You can always dispute "no knowledge or records of this account".

[troybliss]

Originally Posted by Trish

You can always dispute "no knowledge or records of this account".

i disputed my repos over a year ago, and they both verified, lol, which is why im leaning toward sending in the letter stating i never got notice of the repo sale, etc.

[Trish]

Originally Posted by troybliss

i disputed my repos over a year ago, and they both verified, lol, which is why im leaning toward sending in the letter stating i never got notice of the repo sale, etc.

I hear ya.... they are not easy to remove.
I think over the past 6 1/2 years I have disputed mine at least 20 times...
My story is a bit different though.... so hopefully you will have better luck than me.