How Can I Remove a Repossession?
People usually become emotionally attached to their belongings. This is just human nature. So, when these things are taken away, it brings about emotional fallout. When someone’s vehicle is repossessed, they normally will feel their freedom has been taken away. Likewise, when a home is repossessed (foreclosed upon), the owner may very well feel the loss of family memories. Another form of emotional let down is when you finally realize the enormity of the situation as related to your credit score, which will immediately free fall!
As you watch your car being towed away, you might feel as though your world has come crashing down! However, as bad as it may seem, it’s not the end of the world! Really! The best thing to help yourself is to immediately begin to rebuild your credit. To do this you should first request copies of your credit reports from the three major credit reporting agencies. These three credit reporting agencies are Experian, TransUnion, and Equifax. Once every twelve months, these credit reporting agences are legally bound to provide you with a copy of your credit report, upon your request.
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 your credit reports contain inaccurate information, dispute letters can be written and mailed to the credit reporting agencies to try to have the negative entry removed. When writing your dispute letter, you should include the reason you are writing as well as a request that the repossession entry be deleted from your credit report in its entirety. When you mail your dispute letter, make sure that you include a copy of the appropriate credit report and that you highlight the inaccurate information. You should include copies of any substantiating documentation, such as receipts, with your dispute letter. Further, you should always keep copies of all correspondence you send to the credit reporting agencies, as well as copies of any enclosures.
Upon receipt of your dispute letter, the credit reporting bureaus have 30 days to verify the repossession entry. The credit reporting bureaus will contact the creditor and attempt to verify that the information reported on your credit report is accurate. If the creditor cannot verify this information, for whatever reason, within the stated time frame, the credit reporting bureaus must by law remove the entry. A letter should be sent to you by the credit reporting agencies which explains what action was or was not taken and why. A repossession entry, if not removed, will remain for seven years on your credit report.
In the event you are unable to remove your repossession entry using a dispute letter, you might be able to have the entry deleted or its status improved by negotiating directly with your creditor. A promise of partial payment or payment in full might persuade your creditor to delete the repossession entry. You should insist on a written agreement if you and your creditor are able to come to terms. Additionally, make sure that you obtain your creditor’s signature on the document and that you sign as well.
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.
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