Need Help Credit Repair?

[foxmulder]

I've had a gmac auto loan for 4 years, Never any problems. I lost the envelope with the address in and mailed it to the address they provided when i called. Now they claim they didn't receive a payment for 271(check never cleared) They left a "30 days late" on my credit report, It droppped my score 50 points. How can i clear this up on my credit report? I did a dispute online with experian. (i called and did a bank draft for the payoff for the autoloan, so i'm not in default.)

[RedScare]

Just keep paying everything on time. Time heals credit wounds. Additionally, FICO is changing their formula slightly later this year. They claim that borrowers with only a single ding but otherwise good credit history should get a better score. Those with a thin credit history should see their score drop. Assuming this is your only ding, you should improve your score.

Google 'New FICO rules' for numerous articles on the anticipated effects of the changes.

[Mark F. Barnes]

Like Red said, time is the only way to fix your credit. DO NOT waste any money and time with the so called "Credit Fixers". They are a crock of crap. You can dispute in writing until you are blue in the face, the big three (Experian, Trans Union, and Equifax) pretty much have free reign to an extent.

[jm1fd]

I've had a gmac auto loan for 4 years, Never any problems. I lost the envelope with the address in and mailed it to the address they provided when i called. Now they claim they didn't receive a payment for 271(check never cleared) They left a "30 days late" on my credit report, It droppped my score 50 points. How can i clear this up on my credit report? I did a dispute online with experian. (i called and did a bank draft for the payoff for the autoloan, so i'm not in default.)

Call the lender and explain the situation, tell them you'll be more than happy to bring the account current immediately, and ask them if they'll take it off your credit report.

[Mark F. Barnes]

Call the lender and explain the situation, tell them you'll be more than happy to bring the account current immediately, and ask them if they'll take it off your credit report.

And they will say they have it up to date and have notified the credit report companies and you will fight with them until it finally falls off do to time lapse. The credit reports are such a PITA and are very hard do deal with. Good luck either way Fox!!!!!!!!

[jm1fd]

And they will say they have it up to date and have notified the credit report companies and you will fight with them until it finally falls off do to time lapse. The credit reports are such a PITA and are very hard do deal with. Good luck either way Fox!!!!!!!!

Thank you for your defeatist attitude, Mr. Curmudgeon.

It never hurts to call and ask what they'll do for you.

[cottonmather0]

Thank you for your defeatist attitude, Mr. Curmudgeon.

It never hurts to call and ask what they'll do for you.

I'll second that it never hurts to ask, and very likely they will agree to help you out provided you have a good history otherwise with them.

But I will also second that dealing with the reporting agencies is a PITA and sometimes a futile exercise because in a sense it is against their interests to take stuff off of your report. Not that they are in the business of disseminating inaccurate information, but they also don't want to get a reputation as being too easy, either, because then the customers who pay to use their information might start having doubts as to whether it's as accurate as it could be. I'm just sayin...

Speaking as someone who once had both legitimate credit problems and illegitimate issues with (and unfair treatment from) the reporting agencies, the best thing you can do is hound the creditor to make their promise to you IN WRITING that they'll remove it from your report and then send a copy to the agency if and when it doesn't happen. Even then, the agency might refuse by saying that it's still accurate that you really were genuinely late despite the circumstances and your post-facto agreement with the creditor (see my previous paragraph all over again).

My other piece of advice is to just be dogged with letters and phone calls. They have an army of people who read the mail and answer the phones and each individual has a lot of leeway to make changes. Sometimes it's just a matter of calling back a million different times until you find someone who is willing to help.

Good Luck.

[TJones]

I would only worry about Equifax and TransUnion scores. Most every cardealership uses those two exclusively, try to get with those guys and clear it up. I would start with GMAC though, since you have the relationship with them already, they can actually change your status by notifying those companies for you.

[Mark F. Barnes]

Thank you for your defeatist attitude, Mr. Curmudgeon.

It never hurts to call and ask what they'll do for you.

Not being a defeatist, just realistic. GMAC won't be a problem and they will dutifully notify the big three, but that where the nightmare begins. Getting things on is easy, getting them off is the issue. The score takes the hit and it will stay on there until "they" get ready to take it off. There is no set time schedule or limits, it's there until they get good and ready. See what you fail to realize is those reports don't belong to you, they are just about you. Experian owns that report, Trans Union and so on and so forth. It's their property that they have managed to establish as Gospel in the financial world, and are treated as so. They are a private enterprise that has no regulations to follow, they pretty much have free reign to do pretty much what they want. They report inaccurate information all the time. Sometimes they are misinformed by a creditor, and sometimes it's a cross up in their own system. They have gotten a little better over the years but are still a PITA. Sometimes even litigation is the only way you can force their hand. I speak of this from prior experience. I physically had to file suit on Experian to get them to remove fictitious information, and even after the judge handed down his ruling they were given 30 days to correct the error and they waited until day 29 to pull it off. So after 48 months of fighting with these people and you have no idea the paper storm it created, it was finally done basically at gunpoint by a judge, or be held in contempt.

[northbeaumont]

Just keep paying everything on time. Time heals credit wounds. Additionally, FICO is changing their formula slightly later this year. They claim that borrowers with only a single ding but otherwise good credit history should get a better score. Those with a thin credit history should see their score drop. Assuming this is your only ding, you should improve your score.

Google 'New FICO rules' for numerous articles on the anticipated effects of the changes.

I've read not to fall for those "credit repair" schemes. They're just another scam to take your money. It has been said by credit counselors that "time is the only thing that will clear up a bad credit record."