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Collections Law/Charged off auto loan

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Expert: Regan Shinski - 9/30/2009


Question
I started a chapter 13 bk to try and save my home. I never completed the process and the case was dismissed. I wasn't able to make my auto loan payment at that time. I called my finance company and paid all of my late payments and fees. I discovered later on my credit report that it is listed as a charged off account now making payments. What can I do at this point?

Answer
Hi Natasha:

I don't understand.  Do you still have the car?  I guessing you still have the car, want the car, and it's just reporting the account incorrectly.  If so, you should send a dispute letter directly to the three credit bureaus (Equifax, Experian, and Transunion).  Just explain it in layman's terms.

They will be required to contact the creditor, who will the verify it or correct the information.  The credit bureau will respond back to you in writing in about 30-35 days.  If they come back and verify it or don't update it properly, dispute it again and include any supporting documents or statements.

The best time to do this is when you are fully current on the loan.  You don't want to spur the creditor into a repossession by putting their attention to your account if you are behind.

Good luck and let me know if I can be of assistance.  I have been completing credit repair and sending those types of letters for people for over 10 years.

Regan
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Regan Shinski

Expertise

I can answer questions on collections, repossessions, bankruptcy, credit repair, credit counseling, FICO scores, credit planning, and the cause and effect of credit related decisions. I can also answer questions on collection settlements and preparing to sue your creditors for false debts and credit credit reporting.

Experience

Fifteen years ago I was financially devasted due to severe health issues. I filed bankruptcy, had a foreclosure, car repossession, tax lien, and ruined credit. I immersed myself in credit law. I settled dozens of accounts and had them removed to improve my credit. I personally sued four creditors and collection agencies and won cash settlements for their false reporting on my credit reports. Since then, I have completely recovered and have nearly $100,000 in revolving credit lines and perfect credit. I have owned a credit repair company for the past five years and have an additional three years of specific work in the collections and debt management industry. I am fully versed in the Fair Debt Collection Practices Acts (FDCPA), Fair Credit Reporting Act (FCRA), and have used them successfully in collection settlements and lawsuits for myself and others. I am also familiar with and abide by the Credit Repair Organizations Act (CROA). I have deleted or helped delete literally hundreds and hundreds of derogatory items from consumers' credit reports and helped negotiate many settlements with collection agencies and creditors. I have also advised people on bankruptcy at any stage. In the current credit market, I have successfully advised numerous people on how to obtain credit and how to negotiate for better terms.

Education/Credentials
BA University of Minnesota

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