Disputing credit? | FerrariChat

Disputing credit?

Discussion in 'Other Off Topic Forum' started by twinturbo, Jun 30, 2004.

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  1. twinturbo

    twinturbo Karting

    Nov 10, 2003
    160
    #1 twinturbo, Jun 30, 2004
    I bought a motorcycle back in 1998 when I was 18 yrs old ... for obvious reasons I got kicked out of my house as a warning to get rid of it and the bank financed me with 17% interest ... after a couple months being young and stupid I missed a payment and until this day it has been considered negative on my FICO score and won't go away ....

    When my dad found out about the missed payment he paid off the bike the next month as long as I promised not to ride it anymore ... agreed .... a couple months go by and no title ... I call the dealer numerous times and they say the bank has it, I call the bank numerous times and they say the dealer got it back ... basically I try for a couple more months to get the title and both places say they don't have it and the bank eventually says they sent it to me ... well I assume I misplaced it and try to go get a re-title on the bike which consists of numerous trips to the title office plus a picture of the bike, proof of purchase, and a whole bunch of other things that became a pain in the butt and to no avail I couldn't get the bike titled ....

    The bike sits for a couple more years ... eventually I dump the bike to a buddy of mine for $1500 w/o a title ... if I did have a title I could have sold it for at least $4000 ...

    I walk into my office a week ago (June 2004) and there is a letter sitting on my desk from "1st National Bank of Sarcoxie" and as I proceed to open it ... you guessed it .... the title to my bike from back in 1998!!

    All I want is to have them take the negative report they put on my credit off as justification for losing money on the bike, time wasted calling them and trying to re-title, etc ...

    How does a company retract a negative statement from someone's credit??

    Do I have to dispute it first through equifax? Do I just call them and tell them to do it? Will they get penalised for having to retract a credit report they made?

    Basically when I call the bank manager I don't want him to say he's not able to do that ... or it will cost him credit points ... or something to that extent?

    What do you guys suggest is my next plan of action?
     
  2. Juice It

    Juice It F1 Rookie

    Sep 22, 2002
    3,233
    Maryland (DC Suburb)
    Full Name:
    Jeff
    #2 Juice It, Jun 30, 2004
    You will have to work it out with the bank. Disputing it with equifax will do no good since you did miss the payment. I would explain this story to the bank and hope they will take it off. How long ago was the missed payment? They don't loose any points for removing bad info.
     
  3. ebrigham

    ebrigham Karting

    Nov 1, 2003
    155
    NYC
    #3 ebrigham, Jun 30, 2004
    The best course of action might be just to wait it out. If it is indeed just a single late payment, won't it automatically be removed from your credit history after a certain number of years (7?)?
     
  4. tifosi

    tifosi F1 Veteran
    Lifetime Rossa

    Sep 5, 2001
    5,382
    texas
    Full Name:
    Tom D
    #4 tifosi, Jun 30, 2004
    depending on your other credit one late payment generally does not hurt you. if the bank is willing just have them send a update to the credit agencies saying it was a mistake
     
  5. twinturbo

    twinturbo Karting

    Nov 10, 2003
    160
    #5 twinturbo, Jun 30, 2004
    Wednesday, June 30, 2004
    Your credit history from Equifax as of June 20, 2004.
    FNBSARC (Individual)
    Account Number: 1127XXXX

    Credit Grantor Contact Information
    Not on record

    Account Number 1127XXXX
    Account Type Installment
    Credit Limit
    (High Credit)
    $7,119
    Minimum Monthy Payment (Terms) $197

    Date Opened December, 1998
    Date of Last Activity September, 1999
    Description

    Last Report on November, 2002
    Balance Current status Past Due Amount
    $0 Pays account as agreed



    Recent Payment History

    Seven Year Payment History
    30 days late: 1

    7/1999 60 days late: 0 90+ days late: 0
     

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