Follow Us:
 
Bankrate.com
Bankrate Mobile Site

auto

Bank can clarify record after car repo

q_v2.gifDear Terry,
I co-signed on a car loan for a family member. The car was repossessed and sold at auction by the sheriff's department for unpaid tickets. Payments were always made to the bank that issued the loan and the balance was paid off after the repo by the sheriff. Yet, a repo shows up on my credit report.

What can I do to clear my credit, or to make them note that this was not a repo by the bank for nonpayment of a loan?
-- Mike

a_v2.gifDear Mike,
Your first step should be to contact the bank and show the proof -- receipts, canceled checks, etc. -- that you paid the loan in full. With such proof, they should be willing to correct the record. If there are payments in dispute, contact the credit reporting agencies and tell them the issue is in dispute.

If you have a question for Terry, e-mail him at Driving for Dollars. Save money on your car -- sign up for Bankrate's new weekend Car & Money newsletter.

advertisement

Compare Auto Rates
zip code:
product:



advertisement
 

A little research could save you BIG on interest.

Don't have time? Our rate-tracker tool saves you time and money. Delivered Thursdays.
 
advertisement
Bankrate on Facebook
advertisement
Car owners are overwhelmingly supportive of safety technology that reduces the number of car accidents.