- 1). Write a letter to the creditor who conducted the repossession, requesting the creditor remove the record from your credit report. The tone of your letter should be polite and factual, stating simply the circumstances surrounding the repossession redemption and the efforts you have made to get your account back in good standing.
If the creditor agrees, you should obtain copies of your credit report several weeks later to ensure the record has been removed and your work is done. If not, you must proceed to the next steps. - 2). Obtain a copy of each of your three credit reports: TransUnion, Experian and Equifax. By law, each company must provide you with a free copy of your credit report upon request (every 12 months). You can contact each company individually or visit AnnualCreditReport.com to request all three at once.
- 3). Review your credit reports carefully, comparing each one's information related to the repossession and checking them against the paperwork you received when you redeemed the property. Any misinformation on your credit report is grounds for a dispute; legally the credit reporting agency must investigate and verify the record.
If there are any discrepancies at all, proceed to the next step. If you find no discrepancies, consult an attorney or financial adviser for further assistance or advice. - 4). File a dispute with each credit reporting agency regarding the repossession account, either online using each company's individual method or form or by submitting a written request by mail. When disputing the information, you must submit the reason for your dispute. Be sure to specifically state that you want the record removed from your credit report. Credit reporting agencies are required to handle your dispute within 30 days, so shortly after that time you should be notified of the results of the investigation and whether the record was removed or proven to be accurate and cannot be removed.
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