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I recently tried to buy an new car for myself and when they ran my credit report they said i have an collections notice in my history. Knowing i have never been late on anything in my life i decided to buy an credit report history. Looking at it everything is good all except under Experian. This is exactly how it looks on my report. Weird thing is its only under Experian and there is no history of it at all.
Account Name: BONDED BUSINESS SERVIC
Account Number: 44XXXX
Account Type: Installment
Account Status:
Monthly Payment: -
Date Opened:
Balance: $323
Terms:
High Balance: -
Limit: -
Past Due: $323
Payment Status: Chargeoff or Collection
Comments:
Should I report this dispute or would I be wasting my time.
Thanks
If you have never been late you should file a dispute immediately, then once it is cleared up you can try again with the car loan financing.
Do you recognize the debt? Is it even yours?
charge off
Hi Gforster,
Welcome to this forum.
You should first make sure that you really don't owe any debt. Then you can contact Experian, and inquire into the details. If they realize it as a mistake, then you can directly go for the dispute.
Once the item gets disputed, you can apply for the car loan again.
Hope this helps.
Thanks,
Aaron
Disputing is not enough. It won't improve your credit unless the item is deleted.
Go ahead and dispute this.
Send a DV letter to the collection agency if it doesn't delete
if you get records proving that this account is yours then try to work out a deal with the collection agency. hopefully PFD. What are the dates on this collection?
I know that this could take more than a month but it often works. Personally I think car loans are credit black holes. where do you live? Could you use zipcar for a while? would you consider a car that you could afford for cash?