A bad Auto loan results in terrible credit.

[GettinBy30k]

Hey guys. This will probably be a little long, so please bear with me, as I could really use some advice and information on possibly removing with from my credit report.

Firstly, I'm 22 and make just shy of 30K/yr. When I was 19, I decided that I wanted a truck. However, I didn't discuss it to much with my parents, because I knew they would do their best to talk me out of it.

I went to a dealer that promised a legitimate bank loan, regardless of credit history. I agreed to a loan of roughly $11,000. $300/month at 19% interest for 30(?) months. I don't really remember the length.

Of course, I received some ridicule from my parents, but it was too late. I quickly grew to hate the loan, but I still made my payments in a timely manner, sometimes paying more than required because the debt just never seemed to decrease.

After roughly 10 months, my truck was repossessed. I called my debtor and they confirmed that I was current. I then called the local police department and was informed that it was repossessed by an auto finance company that I had never heard of, nor done any sort of business with. Essentially, I was unknowingly sold a truck with a lien against it.

I made one more payment to my debtor, hoping that the situation would be resolved. However it wasn't and I ceased payments. Of course, I began receiving phone calls from exceptionally rude people. My debtor insisted that they were the title-holders, with all the evidence saying otherwise. I've personally seen the title in hands of the company I had no dealings with, as well as the state confirming it.

Now, I'm stuck with collections on my credit report and a debt of $4500. I haven't received the first phone call, nor any letters. And I searched high and low for a lawyer, but to no avail.

Any chance at all of possibly removing this from my credit report?

Thanks for any advice.

[cbhattarai]

Not only Auto loan any loan that is not managed properly have bad credit..

[littleroc]

You need legal advice, because I'm not sure what rights you have. Your situation certainly sucks. Good luck!

[Dawnstream]

That's a crazy story. I'm sorry that happened to you. You probably need to talk to your District Attorney's office. It sounds like you were played like a deck of cards. Check with your police department to see if a police was filed at the time. If not, you need to file one. In regards to your credit history, get a copy of your credit report from annualcreditreport.com, and make copies of it, if the loan is on there. Write to the credit bureaus (TransUnion, Equifax and Experian) and enclose a copy of your credit report with the truck loan highlighted or circled. Also enclose a copy of the police report. (Keep a copy for yourself, too.) In the letter you write to them, just explain the debt and ask them to remove it from your credit history. Tell them that the police are involved and the company that repo'ed the truck have the title. They will investigate it, and get back to you, but it often takes a month or two. They should remove it from your credit reports, but that only solves part of the problem.