Best way to attack Equifax?

Ok, Equifax is by far my worst report! My score is in the mid 500s, but the info on the report is just wrong! For instance, my wife's car loan has been passed to 3 different companies (most currently with Wells Fargo). But the other two companies are still showing up on the report with the balances. For instance, one company sold the loan in 98 (by date of last activity) but shows a 30 day late in 99 plus a balance of over $13k. There is even a ACCOUNT CLOSED BY CONSUMER notation.

I'm starting my verification/validation strategy now. I did an online dispute (for a bunch of items) that should be done mid August, then I'm going to use variations of LK's validation letter.

My reason for trying to rush this now is that I'm trying to buy a new SUV in the Oct/Nov. time frame. I talked to a good friend of mine that is a finance manager with Toyota and he said that they would pull Equifax. I'm planning on buying a Sequoia Limited with about $10K down (little over 20%) but I really want to keep my payments down in the $5-600/month range (that's what I'm budgeted for). He already told me he can get it for about 3% over invoice, but I need to get the rate down as low as possible to hit my target monthly payment rate.

My thinking is that I should have Equifax as good as possible by end of September, which leaves about a month for the report to stablize. Is there anything else that I should be doing while I work on this strategy?

Thanks in advance...

 

bump....(on a log)....

 

Doc...this wasn't provactive at all In fact, you make some very poignant points. I've also considered the implications of what I am planning to do. My rebuttal points are as follows:

1. The Seqouia just came out in 2001, so there are no "newly used" models out there. In fact, they didn't introduce the Sequoia until 2001, which is rare for a car company (usually, then next year models hit the stores in Sept/Oct)

2. I narrowed down my choices to the Seqouia and the Yukon XL. the Yukon XL was also redesigned for 2001, so the older models won't meet my "eye candy" criteria

3. I'm waiting until Oct/Nov to make my purchase because the 2002 models will be out, and I thought that I could get a good deal on a 2001. When I talked to the finance manager at Toyota (my frat brother) he told me that Toyata has slowed production of the 2001 and are ramping up for the 2002. He only has 2 Sequoias on the lot (of course one is EXACTLY the one I want!!!) but I don't have the funds for it yet.

4. Toyotas and Hondas hold their value very well. I have a 1993 Accord EX that I can still get over $5000 for.

5. I'll actually only be financing about $30K, with $10K down...MSRP on the fully loaded Sequoia Limited (on their lot) is $45K. Invoice is about 39K, so I'll get mine for about $41K...

BTW, I would never put my original post on a board like Motley Fool...they would be much harsher with their critisism of my "plan to waste a lot of money on a depreciating asset" That's why I love you guys so much!!!

 

LK,
Thanks, I'm following your lead on this one. I have sent for verification, then when they verify, I will ask for validation...then file suit. I'm creating my paper trail with this verification.

Is there anything else that I should be doing while I wait for these to come back?

Thanks.