In 2000, I paid off an auto loan early that I had with American Honda Finance. During the course of the loan, I never made any late payments. Nothing negative. In 2001, out of the blue, Honda Finance reported the TL as a repossession. After many, many hours of trying to get them to correct this to no avail, I sought the help of Honda dealer General Manager in my area who happens to also be a local TV personality. With his help, they corrected it. It was removed from my credit report. Honda Finance also provided me with a letter indicating their error and that I was actually in good standing with their company. In 2004, I was attempting to get a mortgage and the loan officer informed me that Honda Finance was reporting a repossession on my credit report. It was back! Thankfully, my credit was strong enough that I was still able to get a fairly good rate, since that was the ONLY negative on my reports. I contacted Honda Finance again and they eventually removed it. Recently, I pulled my EQ report and once again Honda Finance is reporting the TL as a repossession! What should I do?
Sue. America Honda is knowingly reporting information that they know to be false and you've got a letter to prove it. With that reinsertion of false information, you suffered damages because you did not receive the best mortgage rate available at the time. America Honda is liable for that adverse action and you're entitled to the damages from that false tradeline. Ask the mortgage lender what rate you would have had without the Honda TL on your report, proceed from there.
A lawyer in consumer law (look in your area at www.naca.net). Also, I'll bet the FTC and your state AG would like to hear about this mess. Attach the letter to your correspondence.
One way: See the naca.net site. http://naca.net/ Search on attorneys with experience or advanced knowledge in FCRA law in your state. They tend to handle collection law, FDCPA law, and sometimes bankruptcy law, since the issues tend to overlap or their typical clients.
You need to dispute the item listed on your report with the CRA's first. This will trigger your private right of action for FCRA suit. Honda is a data furnisher, you need to trigger 1681 (s)(2)(b) to be able to sue, only the FTC can just up and sue straight off under 1681(s)(2(a).
Re: Does Honda owe me $1,000 or mor I have initiated the dispute process. My credit report currently reflects a pending dispute.
