Legal Question in Credit and Debt Law in Minnesota

Repo on credit report

I bought a car in 2001 in MN and it was repossessed. I remember seeing a statute in MN stating if the sale price of the vehicle is under $5000, and was repoed, I will not have to pay off the car. However, it shows up on my credit report that I still owe for the car. On top of that, the finance company no longer exists. Do I have the right to tell them it needs to be deleted off my report, or do I just have to wait the 7 years?


Asked on 10/11/07, 5:00 pm

1 Answer from Attorneys
Sharon Campbell Sharon K. Campbell

Re: Repo on credit report

I don't know MN law so can't answer that part but it certainly doesn't hurt to go ahead and dispute it with the credit bureaus. When you dispute it, they are supposed to send it to the reporting creditor to either verify or not. If the creditor is no longer in business, it should not be verified and should come off.

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Answered on 10/11/07, 9:21 pm


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