Drive Financial Services
Unfair credit report

Drive Financial financed my vehicle in Summer 2006 and unfortunately my vehicle was recently totaled (4/16/07). My primary insurance company paid the full nada value of the vehicle (4/23/07) and my gap insurance company is paying the remaining balance which is pending (Drive has confirmed payment is pending through communication with gap insurance company). Sadly, my gap insurance co. Requested payment history 4/30/07 since I was not able to get the accident report until 4/30/07 and Drive provided payment history 5/3/07.

I have never missed or had a 30-day late payment on my account yet to my surprise, on 5/3/07 I got notification through my Credit Bureau alert that this item is listed as a potentially negative account that Drive has placed in "Charge-off" status as of 5/1/07.

When I spoke to their collection department, they said they don't understand why and told me to call back the following day to talk to their insurance department who then forwarded me to their total loss department.

WHen I talked to their total loss department, they told me that I need to file a dispute. They told me their reasoning is because unfortunately, they have no collateral until my gap insurance pays and by then the item will be ready to come off of my credit report as a charge-off due to my dispute.

What about this item showing as a charge-off or my payment history being blemished? Is this how you reward people who honor their payment agreement? Is this a tactic to keep my credit score low so that as I look to replace this vehicle I have a hard time finding a more reputable lender? Doesn't the FCRA protect against such actions? Help!

Company: Drive Financial Services
Country: USA
State: Texas
City: Dallas
Phone: 8882224227
Site: drivefinancial.com

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