Honda Canada misreported my monthly payments to the credit bureau, what recourse do I have?

Honda Canada Financing misreported my monthly payments to the credit bureau (equifax) two years ago. I discovered it about three months after the loan started and alerted Honda Canada Finance about the issue. They assured me then that it has been corrected. This month I recived a copy of my credit report which shows that Honda never corrected the problem. My monthly payment was tripled per my credit score, which completly thre off my ratios for the last two years (specifically the ratio of my monthly payments vs my monthly income). I was told several times over the past two years that I could not consolidate other debt because this ratio was too high (well over the 40% ideal).

I am consdiering consulting a lawyer to try adn recover some of the money that consolidation could have saved me. What reecourse would I have with Honda Canada?

Save the lawyer fees for a moment and try to resolve this with Honda Financing first.

Pull your most recent credit report and then dispute the item with Equifax directly (check Transunion as well just to be sure). Then send a copy of your credit report and a letter explaining the problem, the effect it has had on your personal credit, the hardship it has caused to Honda Financial and giving them 30 days to resolve the matter fully (make sure your letter explains precisely what you consider resolved to be).

Send this letter via registered mail.

Wait 45 days (registered mail takes a little longer) and then pull your credit report again. If nothing has been done then take a copy of your letter, credit reports and so forth to a lawyer and ask him to pursue the matter on "contingency".

Worth a shot, no?

Good luck

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