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Credit Reports

~8500 answered questions
Parent Category: Credit
A report detailing one's borrowing and repayment record used to determine one's credit reputation. It is used by lending institutions to find the subject's credit worthiness.
Differences Between Cash and Credit Charge Rates Cash is an acceptable form of compensation to pay all debts, public or private, "legal tender". Credit is only an equivalent. Merchants charge higher prices for credit in order to defray some of the costs associated with accepting credit cards. A…
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A dog box is the term for a transmission utilizing a dog engagement. A dog box can have either helical or spur gears or both. Dog engagement are basically no more than cogs on a slider. The shifter pushes them into a receiver ring which engages the gear it is attached to. There is a separate dog an…
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As a one-time issue in a good credit report, it may not be an issue. However, the reason the landlord checks credit is to assure that you will be likely to pay rent on time. It costs a lot of time and energy to follow up on non-paying tenants. I would also guess that the rental market you are lookin…
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Yes and yes.BUT the amount that you co-signed for is considered to be YOUR debt until that loan is paid off, so the amount you can possibly borrow has been reduced by your signing as a co-payee on that first car loan.
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%REPLIES% Answer He is guilty of fraud and is doing you no favor. If you allow this, then you are a co-conspirator in fraud. Answer Surely this can only happen with your knowlege as you have to see, read and then sign the forms!
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You give it to the police and they will deal with it. Or your insurance company will deal with it.
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I have declared bankruptcy which included a vehicle re-possession and thank God, I now have great credit again! So good in fact, that I have three credit cards! This process will take at least ten years, but if you are in real trouble and have no other way out, it does work. Your first step is to a…
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Better is not the best word, but a chapter 7 could wipe out the car debt and your other debt. If you just to the repo - they can still come after you for the 4500 dollar difference if they sell it for only 4k (most likely it will be sold for 2k or so) which would make the debt higher. Both will hurt…
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It remains for 7 years, from the date of repossession/charge-off, even if you get the vehicle back. However,If you don't pay the loan off, after it was repoed, then the original creditor MAY get a judgment against you, that judgment will stay on your credit report for 10 years. Unless you are able t…
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Repossession yes - I am suprised they didn't force place insurance coverage on the car when they found out you had no insurance. I am also suprised they didn't report it as a reposession in the first place rather than a charge off. Are you sure this is the case? More input from FAQ Farme…
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you can not have true info removed legally from your credit report.
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%DETAILS% Answer YES - the fact that the original term of the lease had past has nothing to do with it since the payments weren't made.
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I think the B/K is the lessor of the 2 evils. from what I've read, its better(if there is such a thing) to wait until the creditorsget the judgments. The do the B/K thing and get the repos and judgments taken off at one time.get legal advice before you do B/K, it stays on your record for up to 10 y…
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Joe, lets say you owe me $1000.00. I have a legal contract stating that you owe me 1K. That contract can be sold to anyone who will buy it. If I decide to sell it to Sam for $500.00, I can do that and show a charge off of $500.00 that I "lost" on the sale. Sam however, intends to collect $1000.00 fr…
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Melanie, ANYTHING that has to do with how you pay your bills will affect your credit. Anything good will help and anything bad will hurt. A repo is on the BAD side and a settlemnt is usually on the good side. How the creditor reports it to the CRA will affect how good or bad it looks. The method of …
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%DETAILS% Answer What state are you in??? Laws VARY by state.
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carolene, normally, banks dont turn accts ovet to CA unless the payments are NOT being made. Have you bothered to call the bank and inquire as to why this is happening?
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It helps your pocket but NOT your CR. The repo is still there unless you negotiate with the lender to remove it also.
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Nan, why not ask your B/K attorney?? S/he is more familiar with your case than anyone else. The fact that you "thought" you reaffirmed indicates a possibility that you didnt.
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It can show at any time. A repossession is compleated as soon as the car is picked up so it does not matter what happens after the repossession it still did happen.
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Paying the car off was good but having to repo it to get it paid off was BAD or negative. the lender did report that it was PIF,HUH?? So they reported the good and the bad.
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YES its bad you dont get the lowest interest rates IF lenders will loan to you 7-10 years
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If you are in DEFAULT of the contract, the collateral can be repoed.
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It stays on your credit report 7 years from the date of settlement not the date of repossession.
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%FOLLOWUPS% get an attorney to contact them with nasty letters   I contacted an attorney and was told that there is nothing we can do. The company is reporting this settlement as a charge off, which is apparently the worst thing to have on your credit report. This is really ruining our lif…
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%FOLLOWUPS% WHY did they pull it? Did you discharge the debt and forget to return the car?? If so, they were probably hunting the car.   Value very well could be a factor. Make sure you dont get into default on some other term of the contract, INS, ect. 5X value will make it attractive. LO…
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wife gets the car in the divorce** she may have gotten the car but YOU got the responsibility of paying whats owed. "Getting the car in a divorce" is a clever ploy by attorneys to placate all parties, BUT, that doesnt change the LEGAL part of a contract. YOU sign, YOU pay.
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%FOLLOWUPS% Depends on your state laws. Check with a local attorney. I would think the worst they could do is attach the assets so that when you go to sell, they get paid first.   Wendy, once a lender runs your SS#, the judgment will show up. Its possible you might still get the loan but…
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Getting it off SHOULD have been part of the deal when you paid it off. that's when you had the most leverage with the lender who put it on there. Now.... contact an attorney buy your chances are slim. The repo was a fact, not an error that can be corrected. Good Luck
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Sorry to say, its about 1% better than a 'normal" repo. try to sell the car. You'll get much more than the lender will at auction. Of course, you'll have to come up with the difference to complete the sale. talk with your lender about that idea. Good Luck
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YES   I have a letter if you would like it that you can send to the parties involved that may or may not be able to help you get this off your credit report.let me know if you would like it.
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I am NOT a credit score exprt, but anytime you pay what you owe it looks good.Anything positive helps a bad score. Good Luck and congratulations on the payoff.   It may not help your credit score, but a friend of mine had a repossession through Ford Motor Company several years ago. He then fi…
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Michelle, a repo is a repo is a repo to a credit score. It says you couldn't meet your obligations and the lender had to take back the collateral to try to get their money. A new lender looking a your CR will see 'repo" and say, well, I better charge this person more because they might not pay me ba…
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Did the lender get a JUDGEMENT? What state are you in? The 7 yr. part is a fed law that a JUDGEMENT must be removed from your CR 7 yrs. from the date of judgement. As part of (and BEFORE) the payoff, try to negotiate with the lender to remove the repo from your CR. Email me if you need more info. PS…
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7-10 years and damage is bad. You will have to pay HIGHER interest on loans and BIGGER down payments.
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%DETAILS% Charge off is an accounting term. You still owe the money. Make them an offer IF the debt is NOT past the SOL. You say they DONT have a judgment YET so it sounds like it may be OLD. Its strange they would ask for 1/2 the balance if they don't have a judgment.   ..looking for mo…
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Yes, time heals all things. Money and repaying ON TIME helps tooo.
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A judgment occurs when a creditor takes you to court, sues you, and wins his case against you. The creditor must do this before the statute of limitations has expired for the original debt. Typically, the court will try and contact you via mail, but they do not need proof that you were contacted, an…
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the original creditors claim should drop off and the CA claim stay. Double?? Likely, the unterest and fees are building up. Try to settle this somehow. They WILL deal.
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About the same as any repo. The impact is that you couldn't complete the agreement for whatever reason.   Same as a repo. A repo is a repo is a repo.   That is correct, there is no difference in voluntary and involuntary. Stays on your credit report for 7 years. Don't let it happen …
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Only on your CREDIT REPORT. DMV doesnt care how you got it or got rid off it, as long as ya dont steal it or sell before ya pay for it.
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An attorney can do almost anything YOU PAY THEM TO DO.   But remember, roosta, the other side has attorneys, too, and they may be better paid!
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YES< YES <YES. IF you work hard enough at resoring it. It will NOT do it by inself, it takes effort on your part. It is definitely not impossible. Many have overcome repos, charge offs ect. and gotten back their GOOD credit. good Luck
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lets get the FACTS straight. Heres what I'm seeing. A(person) buys car from (dealer) D.D "co-signs" the loan. A defaults on loan and D repos the car. B(bank)reports repo on A CR. Simple. A had loan in default, got repoed. Repo goes on CR because it happened. WHO did the repo is immaterial. Repo does…
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The repo will effect your credit. The judgment the lender will get will effect your obligation to pay the deficiency balance. the letter wont effect anything UNLESS the car WAS stolen.
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%DETAILS% YES, your loan was in default. NOW. the lender will likely get a judgment against you if the car doesnt sell for enough to pay the balance on the loan. Dont forget the interest for the last 5 yrs.   Hey, you did good. A free ride for five years before you got caught! Say a gran…
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It is up to the LENDER to report a repo. Usually they DO report it and it stays on your CR for 7 years.
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i would be ready to NEGOTIATE the CR part before I called. For such a small amount due, it would be reasonable for Chry to make some kind of adjustment on whats reported to the CRAs.maybe an attorney could negotiate better than you?? good Luck
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not likely that she has not been contacted. I know how my mom is at 80, she might not know who it was on the phone. Good Luck
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B/K will NOT fix credit unless you consider NO credit for 7 yres. "fixed". It will get it off your record.
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http://www.NationalScoreIndex.com. Overall, the study found that: The average Experian PLUS(SM) Score for consumers with no late auto payments is 689 versus 596 for consumers with at least one late auto payment. When a payment is late by 90 or more days, the average score dropped to 574. * 1.5 perc…
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YES, ALL events relating to account activity should be on the CR. If the negative reports can be on it, the postitive can. Contact the CRB and get the info to add it.
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http://www.bankrate.com/goocalf/search/story-advice.asp Getting it off? NOT likely. Improve it? Maybe, if you settle the debt with the lender. Get it marked "paid as agreed" IF you negotiate some type of deal with the lender. It is just a report of what happened. try the above link for more info. Go…
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Chances are good the bank sold the account to a collection agancy. Contact a local attorney for state specific info.
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If a person's car gets repoed, the bank can report it on their CR in any state. When they redeem it doesnt matter, its the fact that it got repoed that gets reported.
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Tooo many variables in your questions to give a definite answer. Things like general condition of the car, market values,demand for that model at the auction, ect. Bottom line GUESS?? NO. What you pay 12K for retail might bring 4-6K the next day at auction. Consider how long you drove it,ect. Good L…
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VERY possible. reporting repos is up to the LENDER(of course, they usually do). It was very much repoed from you sooo. Nothing you can do about the co-signor having or not having a repo on their credit.
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%DETAILS% Answer Call a LOCAL attorney for state specific advice. Check at your local courthouse for the judgments records.
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IF the CA was assigned the debt by the lender, IF the CA bought the debt from the lender, most important, IF there was a judgment against the debtor. YES. 6 yrs of interest adds up.   YES
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You're NOT forgotten or forgiven. Someone will be collecting that $9000.00. Charge-off is an accounting term to cover the interst they lost on the loan. You will be contacted to pay.
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IF the lender posts a repo on your CR, you have one.   You will have the repo on your credit report, but it should also show up as "redeemed".
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Think about it. IF the lender waited until the loan was paid off,zillions of repos would NEVER be reported. Sooo, they report them as they happen.
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If it shows on your CR, it will effect how lenders extend credit to you.
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It will remain on your CR for 7 yrs. Unless you can get the LENDER to remove it.
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YES, its legal. The lease you signed was a legal contract calling for you to do certain things at certain times. You defaulted on those terms and the Lender is reporting that you defaulted.
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Thats a VERY general question. You should contact a local attorney for state specific advice.
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It will make a repo appear on ones CR and subsequent loans will require a higer interest rate and possibly higher down payment.
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%FOLLOWUPS% Each one starts from date of report to CB. Its NOT the repo report that will hurt. The JUDGEMENT will stay there longer and has more teeth.
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READ your CONTRACT. You can be repoed whenever you are in DEFAULT.
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1-6 months depending on the lender.   Once the vehicle is picked up and sent to auction which will happen in 30-60 days.Once the paperwork is processed when the vehicle is picked up the cbr should be updated within 30 days.
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Yes, IF you pay more down payment and higher interest rates.
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First of all, a lender does not report a vehicle as a repossession until they actually have possession of the vehicle. Then immediately via computer the code is entered and authorities notified. The credit reporting company may be a little slow getting the repo on your report however, but any new le…
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It will save you some money BUT you will still have a repo on your CR.
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Unfortunately, what YOU want doesnt mean much to the lender. THEY want their money and they have LEGAL options to obtain that money if you have it. Remember when you wanted that car??? You agreed to certain things in the contract you signed. Maybe you didnt read them, but you agreed to them. You nee…
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Do they? NOT usually. CAN they?? yes, if you convince them to. reporting a repo is reporting a fact. The repo DID happen. They report the payoff. That is a fact also.
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7 years just like a regular repo. Looks the same too.
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READ your contract. look for the term "CROSS-COLLATERALIZATION". Its more common with CU than regular lenders. IF it has that term, YES, its legal.
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Hell hath no fury like a woman scorned. LOL To work your revenge, you have to know who the LENDER is. Then report his whereabouts to them. Have Fun.....
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One will have to prove to the CB that one wasnt responsible. It will likely involve paying an attorney. Good Luck.
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Yes it will need to be paid, the good news is the bank will more than likely take a settlement, and only offer to pay them the settlement if the take the repo and chargeoff off your credit, the will play ball!:) for more info on repossessions, you can goto my website at www.stoptheREPOman.com
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UNLESS she declares B/K, it will remain for a longer time.No not true. EVERYTHING except bankrupties and tax leins may ONLY remain on your credit for 7 years. If it is still there after 7 years contact the credit bureau and demand they remove it. This MUST be done in writing.
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Contact a local attorney for state/case specific advise. Most judgments ARE renewable. If you were not sued by the lender then there could not have been judgment action. If you have a lien against real property as a result or if the judgment was awarded and has yet to be executed you may have a …
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Same as a regular repo.   The creditor may still put the repossession on your credit report and it would stay there for up to seven years. Notice the word "may", because it is at the creditor's discretion...
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Yes. Co means equal. You are both equally responsible for the loan.Find out what car dealers don't want you to know at www.dealertricks.com  New HeadlineCosigners are not reported in MI, IL or CO. It is state law.
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Most lenders will view it as a one time thing and consider ALL your other credit experience. Some may require a larger downpayment.   seven years. and it will affect your credit badly for the first two to four years...regardless. If it has to be repossed let it be a willing repossession or tr…
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Unless the car qualified under the lemon law, YES. Type in "Lemon Law + "your state"in your browser.
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Having a good credit report means it will be easier for you to get loans and lower interest rates. Lower interest rates usually translate into smaller monthly payments. I can provide you loan, but what type of loan you want. Reply with you location that where you live.
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Yes.Find out what car dealers don't want you to know at www.dealertricks.com
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