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If a car is repossessed and you pay the balance after they sell the car do they remove the Repo in your credit report?
Wiki User
∙ 8y ago
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.
Wiki User
∙ 8y ago
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If you're married and your husband's car is soley in his name and was repossessed will it show on your credit as repossessed?
No, because you have your own separate credit report.
Can you be sued over the balance of a vehicle that has been voluntarily repossessed over three years ago when the repossession is on your credit report?
yes it has a 10 year limit
If your van was repossessed then you paid off the balance a year later can your creditor refuse to report the current status of your account to the credit bureau?
Yes, however you can easily take care of this and have your credit reports corrected.
How can a car repossession be on your credit report when your car was not repossessed?
By mistake. Waste no time contacting the credit reporting companies, and demand that this entry be removed from your credit report.
If you file bankruptcy will that remove a charge off report from a credit card?
Filing bankruptcy does not remove a charge off report from a credit card on your credit report. It just adds bankruptcy to your credit report.
If you pay your entire balance after your car is repossessed and the car is returned to you why will the lender report negative on your credit report?
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.
What amount will show up on your credit report when a vehicle is repossessed the original cost of car or the balancing remaining?
the BALANCE DUE at time of repo PLUS repo fees and fees to come later.
Do you have to pay the balance of your car loan after it is repossessed?
yes you do so the bank or dealer wont report it to creditors. When a vehicle is repossessed it must be legally sold for the fair market value, or as near as possible to that price. The amount obtained by the sale is applied to the remaining balance of the loan. The borrower is responsible for any deficit amount plus applicable fees. A repossession is almost always entered on a credit report.
Does a bankruptcy remove the crediters from your credit report?
No, the information remains on your credit report.
How does car repossesion affect credit score?
A repossession can drastically hurt your credit score. The repossessed account may report late payments (30, 60, 90 days late), a pad due balance, and a charge-off. A repossession can lower your credit score anywhere from 30 to 200 points depending on the other accounts reporting on your credit report.
How do you remove a repossession from your credit report?
There are 2 ways to remove a repossession from your credit report. You can dispute it to the credit bureaus under the FCRA and they have 30 days to verify the listing or it must be removed from your credit reports or you can contact the creditor that repossessed the car and negotiate the removal of it upon payment of any money owed. The entry is likely to be changed to late, but paid. Most of these fall off after 7 years.
Is it correct for the loan amount of a foreclosed property to appear on a credit report?
what ever the balance was at the time of foreclosure will report on your credit report
