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If you received a debt letter seven years after a repossession and it is now off your credit report do you have to pay?
Wiki User
∙ 8y ago
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 problem. However, it is possible the state SOL for the debt has expired which means the creditor would not be able to file a lawsuit and any payment would be voluntary on your part. However, paying any amount could reactivate the debt making it again collectible by using litigation, such possible actions are regulated by the laws of the state where your reside, in some cases when it concerns the purchase of a vehicle, in the state where the contract was actually made. ANY activity concerning the debt more than likely will reflect on your CR. Obtaining legal advice would be a good option, most attorneys offer a free or minimal fee consultation.
Wiki User
∙ 8y ago
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Can you remove a repossession off your credit report if your cosigner has a judgment on the repossession?
No you cannot remove a repossession off your credit report if your cosigner has a judgement on the repossession.
What will a repossession do to your credit report?
A repossession is a serious negative and will drop your scores.
Does bankruptcy remove a repossession from your credit report?
No.
How do you remove a repossession on your credit report after bankruptcy is discharged?
You present proof that the repossession never occured. You can dispute it with the credit reporting agency.
How can a repossession with a zero balance affect a credit score and can it be removed?
A repossession will significantly lower your credit score, regardless of the balance. It will take around 7 years before the repossession is removed from the credit report.
Can you remove a repossession off your credit report if your cosigner has a judgment on the repossession?
No you cannot remove a repossession off your credit report if your cosigner has a judgement on the repossession.
What will a repossession do to your credit report?
A repossession is a serious negative and will drop your scores.
Need to get a reepo off my credit report?
i need to get a repossession off my credit report
Does bankruptcy remove a repossession from your credit report?
No.
How long after repossession can you get a car loan?
The repossession stays on your credit report for 7 years.
How will voluntary repossession of my home in Texas affect my credit?
The effect on your credit will depend on how the lender chooses to report it to the credit bureau. Sometimes a lender will be willing to report it 'paid as agreed' or 'settled' entry on the credit report rather than an actual repossession. If it is reported as an actual repossession or foreclosure it will be on your credit for seven years and negatively effect your rating.
How do you remove a repossession on your credit report after bankruptcy is discharged?
You present proof that the repossession never occured. You can dispute it with the credit reporting agency.
How bad does a car repossession affect your credit report?
A Lot.
Does a repossession stay on your credit report if you get the car back?
YES
If a repossession stays on your credit report seven years does that start from the date of the repo or the date of the final sale?
It stays on your credit report 7 years from the date of settlement not the date of repossession.
How can a repossession with a zero balance affect a credit score and can it be removed?
A repossession will significantly lower your credit score, regardless of the balance. It will take around 7 years before the repossession is removed from the credit report.
How does having a repossession removed from your credit report affect your credit?
Anytime a negative item is removed from your credit report, it will raise your credit score unless new collections are added to your report.
