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Generally, no, because repossession is meant to come off your credit record after seven years. Unfortunately, not all credit reporting agencies act on their own - rather, they await information from credit providers and most firms the repossess assets don't report (1) when the asset was repossessed and (2) when the seven years are up.
So, if one's vehicle is repossessed they should begin checking their credit report around year six in order to be knowledgeable about where they stand. If the repo has not been removed from their record after the seventh year, they need to request that the credit reporting organizations remove the repo. In most circumstances, the fact that seven years have passed make it easy for the credit reporting organizations to remove the negative transaction line.
What else can I help you with?
If you have a charge-off written off on your account for a car loan after the 7th year arrives and it is removed off of your credit report can they still repo or require payment on the loan?
Yes you still owe the money. When the account is "charged off" all it means is your account was taken as a loss. They still have the lien on the title and can't repo the unit anytime they want to.
Repo will come off your credit in one year however you am getting a new job that is requiring you to pay off all your neg credit including repo So will this reopen your repo case if you start to pay?
It may reopen the repossession case, but once you pay, item will be noted as paid which should improve your score. Plus, you will have that great job and the negatives on your credit will be resolved.
What effect will a five year old bankruptcy have on getting bonded that requires a credit check?
What effect will a five year old bankruptcy have on getting bonded that requires a credit check?
I have good credit, but make only $25,000 per year, can I get a home loan?
You need to some research. Find out your credit score. With the realestate market the way it is you can probably find a repo house through a bank.
How can I fight the wage garnishment for a repo?
How can I fight a wage garnishment for a car repo that was purchase in the year 2000
What year did Christopher Columbus get credit for America?
Christopher Columbus never got "credit" for America. He died still thinking he made it to India.
Can a repo company come repo a mower 1 year after your bankruptcy?
Yes if there was a lien on it. If your bankruptcy was discharged, it simply discharged the debt, not the collateral.
How long does a credit inquiry stay on your credit report?
A credit inquiry typically stays on your credit report for two years. However, its impact on your credit score diminishes over time, and it usually does not have a significant effect after the first year.
How many cars go up for repo in Arizona each year?
19,999,999 about
What happens if you fail the 2nd semester only of junior year but pass the 1st semester of senior year Do you still get the credit or not?
I want to know the same thing......
How do you build up credit history?
Your credit history is simply the period of time you have had open lines of credit. Say you had five credit cards and you kept them each for exactly one year and then closed each of them. You would have five credit years of history but most scoring systems would see that as one year of credit history. If you had one credit card account for one year and another for the subsequent year and so on for five years, you would also have five years of credit history, but, again, scoring systems would still see that as (more or less) one year of credit history. Now, if you had one credit card for five years, then the scoring systems would definitely see that as five yeas of credit history. So, creditors and scoring systems look at how long you have maintained each line of credit and the longer the better.
Bank will not repo your sons car it has been in your garage for over a year you have call them many times and they keep telling me that the repo man will show up?
How about giving it to your son to keep at his house? If he lives with you, let him drive it until the bank does repossess it. I would guess that is to the advantage of both of you. He still has a car to drive without borrowing yours. But certainly, if payments aren't made the repo man WILL come sooner or later. Enjoy the car while you have it!
