A credit report is a record of all transations on a reported account. In the life of a vehicle loan, many things can happen. Over the typical four to five years, the vehicle may have been repossessed and then redeemed and paid off. In these cases, yes, repossession and settlement can show on the same vehicle, on the same credit report.
It stays on your credit report 7 years from the date of settlement not the date of repossession.
If your vehicle is already up for repossession, it is already on your credit report as a delinquent or defaulted debt.
Absolutely. Repossession, whether voluntary or involuntary, show on your credit report as a charged off account. This designation is similar to a collection account and shows that you did not repay the vehicle loan. Such a listing in your credit report would have a significant negative impact.
No you cannot remove a repossession off your credit report if your cosigner has a judgement on the repossession.
The fact that you have a repossession on your credit report is not a determining factor of whether your can file for bankruptcy. Generally in bankruptcy you can remove the debts from the repossession of your vehicle.
The way it is reported is the decision of the credit reporting bureau. It might be listed in different ways on individual reports. Generally it will remain on the report as a " settlement",not as a "satisfied in full."
AnswerIf the surviving spouse was not a joint borrower on the vehicle loan the repossession affect/appear on their credit report.
A repossession is a serious negative and will drop your scores.
i need to get a repossession off my credit report
No.
The repossession stays on your credit report for 7 years.
It doesn't erase anything on your own credit report....just adds to it, why would it change someone elses? It adds that you are a bankrupt as well as having missed payments and had a repossession. A credit report simply reports what happened in the past....what ever you do now does not change it...you live with the history you created.