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 from you because he has a contract you signed agreeing to pay $1000.00 to whoever holds the contract. If you pay Sam the 1K then the contract will be worthless because its paid in full and you have reciepts showing you paid it. If you don't pay Sam, then Sam will get a judgment for however much you didnt pay plus any fees he can add on. Then the fun begins. Good Luck
No, because you have your own separate credit report.
yes it has a 10 year limit
By mistake. Waste no time contacting the credit reporting companies, and demand that this entry be removed from your credit report.
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.
Yes, however you can easily take care of this and have your credit reports corrected.
what ever the balance was at the time of foreclosure will report on your credit report
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.
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.
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.
the BALANCE DUE at time of repo PLUS repo fees and fees to come later.
It will cause the credit score to decline and will remain on the credit report for seven years, perhaps creating problems for the person to obtain future credit/loans.
A shortsale will report as Settled for Less than the Full Balance and will stay on your credit report for 7 years.
No. It will show that you had a judgment on your credit report for up to seven years, but it will show a zero balance.
It is up to the LENDER to report a repo. Usually they DO report it and it stays on your CR for 7 years.
No. You are the primary borrower, and it will be entered as a repo. on your credit report.
No. Your credit report is a record of all transactions on reported accounts. The repossession will show in the history, but so will the redemption.
In a word, yes.
Your credit is severely damaged. Stays on your credit report for 7 years. Don't let this happen. Contact the lender and work something out.
YES! It will lower your FICO score a lot!!
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".
Let it fall off. Be alot more careful the next time.
When your car is repo'd and it is auctioned off you are to pay only the balance of what you owe on the loan. So if you owed 10,000 and is sold for 8,000 you pay the balance of the loan whic is 2,000. If you have collections on your credit report call and have it investigated this way they cant keep renewing it for 7 years.
The still stay on your credit report the normal length of time for negative credit entries (7 years). After the discharge, they might still show a balance but should also make not of being included in the bankruptcy.
If it's repossessed, it's repossessed... there's nothing to report. As long as there's a lien on that vehicle, the lienholder is the rightful owner of it, and can reclaim their property.
It will remain on the report for the required length of time and should be marked "included in bankruptcy."