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
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.
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 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.
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.
A shortsale will report as Settled for Less than the Full Balance and will stay on your credit report for 7 years.