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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.

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โˆ™ 2014-09-18 00:12:51
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Q: How can a repossession with a zero balance affect a credit score and can it be removed?
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Related questions

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.


Does a voluntary repossession affect credit the same way as a reposession?

Yes, there is no difference. A repossession is a repossession.


Will a voluntary repossession from your spouse affect your credit?

Yes, but perhaps not as adversely as an involuntary repossession.


How does a repossession affect your credit?

It hurts it very badly.


Will a repossession affect your credit?

Yes, it's one of the worst things that you can do to your credit.


How bad does a car repossession affect your credit report?

A Lot.


How will a voluntary repossession affect your purchasing a car within a year from the voluntary repossession?

A repossession is a repossession, no matter if it is voluntary or not. Your credit will be ruined for 7 years.


When your Father passed away how bad will a car repossession affect a cosigners credit?

It depends on how your father's death, the repossession, and the cosigners credit are corelated.


How would repossession affect your credit if im co-buyer?

It will fester like a throbbing red boil for 7 years. And you can be sued for the balance due as well.


How long does a voluntary repossession affect your credit rating?

7 years.


If a car is sold after repossession does law state that it must be reported to the bureau as zero balance?

If a car is sold after repossession does the law states that it must be reported to the credit bureau as zero balance?


Is it better to have a repossession or a bankruptcy on your record in regards to credit recovery?

Neither is good. However, a repossession does less damage and is removed from your credit report within less time than a bankruptcy.

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