Repossession
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How can you erase a repossession from credit report?

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2009-03-11 16:52:00
2009-03-11 16:52:00

It can not be erased. If it has been paid, it will come off your credit in 7 - 10 years. If you still owe money on it and they report monthly that you owe an amount, it can stay indefinitely. If you owe money, but they are not reporting it monthly to the credit agencies, it i will come off in the 7 - 10 years.

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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.


No you cannot remove a repossession off your credit report if your cosigner has a judgement on the repossession.


A repossession is a serious negative and will drop your scores.


i need to get a repossession off my credit report


The repossession stays on your credit report for 7 years.


The effect on your credit will depend on how the lender chooses to report it to the credit bureau. Sometimes a lender will be willing to report it 'paid as agreed' or 'settled' entry on the credit report rather than an actual repossession. If it is reported as an actual repossession or foreclosure it will be on your credit for seven years and negatively effect your rating.


You present proof that the repossession never occured. You can dispute it with the credit reporting agency.


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.


It stays on your credit report 7 years from the date of settlement not the date of repossession.


Anytime a negative item is removed from your credit report, it will raise your credit score unless new collections are added to your report.


If your vehicle is already up for repossession, it is already on your credit report as a delinquent or defaulted debt.


By mistake. Waste no time contacting the credit reporting companies, and demand that this entry be removed from your credit report.


For Experian, a voluntary repossession will remain on your credit report for seven years from the original delinquency date of the 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.


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.


AnswerIf the surviving spouse was not a joint borrower on the vehicle loan the repossession affect/appear on their credit report.


I'm not sure what you are asking. If you want to know what to do about a repossession that took place in Indiana then your best option is to negotiate a settlement. Or, if you have had a repossession on your credit report and are not sure if it is older then the statue of limitation then your best bet is check the Date of Last Activity on your most recent credit report.


Almost all auto lenders will report a reposession to the credit bureaus. There is a possibility that they won't report to all three credit bureaus as credit reporting is a voluntary system. They may only report to one or two of the bureaus.


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


If the repossession contains unverifiable, incorrect, incomplete, or misleading information, the account may be deleted from your credit report.


It hurts you credit tremondously. It will stay on your credit report for 7 years, and there is nothing you can do about it. Do not allow your car to be repossed. Voluntary repossession on not any better. Contact the lender and work something out.


You might be able to get a personal loan after a car repossession. However, you would get the loan at a very high interest rate one the repossession is on your credit report.


By federal law, 7 years from the date of repossession or sale or last payment. The state is irrelevant.



Yes, however, bankruptcy can remain on the report longer.



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