Car repos result in a balance due once the vehicle is sold at auction. If the creditor has won a court judgment you would not be able to remove it. Your best strategy is to act prior to the judgment by offering a settlement. See "working with a collection agency in So you want to fix your credit huh".
www.wowifixedmycredit.com
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.
It will appear on the CR of both parties.
If they get a judgment they (or anyone they sell your debt too) can garnish yourwages and yes they will report it to a credit bureau.Try too buy a used car and pay for it outright you will save alot of money.
To know how it looks you will need to get a credit report, which can be acquired online or at your own bank. Equifax, Freecreditreport or Credit Report online
http://www.supload.com/music/Free-Credit-Report-New-Car-download-WDVSS37MIOSL.html
The repossess the car, can get a judgment against you and your credit is badly damaged.
There are 2 ways to remove a repossession from your credit report. You can dispute it to the credit bureaus under the FCRA and they have 30 days to verify the listing or it must be removed from your credit reports or you can contact the creditor that repossessed the car and negotiate the removal of it upon payment of any money owed. The entry is likely to be changed to late, but paid. Most of these fall off after 7 years.
A Lot.
YES
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.
metro