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.
No you cannot remove a repossession off your credit report if your cosigner has a judgement on the repossession.
No.
You present proof that the repossession never occured. You can dispute it with the credit reporting agency.
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.
A repossession is a serious negative and will drop your scores.
No you cannot remove a repossession off your credit report if your cosigner has a judgement on the repossession.
No.
You present proof that the repossession never occured. You can dispute it with the credit reporting agency.
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.
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.
A Lot.
YES
The credit reporting companies have a dispute form that you can use to dispute anything that is wrong on your credit report. Ask for this form or send a letter detailing the information in your report and explain why it is incorrect. They will investigate the matter and send you their findings. If it is incorrect they will remove it from your report.
IT IS NOT ILEGAL FOR ANYONE TO HAVE A DEBT SHOW UP TWICE ON THEIR CREDIT REPORT. THE BEST THING TO DO IS CALL THE CREDITOR OR COLLECTION AGENCY THAT THIS DEBT IS UNDER AND HAVE THEM REMOVE THE EXTRA INFORMATION OFF OF YOUR CREDIT REPORT. ASK THEM TO REPORT IT TO THE BUREAUS IN ORDER FOR THIS TO BE RESOLVED.