How does one get a repossession off their credit report if they were not responsible for the repossession?
One will have to prove to the CB that one wasnt responsible. It will likely involve paying an attorney. Good Luck.
Can you remove a repossession off your credit report if your cosigner has a judgment on the repossession?
How does a vehicle repossession affect your credit if everything else in your credit report is good?
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.
A credit report is a record of all transations on a reported account. In the life of a vehicle loan, many things can happen. Over the typical four to five years, the vehicle may have been repossessed and then redeemed and paid off. In these cases, yes, repossession and settlement can show on the same vehicle, on the same credit report.
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.
How much will your score increase when a car repossession with no outstanding balance comes off your credit report?
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.
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…
If the account contains any incorrect, incomplete, misleading, erroneus, or misleading information, the repossession may be deleted from your credit report. But you do not need to hire a lawyer and pay thousands of dollars. You can hire a credit repair service which will be a lot more cost effective.
Is a repossession marked on your credit report when the car is repossessed or when the loan is paid off?
One option is to pursue credit repair through a credible company such as Lexington Law or Accurise. These companies have been in the industry for years and can dispute errors on your credit report. However, in certain situations you won't be able to "fix" the repossession on your credit report and will have to wait for the incident to age off your report.
A repossession is a significant derogatory mark against your credit. The account appear with a similar status as any collection or charge off account. In repossession, the collateral is often re-sold with the amount received being applied against any remaining amount owing on your loan. If the collateral is sold for less than what you owed, the amount left over, called a "deficiency balance" is still your debt. The creditor can actively collect on this…
If you have been told you have a delinquent debt with a car repossession that was charged off in 1994 can this debt be placed on your current credit report even though you have denied ever owning the car?
A repossession that is over seven years old is not supposed to be on your credit report. It is not unusual for a collection agency to illegaly "reage" a debt in order to try to pressure you to pay. From your post it does not appear that you know what is on your credit report. If you have been denied credit then you are entitled to receive one for free. Contact information for the three…
Your credit report will state that the vehicle was returned. It will still show a balance remaining once this vehicle is auctioned off. This is your best option, but it already has done it's damage to your credit report with missed payment. Also, this will affect your credit score monthly for the next two years from the date of last payment.
Paying off a repossession will not generally get it removed from your credit report. If you have a good faith basis for disputing the deficiency on your credit report, you should do that. Many consumers have very good arguments as to why they do not owe the deficiency they are being charged by lenders. In addition to disputing the deficiency on your credit report, you want to be sure to defend any deficiency action brought…
Is there a way to remove the negative information from your credit report if you have had volunteer repossession and paid off the remainder?
It means the creditor has essentially given up on trying to collect a debt from you (though they may have sold it to a collection agency for pennies on the dollar). There's also a "paid charge off", which means that, after they gave up, you paid it off anyway, which really doesn't do you much good, because a paid charge off looks just as bad on your credit report as a charge off. A charge…
Yes; but it will take a while after the repossession. In 1997 I missed a few payments on my car and the repo men came to collect it. I had to pay off enough to my bank that they would release the car back to me. My credit took a SERIOUS hit which stayed with me for 5 years. During that time I was deemed a credit risk and while I still had banks and…
If you made all the back payments on a repossessed car and paid the fees that were due would the repossession still show up on your credit report?
What reflects better on your credit report a zero balance on your credit card or buying something once a month and paying it off?
They will most likely send your account to a collections agency. Intrest will still accrue as will phone calls, letters from the agency. This can damage your credit score and credit report. Your best bet is to pay whatever it is off as soon as possible. They will most likely send your account to a collections agency. This can damage your credit report and score. Your best bet it to pay whatever it is off…
If you had vehicle repossessed seven years ago and it has been turned over to a collection agency will the collection stay on your credit report until it is paid in full?
* The question is a little vague, however here's what I can say: IF, and it should have been, the repossession was first put on his credit report 7years ago then no. Any negative credit - excluding bankrupcy - by law must be taken off your credit report after 7years of its last active date (this is either when it was put on, or when you last paid it).
It remains for 7 years, from the date of repossession/charge-off, even if you get the vehicle back. However,If you don't pay the loan off, after it was repoed, then the original creditor MAY get a judgment against you, that judgment will stay on your credit report for 10 years. Unless you are able to settle out of court. It can; however, depend on the lender and the situation. Some might not put a repo on…
If a few payments were made to a collection agency for a repossession after the fact will the repo come off of the credit report 7 years after the repo or 7 years after the few payments were made?
What do you do if a lienholder has put a repossession on your credit report without retrieving the car with the damage already done to your credit?
What can you do if a credit card on which you were an authorized user is showing up as a charge off on your credit report?
http://www.bankrate.com/goocalf/search/story-advice.asp Getting it off? NOT likely. Improve it? Maybe, if you settle the debt with the lender. Get it marked "paid as agreed" IF you negotiate some type of deal with the lender. It is just a report of what happened. try the above link for more info. Good Luck
You had a voluntary repossession in 1996 and a charge off still remains on your credit report and now you get a letter from an collection agency?
A charged off account is similar to a collection on your credit report. The creditor has written off the debt owed and closed the account. The debt is still valid though and can be collected on. The charge off will lower your credit score unless removed. You can dispute a charge off and this give the credit bureaus 30 days to verify the charge off or it must be removed from your credit report.