How long does a repo stay on your credit report in California?

Answer 1

If this repossesion is continously being resold to third party collection agencies; which happens often, then this repossesion will stay on your credit file up to 7 years. The "7 year clock" is a myth. There is no 7 year clock, the only clock that you should be aware of is the Statue of Limitation for the state that you purchased this vehicle. Google the statue of limitation for this state, and check to see the "date of last activity or the date of last payment". If your repossesion is over the SOL, then dispute this information with the bureaus, and have this permenatly removed from your credit report. If it is not over the SOL then wait until it is, unless you are ready to make a settlement offer. My suggestion is to make a settlement of 30% of the balance owed. Get everything in writing before making this final payment. Once you make this payment request for another letter stating that this account is settled in full. Though it was settled for less, this will help your credit score and report. Update this information with all three bureaus. Good Luck with this process. Wanda Improve Credit, LLC