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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, report it on your credit report and sue you to recover the amount.

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โˆ™ 2015-07-16 18:18:42
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Q: How will a repossession affect your credit report?
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Related questions

How bad does a car repossession affect your credit report?

A Lot.


How will voluntary repossession of my home in Texas affect my credit?

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.


How can a repossession with a zero balance affect a credit score and can it be removed?

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.


How does having a repossession removed from your credit report affect your credit?

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


Can you remove a repossession off your credit report if your cosigner has a judgment on the repossession?

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


How does a vehicle repossession affect your credit if everything else in your credit report is good?

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.


What will a repossession do to your credit report?

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


Need to get a reepo off my credit report?

i need to get a repossession off my credit report


Will the surviving spouse's credit rating be affected by the repossession of the deceased spouse's car?

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


Does bankruptcy remove a repossession from your credit report?

No.


How long after repossession can you get a car loan?

The repossession stays on your credit report for 7 years.


How do you remove a repossession on your credit report after bankruptcy is discharged?

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


Does a voluntary repossession affect credit the same way as a reposession?

Yes, there is no difference. A repossession is a repossession.


If a repossession stays on your credit report seven years does that start from the date of the repo or the date of the final sale?

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


How does car repossesion affect credit score?

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.


Would a vehicle repossession still be on your credit report after 15 years?

Your credit report contains the entire HISTORY of your credit life. The repo will appear on your record but if you've had good credit dealings over the past 15 years it may well only affect your current credit worthiness marginally.


Is having a voluntary repossession on your credit report bad and if so how does it affect your credit and for how long?

YES its bad you dont get the lowest interest rates IF lenders will loan to you 7-10 years


Does a repossession stay on your credit report if you get the car back?

YES


How will voluntary repossession of a vehicle affect a persons credit score?

Same as a regular repo. The creditor may still put the repossession on your credit report and it would stay there for up to seven years. Notice the word "may", because it is at the creditor's discretion...


Will a voluntary repossession from your spouse affect your credit?

Yes, but perhaps not as adversely as an involuntary repossession.


Repo how long will it take to get on credit report?

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


How can a car repossession be on your credit report when your car was not repossessed?

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


How will a voluntary repossession affect your purchasing a car within a year from the voluntary repossession?

A repossession is a repossession, no matter if it is voluntary or not. Your credit will be ruined for 7 years.


Will a repossession affect your credit?

Yes, it's one of the worst things that you can do to your credit.


How long does repossession show on credit report?

3-7 years