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How will you know if the repo is off your credit?

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Wiki User
2005-11-28 17:25:52
2005-11-28 17:25:52

https://www.annualcreditreport.com/cra/index.jsp

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NO. What this will do is satisfy the debt only. This will show in favor on your credit, but it will still show as a repo. You are better off paying the debt. If you are doing this, make sure to have them issue a satifaction of debt letter to the credit bureaus. This will increase your score.

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It may reopen the repossession case, but once you pay, item will be noted as paid which should improve your score. Plus, you will have that great job and the negatives on your credit will be resolved.

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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 your credit if you redeem the vehicle promptly and stay current from then on. If they have to sell your vehicle at auction, you most definitely will get a repo on your credit. I know of some people who redeemed their car and never had a repo reported, just the lates. BTW, even if you get a repo on your credit, you have a good chance of disputing it off. You can dispute a lot of things off your reports, even if they are legit. Been there, done that.

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You should pay off your repossessed car if you want to fix your credit quickly. If you are not worried about your credit, you can wait to pay off the car or file for bankruptcy.

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YES, on a CR, a repo is a repo.

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this question can form a wide range of answers it depends on if you are willing to pay on the repo car how ever the most they can do is put it on your credit and it can stay on there for 7 years it will show on your credit report as repo ..a large number of people never pay off a repo car even if you do pay on it to try and save your credit the fact still remain it was repo and it will show repo settlement

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Yes, a repo is a repo whether you give it up or they take it.

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Make sure it is recorded correctly with your creditor and the local credit bureau

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It won't fix it, but paying off any remaining debt from the vehicle should help your credit rating. Unfortunately, a repossession will linger on your credit report for about 7 years.

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IF you can pay it off AFTER it is sold, it will still show as a repo on your credit. BUT if you can payoff then, pay it off NOW and you get to keep the CAR.

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A repo stays on your credit for at least seven years. However, you may negotiate with the creditor to have it removed earlier.

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A voluntary reposession reports on your credit report as a loss. The car company with take the car back and credit a portion of the balance which the owner/leaser still needs to pay on. The creditor will place the "voluntary Reposession" on credit bureau. All in all it will be reported as a charge off debt. If the original owner/leaser doesnt pay the remainder he/she can/will be collected from and could face legal action. A repo is a repo voluntary or not. Ruins your credit for 7 years. What generally happens is that it will be reported on your credit as a repossession. When you go for financing on something else, the repo will pop up and the potential lender will call the lender who reported the repo. When they find out it was a voluntary, it may actually lessen some of the blow of having a repo. But, yes, a repo is a repo.

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The repo agency does one thing; repossess the vehicle. I don't know of any case where a lender could even draw from your pay. tThey hire a repo agency to get the vehicle, and they report your delinquency so your credit score suffers..The repo agency does one thing; repossess the vehicle. I don't know of any case where a lender could even draw from your pay. tThey hire a repo agency to get the vehicle, and they report your delinquency so your credit score suffers..The repo agency does one thing; repossess the vehicle. I don't know of any case where a lender could even draw from your pay. tThey hire a repo agency to get the vehicle, and they report your delinquency so your credit score suffers..The repo agency does one thing; repossess the vehicle. I don't know of any case where a lender could even draw from your pay. tThey hire a repo agency to get the vehicle, and they report your delinquency so your credit score suffers..The repo agency does one thing; repossess the vehicle. I don't know of any case where a lender could even draw from your pay. tThey hire a repo agency to get the vehicle, and they report your delinquency so your credit score suffers..The repo agency does one thing; repossess the vehicle. I don't know of any case where a lender could even draw from your pay. tThey hire a repo agency to get the vehicle, and they report your delinquency so your credit score suffers..

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Yes it will need to be paid, the good news is the bank will more than likely take a settlement, and only offer to pay them the settlement if the take the repo and chargeoff off your credit, the will play ball!:) for more info on repossessions, you can goto my website at www.stoptheREPOman.com

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IF the lender posts a repo on your CR, you have one. You will have the repo on your credit report, but it should also show up as "redeemed".

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The LENDER put the repo on there so they will be the one to take it off. NEGOTIATE.

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I don't know what you mean by "caused" it, but if you signed the loan papers or signed as a co-signer, you most likely can not get it off. If it was not your debt and you didn't sign anything, you can write a letter to the credit bureau and tell them that you are disputing it and you want it taken off your credit report. If within 30(I think) days , the lender has no objections and does not respond to the credit bureau, they take it off. Go to this website for more info: http://www.ftc.gov/

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In terms of credit score, about 10 points worse. You might pay off a repo so its slightly better than one that you never did anything about and the lender charged it off.

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Contact the lender and let them knoiw that if ANY case the debtor defaults to notify you so you can payoff the loan. Add that you will payoff after repo with NO repo reported on YOUR credit.

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A repo man is the person who takes back the merchandise you got via loans or credit-cards when you can no longer pay back said loans or credit-cards.

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The "penalty" is a repo on your CR.,higher interest rates on future loans, and a possible judgement/wage garnishment against you. A repo is a repo is a repo in credit files.

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you can not have true info removed legally from your credit report.


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