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https://www.annualcreditreport.com/cra/index.jsp
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∙ 18y ago
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Does paying off a deficency on a repossesion take it off your credit as a repo?
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.
How badly does a voluntary reposession hurt a co-signer's credit?
A repo is a repo is a repo, credit wise.
Repo will come off your credit in one year however you am getting a new job that is requiring you to pay off all your neg credit including repo So will this reopen your repo case if you start to pay?
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.
Does voluntary repossession hurt your credit?
YES, on a CR, a repo is a repo.
What happens to your credit with a voluntary repossession?
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.
How long does a paid off car repo stay on your credit report?
7 years from the date of repo.
Does paying off a deficency on a repossesion take it off your credit as a repo?
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.
How badly does a voluntary reposession hurt a co-signer's credit?
A repo is a repo is a repo, credit wise.
Repo will come off your credit in one year however you am getting a new job that is requiring you to pay off all your neg credit including repo So will this reopen your repo case if you start to pay?
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.
Does a repossession remain on your credit report if you get the vehicle back?
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.
Should you pay off your repo car?
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.
What does Florida law allow for collection of monies owed on a car repossession?
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
What to do after paying off a car repo?
Make sure it is recorded correctly with your creditor and the local credit bureau
Does voluntary repossession hurt your credit?
YES, on a CR, a repo is a repo.
What happens to your credit with a voluntary repossession?
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.
Will paying off a repo car fix your credit?
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.
Does a repo show on your credit when you voluntarily return it?
Yes, a repo is a repo whether you give it up or they take it.
