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If I have had a car repossessed should I try to pay on it to help my credit report or should I just let it fall off my credit report after seven years?
Wiki User
∙ 16y ago
Let it fall off. Be alot more careful the next time.
Wiki User
∙ 16y ago
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What are the adverse side affects on your credit report for having a car repossessed?
It will cause the credit score to decline and will remain on the credit report for seven years, perhaps creating problems for the person to obtain future credit/loans.
How do you get bad credit off your credit report?
You pull your credit report at credit report .com and as long as it has been seven years you can go online to dispute it. It should say dispute just push the button or call to dispute it they should have a number for each credit report which concist of three separate ones.
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).
How long does a foreclosure stay on your credit report?
A foreclosure will typically remain on your credit report for seven years.
I co-signed a Toyota loan with my daughter. The car was in default. I was never notified. Car repossessed. I paid off the loan after I found out. How do I get it off my report?
You wait seven years from the date of the last payment. There is no other way to have it removed. Your credit report is a record of your past credit, your credit history. It will also show that you satisfied the debt, and you can add an explanation at the bottom of your report.
Can a 10 year old car repo still efFect your credit?
Generally, no, because repossession is meant to come off your credit record after seven years. Unfortunately, not all credit reporting agencies act on their own - rather, they await information from credit providers and most firms the repossess assets don't report (1) when the asset was repossessed and (2) when the seven years are up. So, if one's vehicle is repossessed they should begin checking their credit report around year six in order to be knowledgeable about where they stand. If the repo has not been removed from their record after the seventh year, they need to request that the credit reporting organizations remove the repo. In most circumstances, the fact that seven years have passed make it easy for the credit reporting organizations to remove the negative transaction line.
How long do judgments stay on your credit report in New York state?
Judgments can stay on your credit report for up to seven years in New York state. After this time, they should be automatically removed from your credit report.
How long does foreclosure stay on your credit report?
A foreclosure will typically remain on your credit report for seven years.
How long does a satisfied judgment stay on your credit report WA?
A satisfied judgment can stay on your credit report in Washington for up to seven years from the date it was filed. However, its impact on your credit score diminishes over time as you build a more positive credit history.
How long credit card debt stay on credit report?
seven years
How long does an auto repossesion stay on your credit report?
Negative reports on your credit score remain on your report for seven years.
Will a judgment be removed from a credit report if it is paid?
No. It will show that you had a judgment on your credit report for up to seven years, but it will show a zero balance.
