Repossession
Personal Finance
Loans
Credit Reports
Money Management
Credit

If a car is repossessed and the loan is paid in full and you get your car back do you still have a repo on your credit report?

303132

Top Answer
User Avatar
Wiki User
Answered
2015-07-16 18:32:10
2015-07-16 18:32:10

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".

001
🙏
0
🤨
0
😮
0
😂
0

Related Questions


It will still show up as a repo on your credit report, even if you brought the car back and told them you can't pay for it.

It is up to the LENDER to report a repo. Usually they DO report it and it stays on your CR for 7 years.

No. Your credit report is a record of all transactions on reported accounts. The repossession will show in the history, but so will the redemption.

YES I have a letter if you would like it that you can send to the parties involved that may or may not be able to help you get this off your credit report. let me know if you would like it.

A motorcycle that was paid for on a credit card can not be repossessed considering the credit card company paid the dealer. You must pay the card company back though or they can take you to court.

You need to obtain a copy of the letter stating that the loan id paid in full and just show that to them. If they are still telling you that nothing was reported pull a copy of your credit report to be on the safe side. If nothing's on your credit credit and it is still holding you back from getting something else that requires your credit to be checked than contact the Credit agency.

In the back of your credit report there is a listing of addresses and phone numbers for each credit bureau.

When you suppress your credit report, that means that anybody who pulls your credit report will get no information back. It will not even give the header that comes on the credit reports. So if you are looking to get some type of credit do not suppress your credit report.

i repo in six states and as far as i know it will stay on your credit report until you settle your debt to the lien holder

Call the Credit report agency that pulled your credit from the Bureau's and ask them to look at the back of the credit report where it says inquiries.

No, it is illegal, and if you are a victim of this, you can have it removed from your credit report by disputing it with the bureaus. After the statute of limitations is up on any trade line, it can not be placed back on your credit report.

It won't help much unless you can sweet-talk the lender and convince him to remove the repossession from the credit report. Otherwise, the repossession stays on the record and the only 'improvement' to your credit rating would be the lack of an accompanying past due status.

Yes. And that will help out their credit history too:)

Yes it can. You should agree to pay it only if there is an agreement to not report it to the credit reporting agencies.

Nope and it doesn't matter if it is a voluntary or involuntary repossion. Once the first payment is overdue by 30 days it automatically goes on you credit report as an overdue payment and then once the car is reposessed it goes on your credit and makes NO note to why it was taken back or whether you gave it back and even if you pay the amount off it is still on your credit for 7 years

If a person's car gets repoed, the bank can report it on their CR in any state. When they redeem it doesnt matter, its the fact that it got repoed that gets reported.

When you obtain a copy of your credit report, look on the back of it where instructions tell you how to submit a dispute. When you mail it back to them, they will investigate it and send you a written response. If you don't know how to get a copy of your credit report, apply for credit somewhere and when they turn you down you can mail that letter to the credit reporting agencies and they will send you a free copy of your report by mail.

If they don't report, then you don't have to worry about it affecting your credit.

No, but is will affect your credit report.

Yes, voluntary repossession. Your credit will still suffer and the leinholder needs to sell the vehicle to get their money back. If they are unable to cover the loan fully, you are responsible for the difference.

if you owe bank and is in the processes of paying them back but they have not yet sent a notice to the collector debt. Does it show up on your credit report

You can have a credit dispute, if the agency reporting the bad judgment does not get back with the company disputing the judgment within 30 days, it HAS to be removed from your credit report. Example: I filed bankruptcy(?) on a auto repo. and the company did not take it off my credit report, I had my credit card company do a credit dispute, they did not respond within 30 days, and it was removed from my credit report.

That would be at the discretion of the lender(s). If an agreement is made and all terms are lived up to, the lender probably will not report the default to CRA's.

No he can't. The only way to fight back is to contact the credit bureau that has this information on their report, (ie) equifax, experian, transunion, and dispute the report. The will have to verify that the credit mark is correct and true. Hang in there. You can beat em.

Filing for bankruptcy can have a lasting effect on your credit and that can cause some difficulties in getting any type of credit. Unfortunately, bankruptcy stays on your credit report for 7-10 years, after which time it is on your to work to get credit back!


Copyright © 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.