answersLogoWhite
Ask
Repossession
Credit Reports
Credit

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?

575859
Answer

Top Answer
User Avatar
Wiki User
2015-07-15 19:29:37
2015-07-15 19:29:37

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

1
0

Related Questions

User Avatar

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.

User Avatar

For Experian, a voluntary repossession will remain on your credit report for seven years from the original delinquency date of the debt.

User Avatar

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...

User Avatar

A foreclosure will typically remain on your credit report for seven years.


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.