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If you do not pay the deficiency on a repo will it get completely erased from your credit report after seven years?

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2015-07-15 19:05:03
2015-07-15 19:05:03

UNLESS she declares B/K, it will remain for a longer time.

No not true. EVERYTHING except bankrupties and tax leins may ONLY remain on your credit for 7 years. If it is still there after 7 years contact the credit bureau and demand they remove it. This MUST be done in writing.

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99.9% unless you are in prison or otherwise known to be completely incapable of paying. Then they just report you to the credit bureau

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When the negative debt is completely erased from your credit history, your credit score will experience an upward swing. Also, the longer time goes by and you have clean clear credit (and the debt is still on your report), your credit score will improve.

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Generally, credit report notations fall off after 7 years, unless the hits are repeated.

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Paying off a repossession will not generally get it removed from your credit report. If you have a good faith basis for disputing the deficiency on your credit report, you should do that. Many consumers have very good arguments as to why they do not owe the deficiency they are being charged by lenders. In addition to disputing the deficiency on your credit report, you want to be sure to defend any deficiency action brought against you by a creditor. Do not default on these lawsuits. When faced with a competent defense, most creditors, debt buyers in particular, cannot prove their case against you. Winning the case is court certainly goes a long ways toward providing you with a sound basis to dispute the alleged debt on your credit report.

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Yes. Some institutions/businesses do not report to credit bureaus. The debt not being placed on a credit report does not mean it is not completely valid and collectible.


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