If you have been told you have a delinquent debt with a car repossession that was charged off in 1994 can this debt be placed on your current credit report even though you have denied ever owning the car?
A repossession that is over seven years old is not supposed to be on your credit report. It is not unusual for a collection agency to illegaly "reage" a debt in order to try to pressure you to pay.
From your post it does not appear that you know what is on your credit report. If you have been denied credit then you are entitled to receive one for free.
Contact information for the three credit reporting agencies can be found at solidgoldhomebusiness.com
If this item is actually on your credit report then you can dispute the information and demand verification. Dispute instructions will be included with the report.
Can you remove a repossession off your credit report if your cosigner has a judgment on the repossession?
How does a vehicle repossession affect your credit if everything else in your credit report is good?
How will a voluntary repossession affect your purchasing a car within a year from the voluntary repossession?
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.
No. If you don't pay you will be considered delinquent. The default will be reported to your credit record. There may be late fees added. No. If you don't pay you will be considered delinquent. The default will be reported to your credit record. There may be late fees added. No. If you don't pay you will be considered delinquent. The default will be reported to your credit record. There may be late fees added…
Why would you want to do anything? Having active accounts, instead of charged off accounts is a positive reflection of your past credit history and is probably causing you to have a credit score. This is a good thing, certainly much better than having charge offs, even paid charge offs showing. Your credit report is a history of how you have managed debt over the past 7 to 10 years. Accounts that were active during…
Any repossession will negatively impact your credit. Organizations using the credit report do not differentiate between voluntary and non-voluntary. Rather, the organizations see that you were not responsible with credit and what you purchasd needed to be taken away. Generically, a repossession is considered the same as a chargeoff or writeoff, so the impact on the credit score may be anywhere from 50 to 200 points, depending on one's personal credit situation.
Under US law as I understand it, any repossession is detrimental to your credit record. Both a voluntary repossession or a standard repossession have the same effect on your credit rating. Both will appear as repossessions, and either will result in a negative mark on your credit history. Any repossession will appear on a credit report for 7.5 years from the date of first delinquency. You will likely see your credit score drop significantly, as…
Will the surviving spouse's credit rating be affected by the repossession of the deceased spouse's car?
If this relates to a joint account holder or cosigner, then yes the person's credit rating will be affected by a repossession. Yes, whoever's name the car is in will be affected by the car's repossession. Only if the car is somehow tied to the account. Only a bad payment history on that joint account can affect your credit.
I'm not sure what you are asking. If you want to know what to do about a repossession that took place in Indiana then your best option is to negotiate a settlement. Or, if you have had a repossession on your credit report and are not sure if it is older then the statue of limitation then your best bet is check the Date of Last Activity on your most recent credit report.