Contact a local attorney for state/case specific advise. Most judgments ARE renewable.
If you were not sued by the lender then there could not have been judgment action. If you have a lien against real property as a result or if the judgment was awarded and has yet to be executed you may have a problem. However, it is possible the state SOL for the debt has expired which means the creditor would not be able to file a lawsuit and any payment would be voluntary on your part. However, paying any amount could reactivate the debt making it again collectible by using litigation, such possible actions are regulated by the laws of the state where your reside, in some cases when it concerns the purchase of a vehicle, in the state where the contract was actually made. ANY activity concerning the debt more than likely will reflect on your CR. Obtaining legal advice would be a good option, most attorneys offer a free or minimal fee consultation.
No you cannot remove a repossession off your credit report if your cosigner has a judgement on the repossession.
A repossession is a serious negative and will drop your scores.
i need to get a repossession off my credit report
The repossession stays on your credit report for 7 years.
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.
You present proof that the repossession never occured. You can dispute it with the credit reporting agency.
A repossession will significantly lower your credit score, regardless of the balance. It will take around 7 years before the repossession is removed from the credit report.
It stays on your credit report 7 years from the date of settlement not the date of repossession.
If your vehicle is already up for repossession, it is already on your credit report as a delinquent or defaulted debt.
The credit reporting companies have a dispute form that you can use to dispute anything that is wrong on your credit report. Ask for this form or send a letter detailing the information in your report and explain why it is incorrect. They will investigate the matter and send you their findings. If it is incorrect they will remove it from your report.
For Experian, a voluntary repossession will remain on your credit report for seven years from the original delinquency date of the debt.
By mistake. Waste no time contacting the credit reporting companies, and demand that this entry be removed from your credit report.
Absolutely. Repossession, whether voluntary or involuntary, show on your credit report as a charged off account. This designation is similar to a collection account and shows that you did not repay the vehicle loan. Such a listing in your credit report would have a significant negative impact.
The fact that you have a repossession on your credit report is not a determining factor of whether your can file for bankruptcy. Generally in bankruptcy you can remove the debts from the repossession of your vehicle.
as a repossession
A repossession is a significant derogatory mark against your credit. The account appear with a similar status as any collection or charge off account. In repossession, the collateral is often re-sold with the amount received being applied against any remaining amount owing on your loan. If the collateral is sold for less than what you owed, the amount left over, called a "deficiency balance" is still your debt. The creditor can actively collect on this, report it on your credit report and sue you to recover the amount.
AnswerIf the surviving spouse was not a joint borrower on the vehicle loan the repossession affect/appear on their credit report.
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.
7 years is the norm.
Almost all auto lenders will report a reposession to the credit bureaus. There is a possibility that they won't report to all three credit bureaus as credit reporting is a voluntary system. They may only report to one or two of the bureaus.