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Think about it. IF the lender waited until the loan was paid off,zillions of repos would NEVER be reported. Sooo, they report them as they happen.

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โˆ™ 2015-07-16 18:12:12
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Q: Is a repossession marked on your credit report when the car is repossessed or when the loan is paid off?
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How can a car repossession be on your credit report when your car was not repossessed?

By mistake. Waste no time contacting the credit reporting companies, and demand that this entry be removed from your credit report.


If you get a repossessed car back is it removed from your credit?

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.


Can you remove a repossession off your credit report if your cosigner has a judgment on the repossession?

No you cannot remove a repossession off your credit report if your cosigner has a judgement on the repossession.


What will a repossession do to your credit report?

A repossession is a serious negative and will drop your scores.


If your car is repossessed but you get current within say two weeks of repossession does the repossession appear on your credit report?

If your power gets shut off and you go in and pay the bill current, did your power get shut off?


Does bankruptcy remove a repossession from your credit report?

No.


Need to get a reepo off my credit report?

i need to get a repossession off my credit report


Can you be sued over the balance of a vehicle that has been voluntarily repossessed over three years ago when the repossession is on your credit report?

yes it has a 10 year limit


How does car repossesion affect credit score?

A repossession can drastically hurt your credit score. The repossessed account may report late payments (30, 60, 90 days late), a pad due balance, and a charge-off. A repossession can lower your credit score anywhere from 30 to 200 points depending on the other accounts reporting on your credit report.


If your car is repossessed how does getting it back help your credit?

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.


Can a credit report show settlement then repossession on the same vehicle?

A credit report is a record of all transations on a reported account. In the life of a vehicle loan, many things can happen. Over the typical four to five years, the vehicle may have been repossessed and then redeemed and paid off. In these cases, yes, repossession and settlement can show on the same vehicle, on the same credit report.


How long after repossession can you get a car loan?

The repossession stays on your credit report for 7 years.

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