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2006-03-10 02:45:31
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How will voluntary repossession of my home in Texas affect my credit?

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.


Which of the following can be a reason for a lender to deny credit?

negative information in your credit report


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 does a car repossession do to your credit How can you delete it from your record?

It hurts you credit tremondously. It will stay on your credit report for 7 years, and there is nothing you can do about it. Do not allow your car to be repossed. Voluntary repossession on not any better. Contact the lender and work something out.


Is there a way to remove the negative information from your credit report if you have had volunteer repossession and paid off the remainder?

Best way to do that is to negotiate the removal as part of the payoff with the lender. Otherwise, not likely because it is part of your credit history.


What will a repossession do to your credit report?

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


Need to get a reepo off my credit report?

i need to get a repossession off my credit report


Does bankruptcy remove a repossession from your credit report?

No.


Can you get it off my credit report immediately for a reposseion last year?

If the repossession contains unverifiable, incorrect, incomplete, or misleading information, the account may be deleted from 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.


How long after repossession can you get a car loan?

The repossession stays on your credit report for 7 years.


Do you get a copy of your credit report if is run by a lender?

They are not obligated to give you a copy of a credit report.


Will it still affect your credit report if you pay the full costs ten days after repossession?

As a rule, YES. It is up to the lender to post a repo on your CR and most do it automatically.


How do you remove a repossession on your credit report after bankruptcy is discharged?

You present proof that the repossession never occured. You can dispute it with the credit reporting agency.


How does a lender use a credit report?

A lender will request a credit report from one of three credit reporting bureaus. This report will give the lender an idea about how likely you are to repay a loan on time and in full. The better your credit report, the more likely you are to repay the loan in full on time and (in general) the lower an interest rate you will be offered.


Is a repossession marked on your credit report when the car is repossessed or when the loan is paid off?

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.


How can a repossession with a zero balance affect a credit score and can it be removed?

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.


Does a repossession stay on your credit report if you get the car back?

YES


How bad does a car repossession affect your credit report?

A Lot.


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?

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


In New York is the lender required to notify the co-signer before reporting this information on his credit report?

No


Can you negotiate with a lender to remove a repossession on a credit report through a settlement of paying less than owed or will the credit report show settlement of partial payment of debt?

The way it is reported is the decision of the credit reporting bureau. It might be listed in different ways on individual reports. Generally it will remain on the report as a " settlement",not as a "satisfied in full."


Can a lender disclose my credit report to my spouse with out my approval?

No.


Is it legal for a repossession to appear twice on your credit report?

IT IS NOT ILEGAL FOR ANYONE TO HAVE A DEBT SHOW UP TWICE ON THEIR CREDIT REPORT. THE BEST THING TO DO IS CALL THE CREDITOR OR COLLECTION AGENCY THAT THIS DEBT IS UNDER AND HAVE THEM REMOVE THE EXTRA INFORMATION OFF OF YOUR CREDIT REPORT. ASK THEM TO REPORT IT TO THE BUREAUS IN ORDER FOR THIS TO BE RESOLVED.


How can someone dispute a repossession off a credit report?

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.