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.
negative information in your credit report
No you cannot remove a repossession off your credit report if your cosigner has a judgement on the repossession.
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.
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.
A repossession is a serious negative and will drop your scores.
i need to get a repossession off my credit report
If the repossession contains unverifiable, incorrect, incomplete, or misleading information, the account may be deleted from your credit report.
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.
The repossession stays on your credit report for 7 years.
They are not obligated to give you a copy of a credit report.
As a rule, YES. It is up to the lender to post a repo on your CR and most do it automatically.
You present proof that the repossession never occured. You can dispute it with the credit reporting agency.
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.
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.
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.
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."
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.
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.