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What is the difference in a charge-off showing on your credit verses a repossession?


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Wiki User
2004-07-11 19:20:01
2004-07-11 19:20:01

In terms of credit score, about 10 points worse. You might pay off a repo so its slightly better than one that you never did anything about and the lender charged it off.

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Yes, there is no difference. A repossession is a repossession.

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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.

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Chargeoff means that you did not satisfy debt, and the company took the lost.This is placed on your credit as debit being owed and charged-off.

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Of course it is. You voluntarily turn the car in for repossession. It will stay on your credit report for 7 years.

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


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