Auto Repossession Credit
A repossession on your credit report will cause you to pay outrageous interest rates and big down payments. A repossession is a very severe mark.
A repossession will remain on your credit report for seven years. Approval for any new lines of credit will be very difficult with this mark.
It is possible for you to remove this mark from your credit report. Following is an explanation on how the repossession procedure works.
First, when your car is repossessed it can be resold. You will be responsible for repaying any loss the lender takes. If you are found responsible, you will be sued and a deficiency judgment will be placed against you.
If you have a deficiency judgment, this will be reported on your credit as well as the repossession. Future lines of credit will be next to impossible to get if you have either one of these marks on your credit.
To remove a repossession; we suggest you wait until the car is re-sold. Additionally wait to see if you are sued for any damages or loss by the lender.
Then dispute the repossession on your report by sending a dispute letter to the bureaus.
You can hire a service to do it on your behalf or write the letter yourself. This letter must present a reason as to why the mark is incorrect.
Once the letter is received, the bureaus will conduct an investigation into the listing. The bureaus will contact the lender who will be asked to confirm that the account is yours, the balance, and the reported dates.
The lender is much less likely to spend the time or money verifying the item with the bureaus if some form of payment has been received for the debt. Therefore, we suggest waiting until payment has been made. If an item is not confirmed it must be removed from your credit report.
If you have a deficiency judgment you should dispute this mark too. There are rumors that the bureaus do not check public records when investigating a mark. That is where the bureau would find verification of a deficiency judgment.
In sum repossessions are removed every day. You do not have to keep paying high interest rates or feel embarrassed every time your credit is run.
A repossession will remain on your credit report for seven years. Approval for any new lines of credit will be very difficult with this mark.
It is possible for you to remove this mark from your credit report. Following is an explanation on how the repossession procedure works.
First, when your car is repossessed it can be resold. You will be responsible for repaying any loss the lender takes. If you are found responsible, you will be sued and a deficiency judgment will be placed against you.
If you have a deficiency judgment, this will be reported on your credit as well as the repossession. Future lines of credit will be next to impossible to get if you have either one of these marks on your credit.
To remove a repossession; we suggest you wait until the car is re-sold. Additionally wait to see if you are sued for any damages or loss by the lender.
Then dispute the repossession on your report by sending a dispute letter to the bureaus.
You can hire a service to do it on your behalf or write the letter yourself. This letter must present a reason as to why the mark is incorrect.
Once the letter is received, the bureaus will conduct an investigation into the listing. The bureaus will contact the lender who will be asked to confirm that the account is yours, the balance, and the reported dates.
The lender is much less likely to spend the time or money verifying the item with the bureaus if some form of payment has been received for the debt. Therefore, we suggest waiting until payment has been made. If an item is not confirmed it must be removed from your credit report.
If you have a deficiency judgment you should dispute this mark too. There are rumors that the bureaus do not check public records when investigating a mark. That is where the bureau would find verification of a deficiency judgment.
In sum repossessions are removed every day. You do not have to keep paying high interest rates or feel embarrassed every time your credit is run.
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posted by Credit Counseling at
12:43 PM
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