my truck went to auction. the auction selling price didn’t pay the loan off. i just got done paying off the difference. how long will this negative item stay on my credit report?
Quick Property Sale
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Seven years but because you paid it, it isn’t as negative as if you had ignored it.
When you need credit, try to work with a local bank or credit union where you can explain the problem. You have shown integrity in how you handled it and that counts!
7 years from the date the vehicle was sold would be the absolute maximum. However, you can wait about 90 days and file a written dispute over this with the credit bureaus. Alot of times these records will get purged after they’re paid and/or the creditor simply won’t bother to verify a paid collection.