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.
It will remain on your report for seven years. Additionally it will make it difficult to be approved for any new lines of credit.
It is possible for you to remove this mark from your credit report. Following is an explanation on how the repossession procedure works.
When your car is taken and then re sold if the lender takes a loss you will be responsible for repaying that. You will be sued and if you are found responsible a deficiency judgment will be placed against you.
The lender will report the repossession on your credit and if you have a deficiency judgment it also will be reported. Having either one of these marks on your credit will make it next to impossible to get approval for future lines of 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 send a credit dispute letter to the bureaus to dispute the repossession on your report.
You can write this letter or hire a service to do it on your behalf. This letter must provide an explanation as to why the mark is inaccurate.
Once the bureaus receive it they will conduct an investigation into the listing. They will contact the lender and ask them to verify that the account is; yours, the reported dates, and the balance.
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 credit repossessions are removed every day. You do not have to keep paying high interest rates or feel embarrassed every time your credit is run.
Sell House Quick
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