Having a repossession on your credit report is very damaging. It is a severe mark that will cause you to pay big down payments and outrageous interest rates.
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 repossession will be reported on your credit by the lender as well as the deficiency judgment if you have one. If you have either one of these marks on your credit, future lines of credit will be next to impossible to get.
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 dispute letter to the bureaus to dispute the repossession on your report.
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 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.
We advise waiting until the lender receives some type of payment. If some form of payment has been received, the lender is much less likely to spend the time or money verifying the item with the bureaus. In addition, an item must be removed from your credit report that is not verified.
Deficiency judgment marks should be disputed as well. It is reported that the bureaus do not check public records when investigating a mark, which is where the bureau would find verification of a deficiency judgment.
In summing up, repossessions are removed from credit reports every day. You do not have to feel embarrassed or pay high interest rates every time your credit is run.
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 repossession will be reported on your credit by the lender as well as the deficiency judgment if you have one. If you have either one of these marks on your credit, future lines of credit will be next to impossible to get.
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 dispute letter to the bureaus to dispute the repossession on your report.
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 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.
We advise waiting until the lender receives some type of payment. If some form of payment has been received, the lender is much less likely to spend the time or money verifying the item with the bureaus. In addition, an item must be removed from your credit report that is not verified.
Deficiency judgment marks should be disputed as well. It is reported that the bureaus do not check public records when investigating a mark, which is where the bureau would find verification of a deficiency judgment.
In summing up, repossessions are removed from credit reports every day. You do not have to feel embarrassed or pay high interest rates every time your credit is run.
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For a free credit consultation call 1-866-246-7311. Or for more about repossession credit and what you should do to fix it or for tips to remove charge offs visit us.
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