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.
Let us explain how the repossession procedure works. It is possible for you to remove this mark from your credit report.
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.
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, wait to see if you are sued for any damages or loss by the lender. We also suggest you wait until the car is re-sold.
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.
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 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. - 15224
It will remain on your report for seven years. Additionally it will make it difficult to be approved for any new lines of credit.
Let us explain how the repossession procedure works. It is possible for you to remove this mark from your credit report.
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.
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, wait to see if you are sued for any damages or loss by the lender. We also suggest you wait until the car is re-sold.
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.
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 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. - 15224
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