Repossession Credit
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.
This mark will make it difficult to be approved for any new lines of credit. Additionally, it will remain on your report for seven years.
Let us explain how the repossession procedure works. It is possible for you to remove this mark from your credit report.
First, your car is repossessed. Your car can be resold and, if your car is resold at a loss to the lender, you are responsible for repaying this loss. A deficiency judgment will be placed against you if you are found responsible and sued.
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 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 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 summary, you do not have to feel embarrassed or pay high interest rates every time your credit is run. Repossessions are removed from credit reports every day.
This mark will make it difficult to be approved for any new lines of credit. Additionally, it will remain on your report for seven years.
Let us explain how the repossession procedure works. It is possible for you to remove this mark from your credit report.
First, your car is repossessed. Your car can be resold and, if your car is resold at a loss to the lender, you are responsible for repaying this loss. A deficiency judgment will be placed against you if you are found responsible and sued.
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 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 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 summary, you do not have to feel embarrassed or pay high interest rates every time your credit is run. Repossessions are removed from credit reports every day.
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For a free credit consultation call 1-866-246-7311. Or for more about repossession credit report and what you should do to fix it or for tips to remove charge offs visit us.
posted by Credit Counseling at
8:00 AM
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