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.
However you can remove this mark from your credit report. First let us explain how the repossession procedure works.
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 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 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.
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 repossessions are removed every day. You do not have to keep paying high interest rates or feel embarrassed every time your credit is run.
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.
However you can remove this mark from your credit report. First let us explain how the repossession procedure works.
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 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 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.
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 repossessions are removed every day. You do not have to keep paying high interest rates or feel embarrassed 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 score and what you should do to fix it or for tips to remove charge off visit us.
posted by Debt Consolidation Loan at
12:02 PM
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