Posts Tagged ‘ repossession ’

Lender may check credit report after car is repossessed

Dear Experian, Why is my old creditor pulling my credit report? I had a car that I could not afford after being laid off. I ended up giving the car back and my account was charged off. I have no open accounts with them, so why are they pulling my credit report one year later? - CLU [ READ MORE ]

Impact of having a repossession reinstated

Dear Experian, If you have a repossession and then a reinstatement, does the reinstatement help your credit scores? - CBN[ READ MORE ]

Car repossession could appear in minor’s credit report

Dear Experian, If a car loan is opened in a minor’s name as a joint loan with a parent co-signer can it be reported as a repossession on the minor’s credit if the car is repossessed? - ABA[ READ MORE ]

Repossession remains seven years and can affect credit scores for the entire time

Dear Experian, How long does a repossession reflect on your credit report, and how does it affect your credit report? - MMY[ READ MORE ]

Auto repossession will not be removed after paying remaining balance

Dear Experian, I recently had my car repossessed. Within a very short period of time I paid my remaining balance in full. I also have a statement from the creditor proving my $0 balance. Is it possible with this paid in full letter that the repossession can be removed from my credit? - JMS[ READ MORE ]

How long an auto repossession will affect your credit

Dear Experian, I am a graduate student with no income. I have a car payment that hasn't been paid in two months, and now they want to repossess it. I am doing all I can to get the money but am considering letting them take it. I have no help at all. What should I do? How long does it take a repossession to be removed from a credit report, and how long will it be held against me? - ANS[ READ MORE ]

Auto repossession remains for a time after being paid off

Dear Experian, How long does an auto repossession stay on your credit, even if you paid it off right after the car was repossessed? - ERV Dear ERV, An auto repossession will remain on your credit report for seven years from the date you missed your first car payment and were never again current. The date of that first missed payment is called the original delinquency date. The status was updated as it became more delinquent, was repossessed and, ultimately, was paid in full. But, paying off an account, whether it’s a repossessed car or a collection account for a credit card, doesn’t cause it to be deleted immediately. Your credit report is a credit history. It shows the life of the account, both good and bad, over a period of time. Having all of your payments current is important, but it is even more important that your credit report show a history of your debts being paid on time. The further in the past a late payment occurred, the less important it becomes. Paying off the auto loan was a very good first step. Now you just need to continue paying your bills on time. Eventually the repossession will be deleted and you will once again have an unblemished record of on-time payments. Thanks for asking. - The "Ask Experian" team [ READ MORE ]