When determining when a car repossession will be removed from your credit report, how is the original delinquency date of the original auto loan determined? Is it based on the date of the first missed payment originally reported? Or is it based upon the date of the actual repossession?
The original delinquency date is the date an account first became delinquent and after which was never brought current. In the case of a repossession, the account was never brought current, so the entire account will be removed 7 years from the first missed payment that led up to the repossession status.
Negative account information, such as late payments, remain on the credit report for 7 years.
How to Calculate When an Account Will Be Removed
If you are late on an account and then bring the account current, the late payment will be removed after 7 years, but that doesn't mean the entire account will be removed with it. In that instance, only the delinquencies up to the point the account became current, which have reached the seven-year mark, will be removed. The rest of the account history will remain on the report.
If there are no other delinquencies in the history, the account status will become positive. Positive accounts remain on the credit report for 10 years from the date they are closed, or indefinitely if they are open.
In cases like yours, where there is no positive account history after the repossession occurred, the entire account will be deleted 7 years from the original delinquency date, or the date of the first missed payment leading up to the status of repossession.
Common Myths About When Negative Information Is Deleted
There are other dates in the credit report, as well. Some of the more common you might see are the open date of the account, the date the account was closed, the date of the last payment or activity on the account, or the date the account was last updated by the lender. None of these dates have any bearing on when a negative account will be removed from the credit report.
Whenever possible, Experian provides the date the account will be removed as part of the account information on the credit report. You may see a notation next to your account that reads "this account is scheduled to continue on record until MM-CCYY." The date listed there is the date the account will be removed from your credit report.
Once the seven-year period is reached, Experian will delete the account from your credit report automatically. You don't need to request that it be removed.
Check to See Which Accounts Are Currently Appearing on Your Experian Credit Report
If you do not have a current copy of your Experian credit report, you can request your free annual report by going online to www.annualcreditreport.com. You can also view your free Experian report at any time.
Thanks for asking,
The "Ask Experian" Team