Auto Repossession Credit
A repossession on your credit report will cause you to pay outrageous interest rates and big down payments. A repossession is a very severe mark.
It will remain on your report for seven years. Additionally it will make it difficult to be approved for any new lines of credit.
However you can remove this mark from your credit report. First let us explain how the repossession procedure works.
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 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; 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.
You should then dispute the repossession on your report. This is done by sending a dispute letter to the bureaus.
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.
The bureaus will conduct an investigation into the listing once the letter is received. The lender will be contacted and will be asked 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.
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 summing up, repossessions are removed from credit reports every day. You do not have to feel embarrassed or pay high interest rates every time your credit is run.
It will remain on your report for seven years. Additionally it will make it difficult to be approved for any new lines of credit.
However you can remove this mark from your credit report. First let us explain how the repossession procedure works.
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 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; 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.
You should then dispute the repossession on your report. This is done by sending a dispute letter to the bureaus.
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.
The bureaus will conduct an investigation into the listing once the letter is received. The lender will be contacted and will be asked 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.
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 summing up, repossessions are removed from credit reports every day. You do not have to feel embarrassed or pay high interest rates every time your credit is run.
About the Author:
For a free credit consultation call 1-866-246-7311. Or for more about repossession on credit and what you should do to fix it or for tips to remove a what is a charge off visit us.
posted by Debt Consolidation Loan at
1:47 PM
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