How a Repossession Takes Place

When you think repossession, you probably imagine a car being towed away in the middle of the night, and the distressed owner left without a ride to work for the next morning. You also probably never thought it could happen to you. Any object you haven’t paid for in full can be repossessed after the payments you promised start arriving late or not at all. Usually when you sign a purchase or credit contract you agree that the seller can repossess the property if your payment does not arrive before the expiration of a grace period. In these cases, it is legal for a “repo agent” to “recover” the property, whether it’s a car, another type of vehicle, or any object that you are making payments on. After a repossession, you’ll be left without the object and with a significant impact to your credit score and in desperate need of credit help.

How much will having a repossession credit report affect your credit score? That’s hard to tell – it depends in part on where your credit score was prior to the repossession. One thing that’s certain, however, is that it could show up on your credit report for the NEXT 7 YEARS! This is something that will not go unnoticed by creditors when they examine your credit report in the process of considering your application for anything from a credit card to a vehicle lease to home loan.

How To Get a Repossession Removed

Waiting for repossession to disappear from your credit report is not your only option, however. If you want to remove a repossession from your credit report, there are certain steps you can take. First confirm that there is actually a repo entry on your credit report. There’s a slim chance that the property owner never reported it. If it appears, you can file a credit dispute and challenge the accuracy of the item with the creditor and the credit bureaus, and they are legally required to verify the repossession. You may be able to remove repossession this way. If they are not able to verify within a certain time limit, they must remove the repossession entry.

Luckily, it may be easier to remove an older repossession because time works in your favor when it comes to verification. Older entries are more difficult to verify, but subject to the same verification requirements. If it cannot be removed this way, another option would be to try to make arrangements with the creditor, asking if they will remove the repo upon receiving full payment.

There are also companies such as Lexington Law that can provide expert advice when it comes to removing bad or inaccurate entries from your credit report. They can help you fix your repossession credit report and remove repo entries and provide you with clear credit. Lexington Law can put years of experience to work for you and before you know it (much faster than 7 years!) you could find that you no longer have to deal with the long lasting implications of having a repo marked on your credit report.

How the Lexington Law Firm Removed an Auto Repossession

I originally thought that I could beat my bad credit problems myself, but I soon discovered that handling the credit bureaus was more difficult than I had suspected. To make matters worse, I had multiple collection agencies reporting inaccuracies on my credit report. I did not want to have these stressful credit issues forever so I got in touch with the Lexington Law Firm and they quickly began repairing my credit history.

I really gained a lot of benefits from their expertise as they untangled my credit problems easily. It was so invigorating to get letters informing me that bad credit marks were erased from my credit report. After Lexington Law's hard work, my credit score improved from 588 to 729.

Displayed below is how the Old Repo that appeared on my Credit before It was Removed:

Auto Repo on my Credit Report

Here is the Deletion Letter i received after my Credit was Corrected:

Here is The Letter Stating that the Repo was Removed From my Credit Report

 

My Credit Score is now Above Average without the Repossession

My credit score increased once Lexington Law erased the inaccurate and unverifiable bad marks from my credit history. In just a few quick months my credit score went from 588 to 729! Lexington Law erased other kinds of bad credit including multiple charge offs, and collections.

Here is a chart which shows the progress of my credit score improving:

Credit Score Chart

I would highly recommend the Lexington Law Firm to someone with a bad credit situation on their conscious. They have a ton of experience repairing credit reports and have erased questionable entries like foreclosure, bankruptcy, judgments, collections, charge offs, repossessions, late payments and more.