How long does a repossession stay on a credit report?
A repossession will remain on a report for 7 years so long as there is no new action on the account. New action means if you were to start paying on it or if the financier were to get a court judgment on the loan. A voluntary repossession (turning the vehicle before it goes to collection) is the SAME as a regular repossession. It will be listed on your credit report in the same manner unless you have negotiated a new termination clause with the lender.
If I pay off my repossession will it raise my FICO score?
Yes, however, the account will remain on the credit report with a “Paid Repossession” status. This will raise your score slightly, but is still considered a derogatory account. Paid or unpaid, a repossession will negatively impact your score.
Can you permanently delete a repossession?
Yes. Once the creditor has received all debts owed or a returned vehicle, monthly reporting is no longer necessary. The removal is permanent.
How long will take it to remove my repossession?
In as little as 5-7 business days. See the “Timing” section at Overview page.