How to Remove a Repossession from Your Credit Report

Having a repossession on your credit report can have a long-term negative effect on your overall credit score. A repossession may contribute to you being able to get funding for things like cars, home loans, or new electronics and appliances. If you are able to qualify for a credit card, it would probably be at a high interest rate, at least until your credit score improves.

Why Repos Happen

A repossession typically occurs when you have an auto loan that you stop paying the monthly payments on. When you get an auto loan, the bank you have the loan through technically owns the car until the loan is paid off in full. If you do not pay the loan in full and stop making payments, then the bank can essentially take their car back from you. Your creditor can seize your vehicle at any time once your loan is in default – in most states they don’t even need to notify you that they will do this. Creditors will typically then sell the vehicle to try and recoup the money they loaned for its purchase.

The Problem May Not Be Over

In addition to seizing your vehicle, your creditor can also sue you for the additional amount they are lacking in order to pay off their original investment. For example, if you still owed $15,000 for a car and that car got repossessed by the bank and the bank then sold that car for $10,000; they could also sue you for the remaining $5,000 they invested originally.

Time For Some Solutions

Simply put, repossessions can be really difficult situations and should be avoided at all costs. You can lose your car along with a lot of additional money. Some people have lost their jobs after having their cars repossessed because they can no longer get to work. The nice thing is, that if you have had a repossession on your credit report, it doesn’t have to stay there forever! You can do one of two things when you are faced with a repossession. Sometimes a bank will allow you to renegotiate your payment terms so that you can afford to pay them more easily. If you are able to convince them to do this, they will sometimes remove the repossession from your credit report.

Another thing you can do is file a dispute. If there is incorrect information about your repossession, or if the lender can’t verify that the repossession is valid, then it can be removed from your credit report. There are good companies out there like Lexington Law that can help you remove negative items like repossessions from your credit report.

My Credit Repair Story

A while back I went through some pretty bad financial struggles. I found myself unemployed after the economy decimated the industry I was working in. My bills began to accumulate and I was barely able to provide for my family – much less pay my bills. My credit cards went into default and things just got worse from there.

I started getting collections calls at all hours of the day. The bank started threatening to foreclose on my house and repossess my cars. Finally, it got to the point to where the only way out I could see was if I filed for bankruptcy. This fixed the debts and the harassing calls I was constantly receiving, but I don’t think I understood at the time just how much it was going to affect my credit.

How I Improved My Bad Credit Score

It took me several years to get my financial situation back in order. At first, I wasn’t able to buy a home or get a vehicle. In addition, it was hard for me to even find a place to rent since a lot of my would-be renters wanted to check my credit score. The situation was very frustrating to me, at least until I discovered Lexington Law.

After being told about Lexington Law, I decided to check out their website to see if they could help me out. At this point, I was willing to try anything to repair my bad credit.

My contacting Lexington Law was really a turning point for me. Their professional staff was extremely helpful and after a few weeks I began to see a difference in the items listed on my credit report. Several items were removed and my credit score began to climb. My new lower credit scores have already helped me to start saving money.

Repossession Deleted from My Credit Report:

Repossession Removed from My Credit Report

My credit scores have dramatically improved since there are no longer any negative accounts on my credit report. Here is a snap shot of my credit scores since I signed up with Lexington Law:

My Credit Scores

Lexington Law Client Testimonials:

“I must commend your firm and staff, on doing an exemplary job on my credit history. For the few months that I have been a client, Lexington Law Firm reputation represents that of professionalism, courteousness, and people oriented. I am extremely happy with the progress that has been made. Keep up the great work.”

R.S., Lexington client

“I am extremely satisfied with the service you offer your clients. I feel your firm is very committed and dedicated to obtaining results. Since I have been a client, I have been astonished with the amount of deletions you have been able to obtain for both my husband and myself. I would never have been able to obtain the results you have on my own and hold down a full time job at the same time. I look forward to getting your updated emails just to see how many more negative entries have disappeared.”

K.L. & B.L., Lexington clients

You can read hundreds of client testimonials and even watch some very inspirational client video testimonials here.

Discount for Family Members, Couples, and Active Military!

Lexington Law is now offering $50 off the initial set-up fee when you and your spouse or family members sign up together. The one-time $50.00 discount will be automatically applied to both you and your spouse’s first payment.

Active military members also qualify for a one-time $50 discount off the initial fee.

Get Your Repossession Removed Now!

Let Lexington Law help you get that repossession removed from your credit report!

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or call (800) 220-0084 now for a free consultation and complimentary credit score.