How to Remove a Repossession from Your Credit Report

You might feel like a victim of a crime if repossession has ever happened to you, but then the realization hits: you have to deal with the long term consequences of a repossession. The idea of repossession is fairly simple: after a grace period has passed, the owner of the property can repossess "your" auto or other possession and then report this repossession or "Repo" to credit bureaus.

If you don't think this will impact your credit - if you think you can just go out and lease another car - think again.

A repo on your credit report will have a significant and negative impact on your credit score, and will affect your ability to get credit in the future.

This will be the case for up to 7 years after a repo entry appears - the time it takes for a repossession to (automatically) fall off your credit report. So long as the repossession is listed on your credit report, you may have a difficult time getting approved for major loans such as a car or a house.

Your 30 Day Action Plan

In most instances you'll find yourself needing to remove a repossession item from your credit report in order to move on with rebuilding damaged credit. Fortunately, you're entitled by law to remove questionable items from your credit report via the "dispute and delete" credit restoration process.

You can contact the credit bureau that placed the entry and/or the creditor that provided the information and request that they verify the repossession. They have only 30 days to verify and, if they cannot do so, they have to remove the repo entry!

If this sounds complicated, that's because it can be. You might want to seriously consider enlisting help to remove repo entries from your credit report. Luckily, there's a company, Lexington Law, which specializes in removing repossession and other questionable negative items from your credit reports. Their attorneys have removed thousands of questionable repos from their clients' credit reports and can help you also remove questionable negative credit such as repossessions, charge-offs, late payments, and more.

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