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How to Remove a Repossession From Your Credit Reports

Better Credit Blog

In lending terms, this is called repossession. Read on to find out how to remove an invalid repossession from your credit report. A repossession could happen in two ways: You could surrender the vehicle voluntarily and retain some control over the process. Either kind of repossession hurts your credit score.

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Partner with certified Debt Collection Agency

Debt Recoveries

One of the services businesses are able to use to help maintain or improve their cashflow is a debt collection agency. To assist in ensuring quality and integrity within the debt collection industry, the Institute of Mercantile Agents was formed. Partnering with the right collection agency can do wonders for your cash flow.

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Tenth Circuit Affirms Summary Judgment in Favor of Defendant in FDCPA Case on the Basis of Claim Preclusion

Troutman Sanders

Forsythe Finance LLC involved an allegation that the debt buyer was not licensed as a collection agency in Utah when it attempted to collect the plaintiff’s debt. When the plaintiff defaulted on his payment obligations, the vehicle was repossessed and sold at auction.

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What Happens to My Personal Loan After Bankruptcy?

Sawin & Shea

If you fail to repay an unsecured personal loan, the lender cannot repossess your assets. Repossession deficiency claims. Unlike unsecured personal loans, secured loans involve some form of collateral that the lender can repossess if the borrower fails to make payments. Unsecured loans are loans that don’t have collateral.

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What Happens After a Personal Loan Bankruptcy Discharge?

Sawin & Shea

If you fail to repay an unsecured personal loan, the lender cannot repossess your assets. You can discharge an unsecured loan whether it’s current, delinquent, or in default, even if the original lender sold it to a collection agency or debt buyer. Nonpayment of title loans can lead to vehicle repossession.

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How To Remove Negative Items From Your Credit Report

Better Credit Blog

Write a letter to the original creditor or collection agency and ask them to remove the negative entry from your credit history as an act of goodwill. This is most effective when you’re trying to remove late payments, paid collections, or paid charge-offs. Repossessions. Medical Collections. Charge Offs.

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The Automatic Stay and Bankruptcy

Sawin & Shea

It goes into effect immediately when you file and protects you from those trying to collect from you, such as creditors, collection agencies, government entities, or any other person coming after you for money. When the automatic stay is lifted, your creditors can resume certain types of collection activity.