article thumbnail

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.

article thumbnail

What Is a Reaffirmation Agreement in Bankruptcy?

Sawin & Shea

For those that choose a Chapter 7 bankruptcy, a reaffirmation agreement can help protect property from being repossessed as collateral. It is a contract between the debtor and their creditor stating that instead of having their debt discharged and their property repossessed, they agree to pay some or all of their debt.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

How Late Can You Be on a Car Payment, Mortgage or Other Bill?

Credit Corp

In fact, your payment history accounts for up to 35% of your credit score. Car Repossession It’s important to realize that an auto loan is a type of secured loan. This process is referred to as repossession. Laws regarding car repossessions vary from state to state. If you fail to do so, the lender can sell your car.

article thumbnail

How To Remove Negative Items From Your Credit Report

Better Credit Blog

Limiting new credit applications can help, too. Developing these good habits will help a lot, but let’s be clear: a major negative entry like bankruptcy, foreclosure, or repossession on your credit file will cause bad credit. A Credit Report is Complex Yet Simple. Your credit report changes every month.

article thumbnail

Paying Bills Later: Considering Financial Consequences of Delayed Payments Due to COVID-19

Titan Consulting

Deferring your auto payments may put you at risk for repossession if your lender requires you to catchup and make all deferred payments at the end of the deferral period. In some cases, the company could extend the credit line. However, aid is not automatic or uniform. About Titan Consulting Group.

article thumbnail

What is BRKSB/CBNA on My Credit Report?

Better Credit Blog

Dealing with lenders and credit bureau representatives regarding fraudulent inquiries can be a hassle. If you don’t have the time or energy to devote to disputing the entry, you may want to turn to a credit repair company. These businesses are adept at tackling big and small credit issues, including: Bankruptcy.

Lender 52
article thumbnail

What Is BBY/CBNA On My Credit Report?

Better Credit Blog

You’ll even get pointers for improving your credit , along with tailored offers based on your credit profile. Confronting lenders and credit bureau representatives about suspected fraud and reporting errors can be daunting. These industry experts can help you with more trying credit problems, too, such as: Bankruptcy.

Lender 52