*Loan,banking and credit>>>credit report

Will my Repo on my credit report go away?

If i had repo a car and they auctioned it, and what i owe left of it is still 6,000, if I was able to pay that off, will I still see repossion on my credit report ?

Yes you will.

The repossession will show on your credit report for 7-years from the date of first delinquency weather you pay it or not.

It will look a whole lot better if you pay it. Source(s): Finance Manager for over 7-years.

Yes the repo will still show and it will show that you paid off the balance. This will eventually clear but it will be a while.
Yes, it will show on your credit report, but if you've paid it, it should show as paid. It's a strike against your credit, just because you've settled it later doesn't mean they are just going to erase it. When they reposses something it's because you couldn't pay and future lenders will want to see that.
IT reports while you are paying the debt, make shure you pay your payments ONTIME... that helps boost your score.
When the debt is satisfied , it usually clears in about 7 years.
(From the final payment date) This is because :
1. That is used to establish a HISTORY for you.
2. Lenders like to see how quickly you can pay back ammounts owed or lended to you.

It is impotant to remember that your FICO is made up of a percantage of things.. so try to boost your score!

35% = Making ONTIME payments, even if it is the MINNIUM!
Mail it in a week early!

30%= debt ( monies charged, loans..) VS. What amount of credit is actually available to you. The smaller debt and bigger credit is what you are aiming for.

15%= Length of credit history. Having accounts open years ago, actually helps sometimes. Unpaid ones could potentially help also, it is establishing how long you have been around , getting credit. Shows them you have a history. So dont go cancelling older cards... that would erase some of your history , actually damaging your score.

10% = New accounts and inquires on your credit.
Obviously more inquiries lowers your score.

10% A good mix or balance on the types of loans and credit you have. ( RE: Home , car, credit, departmant store)
All credit agencies, equifax, trans union, etc, keep a 3 year history of your credit. The exception is a bankruptcy, which will appear for 7 yrs. The repossesion will appear for 3 years AFTER the balance has been paid, or 3 years after it is written off by the creditor that you owe.
If you pay off the balance remaining you can have your report reflect that. The repo will show up for around 7 years. After you pay off the balance, send proof of your payment to the credit agencies who disclose it. This will update the account information. Since you paid the debt, after a few years you can dispute the record and if the lender doesn't respond in time to the credit agency it will be removed. Car repos are bad!