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How long does a car repo stay on your credit report? |
I was wondering how long a car repo will show on you credit report if it remains unpaid. Do things (credit cards that have been sent to collections, car repo's) that remain unpaid ever fall off or do they remain on your report till they are paid in full? It should fall off after 7 years. Depending on how it was reported and when they reported it past due. For sure after 10 years Derogatory credit stays on your report for 7-years. After it falls off, your score should go up. This does' not mean that the creditors can not collect, it simply means that it no longer shows on your credit report. There is what's called a statute of limitations in every State. After that time passes the creditors can still try and collect, but there is nothing they can do to you legally. Here is a link so you can look up your State. http://www.bcsalliance.com/index.html... Finance Manager for over 7-years. Any adverse things on your credit, such as collections & repo's by law can stay on for as many as 10 years. 7 years is the average for things like backruptcy, collections and charge offs. However, once these things do drop off the damage goes with. As these old debts go away, up goes your credit score. One thing to keep in mind, you can always dispute an unjust collection on your credit, this will enable viewers of your report to see your side of this also. Best bet, pay them off if you owe them, this shows future creditors that even with past financial trouble you're honest and follow through. Hope it helped! Repos stay for 10 years, after it falls off your points should go up about 2 months later. |
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