Credit Repair

 Interview - Rick Leo, President
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Voluntary (you returned the property to where you purchased it) and Standard (original owner or credit lender comes for the property) repossessions have the same impact on your FICO rating. Both accompany a noteworthy negative check on your record as a consumer.

Your score will drop significantly and you turn into a genuine credit hazard. You will owe all expenses connected with the repossession and the remaining balance of the property after it has has been sold.

The most well-known is auto repossession and it can unquestionably influence your credit. Once the auto is taken back by the original lender, you are given an opportunity to work out paying the bank off of its final billing. How the sum on that last bill is ascertained is the amount the auto was sold for less what regardless you owe in addition to the repossession expenses like towing and storage.

In the event that you ignore the bill, it will appear on your credit report as a repossessed item and a charged off record. On the off chance that you ever attempt to seek credit particularly at a significant auto dealership, there is a high probability that credit will be denied unless you put down a considerable down payment and you will need to utilize a moneylender that charges high rates like 17% to 20% premium.

This will additionally bring down your FICO assessment again decreasing your capability to get extra credit from different associations. Regardless of the fact that you clear this matter up by paying up all required funds it stays on your credit report for seven years.