How to Remove Repossession from Credit Report?

Having a car or house repossessed is something most people fear when going through tough financial times. Unfortunately, more consumers than you’d believe have had something repoed at least once in the past and that puts a nasty blemish on their credit report.

If you are trying to repair your credit or are simply looking to get that repossession removed from your credit report because you feel it is there unjustly, there are things you can do but you need to act. You should know that the quicker you act, the easier it will be to keep your credit history intact. Here is some of what you should know.

Repossessions Are Growing Exponentially

One of the ‘interesting’ facts about is that there were more than 11,000 independent repossession companies active in the United States active as of 2018 and it is an industry growing by the rate of over 3.6% annually over the past decade. That amounts to just about $1 billion in revenue, so this should tell you that you are not alone!

While repossessions are common their impact is far-reaching. Anyone from future lenders to landlords to employers will perhaps view this as an unwillingness to pay or meet obligations. The good news is that there really are ways to get that mark off your report.

Did the Lender Follow Legal Steps in the Repossession Process?

The first thing you can look at is whether or not the lender followed the law to the finest detail. They must send you a series of notices posted as “Return Receipt” meaning that you sign for them when your mail carrier delivers them.

They are then satisfied that you were notified. If they don’t send these notices timely as prescribed by law, you have grounds to dispute the repossession. These notices are:

Acceleration Notice – You are notified the loan is being called and payment in full is due.

Pre-repossession Notices – Some states mandate that lenders give you the opportunity to “cure” which simply means to make payment arrangements that would bring you current or pay the debt in full.

Post-repossession Notice – these would include various formalities as legislated by your state and in most states, you must be notified where the item will be auctioned or listed for sale.

It is suggested that you get information for your state on the exact notices you must receive and if the lender didn’t send you one or more of these notices, you have grounds to legally dispute that repossession as legal. If it is deemed that the lender didn’t follow the laws in your state, that is grounds to have that repossession removed from your credit report.

Working with a Credit Repair Professional

The bottom line is that there are ways to have negative marks removed from your credit report and a specialist in credit repair is going to be your best bet. They will seek to determine if the repossession followed legalities in your state.

If the repo was legal, they will try to work with you to find solutions acceptable to you and the lender. From setting up payment plans to repair your credit to having that blemish totally removed, there are options credit repair specialists can offer. Isn’t it time you asked for help?