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How Does Car Repossession Affect My Credit Report

A vehicle repossession can remain on your credit report for up to seven and a half years after the original delinquency date. The negative listing may lower your credit score and hurt your ability to get new credit. 

Being viewed as a high credit risk may affect interest rates and credit limits on existing accounts, or cause new loan applications to be denied. The negative listing could also impact your chances of being offered a job or an apartment.  

If your credit report reflects inaccurate information related to the repossession, dispute your credit report with the credit bureau and request the information be corrected or removed. Be sure to send a written dispute to the credit bureaus listing the error and supply documentation that shows why their information is not correct. Your dispute should be sent by Certified Mail, Return Receipt so that you have proof your dispute was received. Be sure to keep copies of all correspondence.

If the lender does not handle the repossession properly, whether there was a default in payments or not, we are often able to get our clients' credit report corrected as part of the legal settlement against the bank.

Contact us to discuss any credit reporting errors. We will guide you through the dispute process to get your credit report cleaned up.

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