How long does a repossession stay on your credit report?

Repo on Your Credit

It stays on your credit report for 7 years to the day the loan became delinquent. Say you made your last complete up to date car payment August 15, 2001 and you fell behind about a month after that staying one month behind until December when you missed another payment becoming 2 months behind. The repossession then occurred in January 2003.
This will stay on the credit report until September of 2008 for that 7 year period, regardless of when the loan winds up getting paid off.
It can stay on the report a bit longer if it goes to court and the bank gets a judgment against the borrower. Say this happens in 2004, then that stays on the credit report another 7 years until 2011.
Bankruptcies stay on 10 years while delinquencies and defaults stay on for 7 years.  

More Answers

• Accounts generally stay on your credit report for seven years.

• 7-10 yrs. depending on what state you live in.

• Seven years, unless you're applying for a high-paying job or a very large loan or life insurance policy, in which case the repossession will always be reported.

• A repossession stays on your credit report seven years. After 7, get a copy of your report and make sure it's off. If it's not contact the big three credit reporting agencies.

 

• 7-10 years

 

• 7 years.

 

• 7 years from the month and year you last paid the account on time immediately prior to default.

 

• Repossessions and all other notations remain on credit reports for seven years from the date of last payment IF there is no judgment on the account. In the event of judgment it remains for ten years after the date of last payment or the date of judgment (whichever is later), and can be extended for ten additional years in some circumstances.

• Occasionally, errors are made by the credit reporting agencies, and notations on reports may remain longer than they should. In the event of an unfair or erroneous reporting, contact the credit reporting agencies involved by registered letter. Corrections must be made within thirty days of contact. Be prepared to provide support for your request to make corrections to your credit reports. Generally though, no information older than seven to ten years should ever appear on a credit report unless ordered there by the courts.

• For reference, please consult the Federal Fair Debt Collections Practices Act.

• For debts that have gone to a collection agency, be aware that any contact, letters, phone calls etc to that agency, can set a new date on your credit file.