Repossessions

Q: How long does a repossession stay on my credit report?
A: Vehicle and property repossession records remain on your credit report for seven years.

Q: If I pay off my repossession will it raise my FICO score?
A: Yes, however, the account remains on your credit report with a "Paid Repossession" status. This will raise your score slightly, but is still considered a derogatory account. Paid or unpaid, a repossession negatively impacts your score.

Q: Can you permanently delete a repossession?
A: Yes. Once the creditor has received all debts owed or a returned vehicle, monthly reporting is no longer necessary. The removal is permanent.