This occurs when you fall behind on your vehicle’s monthly payment. It can stay on your report for up to seven years making your financial life very difficult for years. Repo’s are also listed in the public record section of your report.
These happen whenever an account is seriously past due. The creditor decides to sell it to a collection agency and it drastically affects your score. Do not pay any collections as this will actually decrease your score.
Each hard inquiry causes your credit score to decrease. It's important to not run your credit so much since it can be interpreted as an attempt to substantially expand available credit, and create higher risks for lenders.
When a creditor believes that a debt is unlikely to be collected they will write it off as a loss. This does not mean you are off the hook. You are still responsible for paying the debt back, and it also lowers your score drastically.
When a creditor believes that a debt is unlikely to be collected they will write it off as a loss. This does not mean you are off the hook. You are still responsible for paying the debt back, and it also lowers your score drastically.
We Have The Best 100%