Can Repossessions Be Removed?

It can be financially devastating to have a vehicle or other item repossessed, not to mention embarrassing! The repercussion of repossessed items can mean different things to different people. Repossession of a vehicle usually means loss of freedom to the owner. Repossession (foreclosure) of a home can mean the loss of family memories. Beyond these emotions, a repossession will trigger the downward spiral of your credit score!

Though you may feel like this is the end of the world, rest assured that it isn’t! Things will get better. I can’t help you get your vehicle or any other item back once it’s been repossessed; however, I can help you understand how to begin rebuilding your credit. To start, you will need copies of your credit reports. You can obtain these from the three major credit reporting agencies – TransUnion, Equifax, and Experian. Upon your request, these three major credit reporting agencies are legally required to provide you with a copy of your credit report every twelve months.

When you have received all three of your credit reports, you should schedule some time to sit down with all three to review them. Repossession entries will include an itemized list of all fees related to the repossession, such as storage and towing. Gather all of the receipts you have which relate to the repossession and compare them to the amounts listed on your credit report. If any of these amounts are incorrectly reported on your credit report, you should dispute the items with the credit reporting agencies.

If you find erroneous entries on any of your credit reports, it would behoove you to write a dispute letter to the relevant credit reporting agencies. Your dispute letter should outline the reason for your letter and should request the removal of the repossession entry. Be sure to include the relevant credit report with your letter and highlight the erroneous information. Be sure to also inlcude copies of the substantiating documentation, such as receipts. Keep copies of all correspondence and enclosures.

The credit reporting bureaus have 30 days from receipt of your letter to verify the negative repossession entry with the appropriate creditor. If the creditor does not verify the disputed repossession errors within the 30-day time frame, the credit reporting agencies are legally bound to remove the repossession entry. The credit reporting agencies should send you a letter outlining what revisions were made to your credit report or, alternately, if they took no action and why. It should be noted that if you are unable to remove the repossession entry from your credit report, it will remain on your credit report for seven years.

If you are unsuccessful in removing the repossession entry using a dispute letter, you could try negotiating with your creditor to either delete the entry or to improve the status of the entry. You might try writing or calling your creditor and requesting deletion of the repossession entry in exchange for partial or full payment of the debt. You should obtain in writing any agreement reached as well as both of your signatures.

Although repossession can be devastating, it is something you can recover from. Times are tough and you are not alone in this plight. Just remember that there are better days ahead!

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Should Judgments Be Paid?

The short answers is, yes, you should absolutely pay a judgment. There is an exception, though, if you feel that a “Motion to Vacate” is applicable. If your judgment is vacated due to a Motion to Vacate, you will not be legally obligated to pay the debt. However, with regard to the contract, you may still be liable.

If you would prefer to save yourself the trouble of going to court, you can try to settle out of court. If you are successful in negotiating a settlement, your credit report will be saved from the judgment entry, which will be a huge plus. You should make sure during your negotiations that all negative entries associated with the judgment will be erased from your credit report and this should be included in a written agreement related to your negotiations. It is normally more beneficial if you are able to negotiate a settlement with your creditor than going to court and having a judge determine the outcome, which often includes asset seizure and wage garnishment.

If you are unable to reach a settlement with your creditor, do not be intimidated by a court appearance! By planning and preparing yourself, you can go forward confidently. It would be smart to use the services of a knowledgeable and seasoned consumer attorney if you hope to have the judgment dismissed.

Is it possible to remove the court-ordered judgment if you lose in court? Court-ordered judgments can remain on your credit history for 12-20 years. Sometimes, judgments are even renewable at the end of this period. Once a judgment is paid, it will stay on your credit report for seven years.

The Fair Credit Reporting Act (FCRA) allows you the legal right to challenge any erroneous information contained on your credit report. This includes items such as public records and judgments. Questions regarding the accuracy of a negative item can sometimes be cleared up by mailing a dispute letter to the credit reporting agencies.

Whereas credit card and automobile loan disputes are verified by automated systems, judgments are normally verified by courthouse employees using a time-consuming system. This human-factor often means that judgment disputes are settled in the debtor’s favor for various reasons, including a lack of time to perform the verification.

A governmental agency verifying a judgment is given a time frame within which to complete the verification. If the agency is over-worked and its employees are unable to verify the judgment, the credit reporting bureau is legally required to remove the judgment from your credit history.

If you are thinking of repairing your credit, you should be aware that there are several different laws which have been enacted in order to help consumers in this endeavor. The Fair Credit Reporting Act, Fair Credit Billing Act, Fair Debt Collection Practices Act, and Fair and Accurate Credit Transactions Act are examples of legislation which promote consumer rights. To repair your credit or eliminate negative judgment entries, you should familiarize yourself with all of the current consumer legislation or engage a seasoned and knowledgeable consumer credit attorney.

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