How long does a repossetion hurt your credit?

Answer 1

7 years from the date of last activity on the account. My advice to you is to not make any payments on it, you will just keep on resetting the clock. Even if you pay them off, it will still be there for 7 years from the time you paid it off.

Answer 2

10 years

Answer 3

Seven years for negative accounts on your credit report.

Let's be precise. Accounts placed for collection or charged to profit or loss can NOT appear after seven years have expired from when they were first (1) placed in collection or (2) charged to profit or loss.

The date of last activity does not change by a re-selling of your bad debt to a different collection agency or by your making a partial payment to a collection agency. The date of last activity begins once the original debtor charges off the debt to profit or loss or first places your account into collection.

Read that two times!

Thus even if you make a payment to a collection agency on a repo-- they are prohibited from "re-aging" your date of last activity. If they do, kindly refer them to § 605 subsection (a) of the Fair Credit Reporting Act . [15 U.S.C. §1681c].

And for you federal loan-dodging college students ==> please note that certain federally insured or guaranteed student loans, or national direct student loans may stay on your credit report longer.

If you don't believe: See sections 430A(f) and 463(c)(3) of the Higher Education Act of 1965, 20 U.S.C. 1080a(f) and 20 U.S.C. 1087cc(c)(3), respectively.

Thought ya knew!

If you know of credit bureaus re-aging your date of last activity, file a complaint with the Federal Trade Commission. To file a complaint or get free information on consumer issues, call toll-free, 1-877-FTC-HELP (1-877-382-4357), or use the complaint form at www.ftc.gov

Answer 4

7 to 10 years it will be on your credit

Answer 5

3 months

Answer 6

Quite a while, longer if you fail to pay the deficiency balance.
Depending on your state laws, it could remain on your credit report indefinatly. Full faith and credit laws of the federal government are only minimum limits, states can enact maximum limts. Most are usually 7 yrs, but you have many other hurdles with the collection agencies, etc that cause a potientially longer and more difficult problem. I have attached from one of my other posts a response that may give you some information. NOTE: While the following addresses judgements, repossessions are, in 99% of the cases, exactly the same thing as it relates to personal property. Forclosures are Real property and there is some slight differences with those.If your "repo" is for a car, for example, then the following really does apply. If it is for real property, excluding a mobile home, then it is equally important, but it is a "forclosure" not a "repo". READ ON

Under the full faith and credit act (federal laws), a judgement may remain on your credit report for up to 10 years, specifically bankruptcies.
However, recent supreme court ruling have put an even bigger gray area to these laws and the jist of it is that this "gray area" can create a judgement to stay on for life.
Let me explain:
When you owe a creditor money and you default the loans are sent to collection agencies. Under this gray area, the collection agency is entitled to put another degrog for this debt under their business. After some time when it is not paid, it is then sent to an attorney to file suit. At this point the gray area allow the attorney to order the courts to enter it on your credit report. Now, at this point the same debt is noticed three times on your credit report.
One with the original creditor, one with the collection agency and one with the court that shows a judgement.
To remove it is like an "act of God".
When you contact the original creditor they will tell you to contact the collection agency. When you contact the collection agency, they will refer you to the attorney, and when you contact the attorney, if it has been paid he is required to file with the court a Satifaction of Judgement. When that document is signed by the judge, the court will update your credit to reflect, "paid judgement".
At this point you take the satisfaction of judgement copy signed by the judge and send it to all three bureaus, Transunion, Experian, and Equifax. After a short period they will remove the original creditors degrog, provided that the statutory period has expired, namely 7 yrs. This law/rule is found under Full Faith and Credit.
The next one to remove it is the collection agency and this is where the real nightmare comes in. You can provide proof that the court has a satisfaction of judgment filed by the attorney showing the debt has been paid in full, but that does not mean that the collection agency has to remove it. Usually, and this is crap, they simply show their tradeline as Paid off, or zero balance. Since they are the ones who actually created the judgement through their attorney process, they don't have to remove their tradline, if, in your applicable state, judgements may remain longer than the required minimum of Federal Law.
What you need to understand clearly, that the Full Faith and Credit Laws of the US are MINIMUM, NOT NECESSARILY MAXIMUM LIMITS.
In sum, you could have a particular judgement on your credit for as little as 7 yrs up to life. As to the original creditor, you could have that derog on there from 7-10 yrs. As to the collection agency, it could stay on indefinatly, and here's how:
Once the orginal creditor sells your debt to the collection agency, the typical agreement between creditors and collection agencies run about 180 days. Meaning, that if not paid in 180 days to that 1st collection agencies, then the original creditor gets it back and is entiltled to go with another agency to collect, and so on, and so on. Remember, each agency is required by law to report this debt on your credit report. This equates now, to 5 entries, (for example) on your credit report for the same debt.
The process to remove each one of them differs from state to state, which MUST follow the MINIMUM REPORT TIMES. For each collection agency that has the account, they must report what is called the "date of last action". This is the date that credit bureaus must use to establish when the statuate of limitations is up with regards to federal laws and that particular state laws. So what you have is 5 different dates of last action, thereby the statuate of limitations is different for each tradeline.
I hope this makes sense to you, and that you realize that every time a debt is not paid a person runs the risk of having the world's worst nightmare to clean up.
Paying your bills, not allowing them to go to collections, then judgements are the ONLY way to avoid this absolutely convoluted bureaucratic B/S.
Warning: do not confuse the FDCPA, Fair dept and collections practices act with the way credit is reported. They are NOT THE SAME THINGS

Answer 7

just like a bankruptcy , it will follow you for at least 7 years