When your car gets repossessed, it can be devastating to you and your family. Losing your car or home can affect every aspect of your daily life, especially if you have a big family or if you have to go to a job that requires vehicular transportation.
If you’re trying to remove repossession from your credit report, you may require expert credit repair help. It’s always recommended to get professional help when dealing with credit repair endeavors. Credit repair takes up a lot of time, energy, and focus, which can deter you from focusing on other more important matters in life.
In this article, we’re going to take a closer look at the negative impact that having a repossession on your credit report has. We’ll also learn how to remove repossession from your credit report so that you can rebuild your credit over time.
Negotiate Your Payment Terms With The Lender
When dealing with creditors, everything is a negotiation. You can negotiate the terms of your debt repayment by coming to an agreement on how much to pay per month. Ensuring that you can repay your debts in a timely manner is essential to rebuilding your credit.
This is why negotiating the terms of your repayment with your credit lenders is great! They can work with you on what you can afford and come up with a fixed monthly payment plan and interest rate that you can afford to pay. Making on-time payments will only help you to repair your bad credit and build towards achieving your financial goals.
So, if you’ve defaulted on an auto loan or filed for a voluntary repossession of your vehicle, then try negotiating the terms of your debt repayment with your credit lender.
File A Dispute With The Credit Bureaus
A repossession can stay on your credit report for seven years. However, you don’t have to run out the clock to do something about your repossession. You can work towards having your repossession removed from your credit report by filing a dispute with the credit bureaus.
When you file a dispute, you don’t only want to send your letter to one credit bureau. Make sure that you send this letter to all three credit bureaus – Equifax, Experian, and TransUnion. This will ensure that all of your credit reports are up-to-date and accurate.
Also, before filing a dispute, go through your credit reports with a fine-toothed comb to ensure that all of the information is accurate. If you stumble across any inaccurate information, highlight it, and report it to your creditors.
The credit bureaus have 30 days to respond to your request for having negative marks removed from your credit report. If they neglect to respond within the 30 day period, then they will automatically remove the negative information from your credit report.
This is obviously the best-case scenario, but it’s not always a sure thing. Make sure that you’re making the necessary steps towards rebuilding your credit so that you can regain your financial freedom and start making purchases that can make a positive difference in your life.
Hire A Professional Credit Repair Company
Lots of people attempt to handle their credit repair efforts on their own accord. However, many of these same individuals become so frustrated and overwhelmed by the tedious process that they often give up halfway through.
This, amongst other reasons, is why hiring a professional credit repair company is the way to go. You hardly have to lift a finger with a credit expert on your side. All you have to do is provide the expert or agency with the appropriate financial records and documentation to get started.
Don’t let your repossession negatively affect your credit score any longer. Let My Credit Advice help you with your credit repair journey. We’ll take a close look at your credit report, credit cards, and other financial records to determine the smartest course of action to take to rebuild your credit.
Let us remove repossession from your credit report so that you can move forward with your life on your terms.