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How long does a repossession stay on my credit report?
I recently ran into some hard times financially and had my car repossessed. Changing my spending habits has been challenging, but I think I’m making progress. I know I'm facing an uphill battle but how long will a repo stay on my credit report?
Drew Waterstreet · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
We are happy to help you get back on track! This will be a long road though–a car repossession can stay on your credit report for up to seven years.
The vehicle
repossession
will date back to your first missed payment. While it remains on your credit report, the negative impact on your credit score begins to wane as time goes on.Vehicle repossessions not only negatively affect your credit report, but also your
car insurance
rates. Even in tough times, Jerry
can help you find an affordable rate. A licensed broker that offers end-to-end support, the Jerry app gathers affordable quotes, helps you switch plans, and will even help you cancel your old policy.View full answer
- Gregory R.
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