Houston Credit Repair Expert Vanessa Perry, Owner of Impeccable Credit Services explains the similarities in repossessions in the latest episode of Ask Impeccable.
Have you ever had a car that has gone into repossession? Did you know that all repossessions show up the same on a credit report. It does not matter if they are paid or voluntary repossessions. Below are the differences between the repossessions. The only true difference is the scenario. If you have repossessions on your credit you may want to consider a credit repair company to help restore your credit or advise you before going into repossession.
Houston Credit Repair
Impeccable Credit Services has been a known and trusted name in the credit restoration industry for over sixteen years. Alongside advising our clients, we educate them on how to effectively use credit in the future. We map out customized plans for our clients based on their goals and circumstance. With two physical locations and virtual options we are able to accommodate anyone in most situations. If you have any questions regarding your credit or repossessions please feel free to contact us 713-378-1500.
A voluntary repossession is when you voluntarily release the car back to the lender. In most cases this is due to a loss of income or inability to make regular payments or your car is just a lemon. The lender will retrieve the car and put a repossession on your credit report. This often speeds up the repossession process and eliminates additional late payments reflecting on the credit report.
A paid repossession is when you settle the debt either before or after time of repossession. Many people think that if it is paid it will no longer show up on your credit report. That is FALSE. If you have a paid repossession it appears on your credit as a paid repossession.