How to Get a Repo Off Your Record
- 1). Obtain a copy of your credit report. All consumers are entitled to view their credit reports once a year from each of the three large credit reporting agencies. Go to AnnualCreditReport.com (see Resources) to request your free credit report copies. Locate the repossession you want to have removed from your credit on the report.
- 2). Verify that you have a had a vehicle repossessed. In some rare cases, a repossession may be reported on the wrong person's credit score or as an error by a financial institution. If you have never had a vehicle repossessed, and the report is an error, contact the both the credit report agency and the financial institute that is reporting the repossession to contest the error. You may have to take the error all the way to court, but in most cases if you can prove that the vehicle has either not been repossessed or was not yours to begin with, the financial institute will remove it from your credit report.
- 3). Pay for the vehicle. If you can afford to pay the remaining balance that was owed on the vehicle, you may be able to arrange to pay the remainder of your debt in exchange for the financial institution removing the repossession from your credit report or reporting it as settled rather than a repossession with money owed.
- 4). Challenge the accuracy of the report. In some instances, you may be able to get a repossession removed from your credit record by challenging the accuracy of the report. Creditors that do not keep accurate records and can not verify the debt will be forced to remove the incident from your credit report.
- 5). Declare bankruptcy. Bankruptcy will clear your credit, but should be considered as a last resort for handling old debts.
Source...