How repossessions are reported
- Voluntary vs. involuntary: Both are reported as negative items. A voluntary surrender can still hurt your score almost as much.
- Deficiency balance: If the vehicle sells for less than you owed, the lender may report the difference as a balance or send it to collections.
- Late payments: The months before the repossession usually show as late payments too.
When can a repossession be disputed?
- The deficiency balance is wrong, or the sale wasn't handled the way your state requires
- Dates, balances, or statuses don't match across the three bureaus
- The lender or a collector can't verify the account
- The same deficiency appears from more than one company
- The reporting period has expired
The Credit Lion disputes information that is inaccurate, incomplete, outdated or unverifiable. Accurate, timely information can't legally be removed, and results vary by file.
