Posted on: 13th Mar, 2012 01:39 am
I had a car which was repossessed in 2006. However, I paid it back in full and got back the car in 2009. Now I am planning to buy a home. However my credit report lists this auto loan as an open account and under repossession GMAC has agreed that it's a mistake on their part and will request removal of the incorrect information from the credit report. I need to increase my credit score by 10 points to qualify for a conventional loan. So, once the information is corrected, will this happen?
Hi Tatyana,
Removing negative items from your credit report will definitely have a positive impact on your credit report. Immediately after the negative items are removed from the report, your scores may not improve. It may take around 2 months time to show any changes in your score.
Take care
Removing negative items from your credit report will definitely have a positive impact on your credit report. Immediately after the negative items are removed from the report, your scores may not improve. It may take around 2 months time to show any changes in your score.
Take care
Welcome Tatyana,
I agree with Sara that updating the repossessed auto loan account in your credit report will have a positive impact on your overall credit report as well as your scores. But after the updation of the account, you may not be able to see immediate affects.
I agree with Sara that updating the repossessed auto loan account in your credit report will have a positive impact on your overall credit report as well as your scores. But after the updation of the account, you may not be able to see immediate affects.