questions about repo's

Discussion in 'Credit Talk' started by ShellyHS, Jul 3, 2001.

  1. ShellyHS

    ShellyHS New Member

    I'd like some basic advice from anyone that would care to give any...

    my brother in law has two past repo's in his credit history (both from at least 5 years ago) and he's wondering if he has any chance at all to get a house in the next few years.

    Do repos's stay on your creidt history forever or do they fall off?

    Also... when you have bad debt/charge offs on your credit report and you decide to come clean and pay them... does it help the credit report? I'm thinking it's better for him to just not pay them. .. but I don't know.

    Anyone have any experience in these cases?
  2. Mike

    Mike Well-Known Member

    First, repo's stay just like everything else, 7 years. However, they are pretty easy to get off your credit report. Wait about 2 to 3 years and dispute them. The original finance company won't have the records and then they will go away.

    I don't want to sound like skum but i was back then...

    First repo was from The bank of Denver the second was from Arcadia Financial. They are now both gone due to disputing them.

    BTW the first one was an accident that totaled the car and the second one was a stolen car that I didn't have insurance on.

    Also if your debts are old just let them age. If you pay them the 7 year clock starts over again.

    Good Luck


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