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Will Paying Off an Auto Repossession Raise My Credit Score?

Lynnette Khalfani-Cox, The Money Coach by Lynnette Khalfani-Cox, The Money Coach
in Credit Scores
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Will Paying Off an Auto Repossession Raise My Credit Score?
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Q: Will my credit score go up when I pay the balance due of my auto repossession of or will it stay the same?

A: Yes, it is possible that your credit score will increase after you pay the balance of your car repossession, but there is a chance it may not increase.

The best way to get a score increase is to have a written agreement – before you make that payment.

Your agreement should specify that in exchange for you paying the balance, the company agrees to delete all negative information about the account from your three credit reports: Equifax, Experian and TransUnion.

Without a written agreement, you could pay the bill and then they will simply “update” your credit reports to say “Paid” but they will leave the previous information about delinquency, late payment or repossession on your reports.

That doesn’t help your score.

Tags: auto repossession
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About

Lynnette Khalfani-Cox, The Money Coach®, is a personal finance expert, speaker, and author of 15 money-management books, including the New York Times bestseller Zero Debt: The Ultimate Guide to Financial Freedom.

Lynnette has been seen on more than 1,000 TV segments nationwide, including television appearances on Oprah, Dr. Phil, The Dr. Oz Show, The Steve Harvey Show, Good Morning America, The TODAY Show and many more.

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