How to See if a Repo Is on Your Credit Report

Understanding your credit report is a fundamental step in managing your financial health. This document summarizes your borrowing and repayment history, offering insights into how lenders view your financial reliability. Regularly reviewing your credit report allows you to monitor your financial standing and identify discrepancies that could affect your ability to secure future loans, housing, or employment.

Obtaining Your Credit Reports

Accessing your credit reports provides a comprehensive overview of your financial accounts. In the United States, three major credit bureaus compile these reports: Equifax, Experian, and TransUnion. Federal law grants consumers the right to a free copy of their credit report from each bureau once every 12 months.

The primary way to obtain these reports is through AnnualCreditReport.com. This website allows you to request reports from all three agencies simultaneously or space them out throughout the year. You can also request reports by calling 1-877-322-8228 or by mailing a completed Annual Credit Report Request Form. AnnualCreditReport.com is the official source for your free annual reports, helping you avoid unintended subscriptions or fees. Reviewing reports from all three bureaus is beneficial, as information reported by creditors may vary.

Identifying Repossession Entries on Your Report

After obtaining your credit reports, look for repossession entries in the account history section. These entries typically appear under categories like “Account History,” “Derogatory Accounts,” or “Collection Accounts.” A repossession indicates that a lender has seized collateral, such as a vehicle, because loan payments were not made as agreed. This action, whether voluntary or involuntary, will be noted on your report.

Common statuses include “charged off,” “closed with repossession,” or “voluntary surrender.” These terms signify that the lender has written off the debt as uncollectible, often after seizing and selling the collateral. The entry will detail the original creditor’s name, account number, the date of the repossession, and the original loan amount. You might also see the remaining balance owed, known as a deficiency balance, and a history of the payments leading up to the repossession. A repossession can remain on your credit report for up to seven years from the date of the original delinquency that led to the event.

Disputing Inaccurate Repossession Information

If you discover a repossession entry on your credit report that you believe is inaccurate, you have the right to dispute it. This process can be initiated directly with each of the three major credit bureaus: Equifax, Experian, and TransUnion. Most bureaus offer online dispute portals, which can be the quickest method, but disputes can also be submitted by mail or phone.

When filing a dispute, clearly explain what information you believe is incorrect and why. Providing supporting documentation, such as account statements, payment records, or official correspondence, can strengthen your claim and help resolve the inaccuracy. The credit bureaus are required by the Fair Credit Reporting Act (FCRA) to investigate your dispute within 30 days, though this period can extend to 45 days if additional documentation is provided or if the dispute is complex. After the investigation, the bureau will notify you of the outcome and update your report if an error is confirmed. You also have the option to dispute the information directly with the original creditor.