New to the toolkit - a dedicated teaching research methods section focused on providing lecturer support resources. The resources within this site have been compiled in line with our HEA funded research with college staff and students into research methods teaching. HEA scholarly activity resources.
For most people, repossession can be a devastating experience and, unfortunately, has a long-lasting impact on your credit score. A car or home repossession typically stays on your credit record for up to seven years and will lower your chances of obtaining attractive interest rates for a loan in the future.
Steve, the charge-off will remain on your credit report for seven years. The Fair Credit Reporting Act states that negative items will stay on your credit report for seven years from the first date of delinquency resulting in the charge-off. Typically, a debt is charged off once it is delinquent for 120 to 180 days. The original time frame for a loan -- such as five years, in the case of a car loan -- has no bearing on the length of time the delinquency will be reported in your credit file.