:: Repossession affects your credit score
repossession, how a house is repossessed, how the bank repossess the car
By the way, Repossession on a home is called foreclosure!
Basically when you don't pay up (going into default) The person who loaned you the money will take back that nice car or nice house you just bought on credit.
Repossession affects your credit score
if you've had a repossession in the last two to three years it will definitely affect your credit score
When a creditor has a security interest in an item you purchased. That means the creditor has the right to take back the item if you do not make payments on the loan.
What is a secure loan?
Secure loan are loans where you borrow money to buy a certain item and give the creditor a security interest or collateral in an item.
- Car loan. When you take a car loan, you give the creditor the right to take the car back if you do not pay the loan.
More info on repossession:
More Credit Score:
- How to Fix Your Credit Score the SIMPLE Way
- Bankruptcy, How it Affects your Credit and your Credit Score
- How Eviction Affects Your Credit Score
- Repossession affects your credit score
- Foreclosure affect your credit score
- FICO Score Explained
- What's a Good Credit Score?
- How To Improve Your Credit Score
- How your credit score is calculated
- What is a Credit Score?
- VantageScore vs. FICO credit score
- What is considered a good credit score?
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