When looking at my credit report, what does charge off mean on a reposession?

Unfortunately; Charge off also means you still legally owe the remaining balance due. The finance company will sell your account to a third party who will start hounding you again if it has been less than 7 years since the charge off.

Good news is that the third party will usually settle for pennies on the dollar to settle this account. Good luck.

When looking at my credit report, what does charge off mean on a reposession?

A charge off means the company wrote off the debt since it was not paid. It is not a good thing and definitely can lower your score.

Where there is a repo they take the item, usually a vehicle, and sell it at auction to try to recoup their lost costs. In most cases it sells for well below the balance on the loan. They then state you owe this difference.

I.e. car worth $10,000, they sell at auction for $2,000, they say you still owe $8,000. If you never pay the $8,000 they will do a %26#039;charge off%26#039; so they can write it off. However it still looks way bad on your credit report...

When looking at my credit report, what does charge off mean on a reposession?

Repossession is usually done with vehicles or any consumer durables. It is a bad item on your credit report and it will bring down your score.

I can help you clean your TransUnion credit report for less as I am an ex-employee of it. Contact me soon.

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When looking at my credit report, what does charge off mean on a reposession?

Small steps like paying your bills on time and using only part of the credit available to you. Also use your credit cards for making small payments regularly, so that it is reflected in your credit record. More tips available at http://www.acreditlibrary.com/buildcredi...