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If You Pay Off The Rest You Owe After A Car Has Been Reposed What Do They Put On Your Credit Report?

my car was reposed and i want to pay the balance ,but want to know how it would look on my credit report

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    Pay it!  Right now, your repossession is disabling to your credit score.  The sooner you pay it off, the better off you'll be.  Once you pay off a balance, this is reported the credit agency and it is my understanding that once the credit reporting agency has the new information, it will be reflected as paid on your report.  There are some really great resources out there to help!  Suze Orman has written a great book that explains the basics of credit called, "The Money Book for the Young, Fabulous & Broke."  It's so helpful in figuring out what your credit score is, how it affects you, and how you can request a free copy of your report from the different reporting agencies.  It also gives you practical tips to help rebuild once something like a repossession has taken place.  I highly recommend!!  Best of luck to you!
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    answered 3 years ago

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