What affect will a repo have on my credit? We co-signed for this and now it has been repoed.
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What affect will a repo have on my credit? We co-signed for this and now it has been repoed.
Asked on June 24, 2009 under Accident Law, Virginia
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 15 years ago | Contributor
If it is reported (which is more likely than not, but not definite), it will have a negative effect on your credit; it's a piece of negative information regarding your repayment of debt. (More technically, it is the default or lack of payment that triggered the repo that has the negative effect, not the repo itself.)
If it's not reported, then of course, no effect.
The extent of any effect is very hard to predict--the credit rating agencies keep their formulas to themselves. It will be noticeable, though.
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