Will a repossession be reported on your credit even if the loan was reinstated the same day?

[Anonymous]

My car was repossessed today, i called an paid all of the fees today to get the vehicle back. I was 36 days late on my payment, they had not reported the late payment yet, will the car still show as repossessed on my credit report?

[RobertEG]

Yes, it can be reported as a repo.

Whether or not they do report is up to them.

However, repos come in different flavors, with resulting difference in severity and in associated credit report exclusion of the reported repo.

A repo that is done and overcome by return to good standing prior to any charge of the debt to profit and loss is a simple delinquency that is governed by the credit report exclusion provision of 7 years from the date of the repo, similar to a normal monthly delinquency. It is governed by the catch-all exclusion provision of FCRA 605(a)(5).

However, if a repo results in a charge to profit and loss ("charge-off"), it is then governed by the credit report exclusion provisions of FCRA 605(c), which sets the exclusion date based on the DOFD, and not the date of the repo.

[Anonymous]

Okay definitely not as a bad as a blow as a repo would be. Thank you very much for the answer.