Sorry, but a repo is a repo. Being voluntary has no impact on it's reporting or effects. They might put a note that it was voluntary, but again, doesn't change that the vehicle was taken back by the lienholder.
@Tmyers wrote:
@Brian_Earl_Spilner wrote:Sorry, but a repo is a repo. Being voluntary has no impact on it's reporting or effects. They might put a note that it was voluntary, but again, doesn't change that the vehicle was taken back by the lienholder.
I understand that however, that was not my question. The repo is marked as a Forclosure and not repo. My question was whether or not myFICO uses the same terminology for all three. Instead of having it show as a "R or VS" like it does on my experian stand alone report, does myFICO use FC (foreclosure) to represent a repo.
you should check how it's reporting on your actual reports: https://www.annualcreditreport.com
myFICO is merely grabbing the data from the reports and showing it to you, they aren't the ones holding the data, so they could be showing it inaccurately
I'm not sure if FCRA requires them to report VS vs. Repo specifically, I feel like it should, but that's definitely worth looking into if they are reporting Repo when it is a VS.
I agree with above that FICO wise, it probably doesn't make a difference in scoring between the two, but for manual underwriting it might, so having that reflect accurately might help. It might also hurt your score to have the tradeline last activity date be updated, so that's worth considering as well.
@Tmyers wrote:
@Brian_Earl_Spilner wrote:Sorry, but a repo is a repo. Being voluntary has no impact on it's reporting or effects. They might put a note that it was voluntary, but again, doesn't change that the vehicle was taken back by the lienholder.
I understand that however, that was not my question. The repo is marked as a Forclosure and not repo. My question was whether or not myFICO uses the same terminology for all three. Instead of having it show as a "R or VS" like it does on my experian stand alone report, does myFICO use FC (foreclosure) to represent a repo.
Foreclosure just means the lender took back the property and is attempting to recover its losses by selling the asset. It's what a repo is. So it doesn't matter if it says repo, voluntary repo, or foreclosure. They are all the same thing. People tend to attach repo to autos and foreclosures to homes, but they're interchangeable. You can reposses a home and foreclose on an auto loan.
