fixing my credit report from all the three credit bureaus

Hi Tomas

There are many factors that are related to closing your accounts. It depends on the number of accounts, the total available balance, and how much of the available balance has been used by you. If you close your accounts, your overall balance will get reduced. Also, the percentage of the available balance will get raised. Putting an overall view, your credit scores will be lowered.

Regarding the second part of your query, it is not necessary that all the credit bureaus will automatically update your credit file. You will have to make sure that each credit bureau has updated your file.

I was late on my car payment and the car was repossesed. I paid a penalty to the bank, storage costs to the repo company and got my car back. I paid off the car and have title in hand but my credit report shows a repossesion. Can I have that removed since technically the car was not repossesed?

Rafael,

Repossession is a negative remark that stays in the file for as long as 7 to 10 years. This was reported by the creditors in your report before you paid them.

Once negative information has hit your file, it can't be removed unless it is inaccurate. It is putting the actual effect of your account to your future lenders.