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socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 37822
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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I am completing a credit application for a car. There is a

Customer Question

I am completing a credit application for a car. There is a question on the form that asks if I have ever had a repossession. I have, and even though it wasn't my fault, it was more than 10 years ago and it's my understanding that it's no longer on my credit. If it's off my credit report, do I need to answer yes to this question?
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  socrateaser replied 7 years ago.

A repossession would remain on your credit record for seven years (15 USC 1681c(a)(4)).


However, if you are applying for a loan to a federally insured lender, then any false statement on the application that later causes the lender-bank damages, could be prosecuted as federal bank fraud, which has VERY severe penalties (up to $1,000,000 fine and 30 years imprisonment).


Hope this helps.


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