Repossessions on your credit report will impact your credit for years. They stay reported for seven years from the date your property was repossessed. Usually when the lenders see the 7 Years are approaching, they sell the account to a collection agency for pennies on the Dollar, who in return, also report it on your credit report, and here we go again. One account becomes two. We can delete repossessions from your credit report once they are sold to a collection agency. Again, using the Statutes of limitations law in your favor.