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How does one report debt owed to them to the IRS and the credit bureaus?
Wiki User
∙ 17y ago
Individuals cannot report to credit bureaus concerning debts that they are owed. Individuals should file a lawsuit in the appropriate state court and when (if) they are awarded a judgment the judgment will appear on the debtor's credit report. Individuals cannot report such matters to the Internal Revenue Service.
Wiki User
∙ 17y ago
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What should you do if a collection item is on a report as unpaid for 3 years and the balance owed is incorrect?
First, call the creditor and ask them to correct it. Then, dispute the error with the 3 credit bureaus.
If a delinquent account was never reported and it suddenly appears on your credit report 5 or 6 years later are you still responsible for that debt?
A consumer's responsibility for a debt is a separate issue than credit reporting. If you owed a debt 5 or 6 years ago, and never paid it, you still owe it. There is a statute of limitations for how long a debt can be collected, another for how long a consumer can be sued over a debt and another for how long a debt can show on your credit report.
How do you get a letter from the card company stating that you do not owe them money when the credit report shows individual judgment and settlement?
I'd suggest disputing with the bureaus and saying "No judgment or settlement. Amount owed ZERO as per letter" Include the letter.
How do you find out what you owe to various creditors?
If the debtor has misplaced the account statements and the accounts have been charged off. Eventually the person will receive a letter from a collections agency stating the name of the creditor and the amount of debt owed. The party involved will have thirty days to dispute the account or the debt will be presumed valid and collection action will proceed. The other option is to get a copy of the credit report. However, not all creditors report to all agencies, the person might want to request reports from all three bureaus.
How do you find out who the original creditor is after your account has been sold to a collection agency and 30 days have passed since they first contacted you?
Either you can ask what collection agency the company you originally owed deals with or you will have to obtain your own credit report. * If the debtor did not respond to the 30 day clarification notice, the collection agency has no legal obligation to inform the debtor of the creditor, amount owed, etc. unless litigation is initiated. The debtor's credit report may or may not indicate which account has been sent to collections, as credit bureaus are very lax in keeping timely data on consumer's.
How do you find debts owed to file bankruptcy?
get a copy of your credit report from all three credit bureaus
What is a Charge-off in a credit report?
A charged off account is similar to a collection on your credit report. The creditor has written off the debt owed and closed the account. The debt is still valid though and can be collected on. The charge off will lower your credit score unless removed. You can dispute a charge off and this give the credit bureaus 30 days to verify the charge off or it must be removed from your credit report.
If your customer breaks a written contract how can you have it reflected on their credit if they do not pay the balance of the contract?
Is your business one that already reports to the bureaus? If so, then report the customer as owing the balance. If not, you have three choices: Either report the debt, (there is a charge for signing up as a reporting member to the bureaus and for reporting a debt), or you can sell the debt to a collection agency (for 40-60% of the amount owed), or you can take your customer to court in a civil or small claims action. If you win the case, there will probably be a judgment issued against your customer. Be sure to have the judgment recorded in public records. It will get picked up there by the credit bureaus and placed on the customer's credit report.
How do I remove a collection item on my credit report that was disputed but not removed?
Only the collection agency or the credit bureaus can remove a collection off a credit report. You can negotiate the removal of the collection off the credit report upon final payment of the debt owed. Some collection agencies have policies against this, some don't. You can also redispute it to the credit bureaus as many times as they will let you. It has a higher chance of being removed if it is paid off and an older account.
Can alimony and child support be listed in arrears on your credit report?
Yes, child support and alimony are both considered debts owed by one parent to the other. As with any debt, failure to pay can be reported to credit bureaus and can negatively affect your credit rating.
How do you report a bad debt owed to you to be placed on that person's credit report?
The answer to your question if you have over 500 accounts that are past due is to purchase an enterprise level software that allows you to report to the credit bureaus using a metro 2 format that the bureaus accept files in. The 500 account minimum is imposed by the credit bureaus and you would need to contact Experian, Trans Union, and/or Equifax; set up an agreement to furnish data with them, and update your accounts on a monthly basis. There are several sets of laws governing the reporting of accounts to the credit bureaus including the Fair and accurate credit transactions act (FACTA) and the Fair Credit Reporting Act (FCRA) that you should be familiar with prior to doing so.
What is a judgment on your credit?
A judgment is essentially a lawsuit that has been filed against you for a debt owed by a creditor. This can be filed by anyone you owe money to, including collection agencies, companies, or people you do business with. It can be extremely damaging to your credit score unless removed. You can remove it by disputing it to the credit bureaus. The credit bureaus will have 30 days to verify the listing with the courthouse where it was filed or it must be removed. Removal all depends are age, amount owed, and the which courthouse.
What should you do if a collection item is on a report as unpaid for 3 years and the balance owed is incorrect?
First, call the creditor and ask them to correct it. Then, dispute the error with the 3 credit bureaus.
What is the opposite word to debt?
creditThe opposite of debit is credit. A debit is something owed. A credit is something gained.
How do charge offs affect your credit?
Charge offs will drastically lower your credit score, just like any negative item similar to collections, judgments, and liens. They will stay on your credit report for 7 years unless removed. The more money owed and the more recent the charge off the more it will lower your credit score. You can remove charge offs by disputing them to the credit bureaus. The credit bureaus have 30 days to verify the charge off or it must be removed from your credit report.
Can you get out of credit card debt?
Yes, you can. Simply pay the credit card company what they are owed, or have the debt written off.
If a collection agency takes over a charge can they repost it as a new hit on your credit report?
If it is a purchased debt then yes, the money is owed to a different creditor...there fore the new hit on your report.
