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Debts will only show on your credit report if it is underwritten by a "subscriber" (anycompany that reports your financial behavior). In this case it will bereported monthly to the credit bureaus. Note thatdebts are reportedto the credit bureaus for seven and a half yearsFROM THE DATE OF LAST ACTIVITY or "DLA".Now PAY ATTENTION - THIS IS IMPORTANT!Let's say your credit report shows a debt thatis five years old since DLA. You decide to "come clean",so you pay the debt in full. By making that payment, you start the 7.5 year clockall over again.The NEW date of last activity is the date your check posted to that account.Had you left it alone,it would probably have dropped off of your CBR (credit bureau report) in 2.5 more years (given there was no one actively pursuing you for payment). Sometimes trying to do the right thing can do more harm than good. Be careful!
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Do you owe a debt that is no longer reported on a credit report?
Yes, the debt is still valid and collectible.
What is the minimum debt that can end up on a credit report?
There is no minimum. 1 cent of unpaid debt can be reported.
How long does bad debt stay on your credit report?
Typically, it's reported for seven years, except for bankruptcy, which is reported for ten years.
Can a debt collector report to a CRA a debt which was never reported by the original creditor of the debt?
The answer to your question is Yes, they can report a debt that was never origionally reported to the CRAs. This is most common with medical expenses. You may have an outstanding debt to a doctor's office for example, and though Doctors do not typically report debts to a CRA, if they sell your outstanding debt to a collection agency, they absolutly have the right to report it to your credit report. So, in a word, yes, it is legal, and is actually quite common. Hope this helps! In fact it is against the Fair Debt Collection Practices Act for a medical debt to be reported to the credit agency, but it doesn't apply if they sell the debt to a third party collection agency. Nice way for them to get around that.
How long before a debt gets wiped clean?
It is common belief that after seven years your debt gets wiped clean from your consumer credit report that is reported to all major credit agencies.
Do you owe a debt that is no longer reported on a credit report?
Yes, the debt is still valid and collectible.
What is the minimum debt that can end up on a credit report?
There is no minimum. 1 cent of unpaid debt can be reported.
Can a credit card debt that was charged off and sold to a collection agency be reported on your credit report?
Yes.
How long does bad debt stay on your credit report?
Typically, it's reported for seven years, except for bankruptcy, which is reported for ten years.
Can a debt collector report to a CRA a debt which was never reported by the original creditor of the debt?
The answer to your question is Yes, they can report a debt that was never origionally reported to the CRAs. This is most common with medical expenses. You may have an outstanding debt to a doctor's office for example, and though Doctors do not typically report debts to a CRA, if they sell your outstanding debt to a collection agency, they absolutly have the right to report it to your credit report. So, in a word, yes, it is legal, and is actually quite common. Hope this helps! In fact it is against the Fair Debt Collection Practices Act for a medical debt to be reported to the credit agency, but it doesn't apply if they sell the debt to a third party collection agency. Nice way for them to get around that.
How long before a debt gets wiped clean?
It is common belief that after seven years your debt gets wiped clean from your consumer credit report that is reported to all major credit agencies.
How can I correct a debt that was transfered and reported twice on credit report?
8 out of 10 people have negative, errors or derogotory items on their credit report. This can be disputed.As I was reading this question, it could be a timing difference between when each credit card reports your debt. It can either be cleared up in the month or if it is a debt that went into collections then see paragraph above.
Is a bad debt erased after 7 years?
No it is NOT! You have to get your credit report to see when the creditor last updated their report to the credit reporting agency. If the creditor chooses to report this bad debt every month than your bad debt will only be erased from the last update. For example: You have a bad debt from a Sears credit card from Jan of 2010. Each month Sears has reported your bad debt to Trans Union or one of the other agencies. The new date is from the last time they updated your credit report NOT from Jan of 2010. They can update it every month for the next 20 years and it will stay as a bad debt and ruin your credit report score. Legal to do it too.
Can you forget a debt a debt or have a debt forgiven and not have it hurt your credit?
When a debt is forgiven (a forgetadebt as you call it), it will be reported to the credit bureaus. But you will have less debt, which is a positive.
Can you be sued for a debt that does not appear on your credit report?
Yes, the credit report has no bearing on whether a debt is valid and subject to litigation.
How long does charged off credit card debt stay on credit report?
An account is no longer reported after a period of 7 years of inactivity in the USA; 6 years in Canada.
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.
