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If a debt on your credit report says 'bad debt write off ' can the creditor still sue you or collect the money?
Wiki User
∙ 8y ago
= If your credit report reports that you have a bad debt write-off, then it means that the original creditor has written off the debt, but they can still sell the rights to the debt to a collection agency and they can contact you and take legal action.
Wiki User
∙ 8y ago
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What does HC mean on a credit report?
HC on a credit report means High Credit. This is the highest amount of money a creditor has issued to you in the past.
May a creditor report the debt to a credit rating agency after the debt is time-barred?
Generally speaking, at some point the creditor is not going to spend the money to keep a deragatory on your credit report. In the case of Bankruptcy it stays on you credit report for 10 yeas. In the case of foreclosure it stays on your credit report for 7 years.
Can a creditor become an administrator of an estate?
Yes, they can. Often a creditor will file for an estate so they can collect their money.
Can you get sued over an unpaid credit card balance?
Yes. It doesn't matter how much the account balance is, it only matters if the creditor can collect the money owed after wining a lawsuit
Should the balance of a creditor you filed chapter 7 on show zero on your credit report after it has been discharged?
No. Bankruptcy discharge does not mean the money isn't owed. It means that creditors cannot attempt to collect it. The money will always be owed. Accounts included in bankruptcy will stay on the cr marked included in bankruptcy, for the full seven years.
What does HC mean on a credit report?
HC on a credit report means High Credit. This is the highest amount of money a creditor has issued to you in the past.
May a creditor report the debt to a credit rating agency after the debt is time-barred?
Generally speaking, at some point the creditor is not going to spend the money to keep a deragatory on your credit report. In the case of Bankruptcy it stays on you credit report for 10 yeas. In the case of foreclosure it stays on your credit report for 7 years.
Who are the parties to credit card?
There are basically two parties involved with credit cards - the creditor and the debtor. The creditor is the organisation who pays the shop or business the debtor (ie you) are buying from. They then collect the money from you in installments adding interest each month until the bill is paid.
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.
Can a creditor become an administrator of an estate?
Yes, they can. Often a creditor will file for an estate so they can collect their money.
Who can report delinquent accounts to credit reporting agencies?
Any creditor you owe money to can report your delinquent accounts. Generally utility companies and cell phone providers will only report if you have an unpaid balance. Credit cards, mortgages and installment loans are 99.99% of the time reported.
Can you get sued over an unpaid credit card balance?
Yes. It doesn't matter how much the account balance is, it only matters if the creditor can collect the money owed after wining a lawsuit
Should the balance of a creditor you filed chapter 7 on show zero on your credit report after it has been discharged?
No. Bankruptcy discharge does not mean the money isn't owed. It means that creditors cannot attempt to collect it. The money will always be owed. Accounts included in bankruptcy will stay on the cr marked included in bankruptcy, for the full seven years.
Can a collection ruin your credit report?
Yes a collection can ruin your credit report. Collections are similar to charge offs and will lower your score significantly all depending on the age of the collections and the amount owed. You can remove a collection by disputing it to the credit bureaus or by contacting the original creditor and working out a deal. Either way works well. You might have to hire a credit repair service if you decide to dispute it or have the money to settle the collection if you contact the creditor directly.
How to get out of a judgment?
Judgments are essentially lawsuits filed by a creditor that you owe money to. You generally can't get out of a judgment unless you go to court to fight it. You generally will have to pay a judgment willfully or by force to satisfy it. It will also show up on your credit report unless you dispute it to the credit bureaus. The credit bureaus have 30 days to verify it or it will be removed from your credit report.
If a car is already charged off on your credit how long do they keep looking for it in California?
Until they find it. If it is charged off on your credit report then the creditor sold the note to a collection agency who will hire a repo-man to track down the car so they can recover it and sell it to make the money back that they paid to creditor for it.
Distinguish between a debtor and a creditor?
a debtor is someone who owes you money and a creditor is someone who gives you credit for a service or supply of items
