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Is it legal for a lender to report a negative paid account as delinquent?
Wiki User
∙ 19y ago
No. A creditor can report a paid derogatory account as delinquent PRIOR to being paid. But if you paid it off, the correct status is "paid" (collection or charge off).
Wiki User
∙ 19y ago
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If you pay your entire balance after your car is repossessed and the car is returned to you why will the lender report negative on your credit report?
Paying the car off was good but having to repo it to get it paid off was BAD or negative. the lender did report that it was PIF,HUH?? So they reported the good and the bad.
Can a co-signer have a negative entry removed from a credit report if the lender failed to notify him that the primary borrower was in default of the loan agreement?
No. There is no legal obligation for the lender to notify the cosigner that the primary borrower is in default.
If your car is repossessed and you are able to get it back by bringing your account to date is it still reported as a repo?
That would be at the discretion of the lender(s). If an agreement is made and all terms are lived up to, the lender probably will not report the default to CRA's.
Is being delinquent the same as having a late payment on credit report?
..Que?
How will settling credit card debt affect your credit score?
It will raise your score slightly. If you don't settle a delinquent account, the verbage on your credit report may read: "collection account", or "unpaid collection account". However, if you settle, the report may read "settled". By settling with the debt collector, you have made an attempt to fulfill your financial obligation. Therefore, your score will raise slightly.
Is account still considered delinquent on you credit report if it has been paid in full?
Technically it is a paid, and no longer delinquent account. But it is still considered as a negative account by the FICO scoring model. The bureaus want to show your entire payment history to any lender subscriber to their service. This will still be reported as a negative account for up to seven years.
Which of the following can be a reason for a lender to deny credit?
negative information in your credit report
If you pay your entire balance after your car is repossessed and the car is returned to you why will the lender report negative on your credit report?
Paying the car off was good but having to repo it to get it paid off was BAD or negative. the lender did report that it was PIF,HUH?? So they reported the good and the bad.
If vehicle was repossessed in 2004 but ex spouse stopped paying consistently in 1999 What date must the collection agency report to the credit bureau?
The collection agency typically does not report to the credit bureaus, the original lender does. Lenders report to the bureaus, collection agencies collect on delinquent debt.
If you had an account become delinquent in 1998 but the charge off appeared on your credit report in 2005 can this be removed?
Dispute it with the reporting agencies. They are Equifax; Transunion and Experian.
How long does a debt stay on your credit if the amount is not paid?
A debt will stay on your credit report for seven years after the date that you were originally delinquent on the account. After seven years, this debt is taken off of the account.
When an account is deleted from a credit bureau do the other credit bureaus automatically delete it too?
only if you and your lender report it to the other bureaus
Can a co-signer have a negative entry removed from a credit report if the lender failed to notify him that the primary borrower was in default of the loan agreement?
No. There is no legal obligation for the lender to notify the cosigner that the primary borrower is in default.
What does it mean when an unpaid account is closed on your credit report?
that it has been closed by either you or the company- either way it shows as a negative in your report
If you have a checking account with a negative balance for over six months what can the bank do?
If you have a checking account with a negative balance for over six months, the bank may charge additional fees, close the account, and report the delinquent account to credit bureaus. The bank may also pursue legal action to recover the funds owed, such as taking you to court or sending the debt to a collection agency. It's important to communicate with the bank to discuss repayment options and try to resolve the negative balance.
How can you remove delinquent utility bills from your credit report?
You can only remove bills if you pay them or if the bills are listed incorrectly on your credit report. It is best to pay them off and then the bills will not be listed as delinquent.
If an account was delinquent 8 years ago but the judgment is 2 years old should this be on your credit report?
A valid judgment will remain on a report for the required seven years. Keep in mind however, some judgments are renewable and can be placed back on the report at the time they are renewed.
