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Does the Federal Consumer Credit Reporting Reform Act keep creditors from refreshing the debt after seven years by selling it to a collection agency?
Wiki User
∙ 8y ago
NO. only the expiration of the SOL. Which is in almost all cases shorter than the seven year CR.
Wiki User
∙ 8y ago
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If you owe money to collections and you pay it can you get these items removed from your credit report?
It is always a good policy to attempt this. But whether or not you succeed in getting a paid collection account removed from your credit report is totally within the discretion of the creditor. There is no law that requires or compels credit reporting. The Fair Credit Reporting Act states that IF an account is reported, then it must be correct. Therefore, collection agencies and creditors usually will tell a consumer that they "must" by law report the accurate nature of the account, which would be a paid collection, as opposed to removing the account.
What is a transunion credit report?
Transunion is one of three credit reporting agencies that provides information to potential creditors on your personal credit ratings and issues. The report contains information such as any defaults of the consumer, his/her identifying information, and a credit rating, or grade.
Where can one find a consumer credit reporting company?
You can find a consumer credit reporting company by asking the local bank and they should have the correct contacts and information to help you out with what you need.
What is the meaning of credit rating in simple language?
credit rating is how a merchant/lender evaluates how a consumer is going to pay them back. In order to do this they pull a credit bureau on the consumer. They evaluate the consumer's credit obligations ie) debt load (money they owe to creditors), payment history (when payments are made on time or not), age of accounts ( how long the consumer has had creditors for).
Can the bank tell your tenants your personal information about your loan?
No, your creditors, even your potential creditors are prevented by Consumer Trade laws from discussing your information with anyone not specifically authorized by you.
What does a consumer reporting agency do?
A consumer reporting agency is an agency that collects information on certain individuals. They then sell this information to possible creditors to help them decide the credit worthiness of the individual (or whether a person should be allowed extended credit).
If you owe money to collections and you pay it can you get these items removed from your credit report?
It is always a good policy to attempt this. But whether or not you succeed in getting a paid collection account removed from your credit report is totally within the discretion of the creditor. There is no law that requires or compels credit reporting. The Fair Credit Reporting Act states that IF an account is reported, then it must be correct. Therefore, collection agencies and creditors usually will tell a consumer that they "must" by law report the accurate nature of the account, which would be a paid collection, as opposed to removing the account.
What are three important federal laws regulating consumer credit?
The Fair Credit Reporting Act promotes the accuracy and privacy of information in consumer credit reports. It also controls the use of credit reports and requires consumer reporting agencies to maintain correct and complete files. The Equal Credit Opportunity Act requires that individual creditors apply credit standards in a fair manner.
Is it legal for collection agencies and creditors to report the information on your credit report?
Yes. However, a consumer has the right to question any entry on that report. If a consumer finds a error, they need to write the reporting agency giving all pertinent information, and demand the removal of the entry. If this is not done in a timely manner (which is broadly defined). The consumer has the option of filing a defamation suit, and other remedies. Everyone should know what is on their CR. The CRA's often make mistakes and get away with it. Thereby causing the uninformed consumer a lot of aggravation, to say the least.
What is meant by Consumer Right?
These are your rights under Federal and State Law. The FCRA, FDCPA, and CROA all protect you (the consumer) and give you certain rights to protect yourself from the credit bureaus, creditors, collection agencies, and credit repair companies.
What is the difference between consumer liability and debt collection issues?
Consumer liability is an area of civil law that provides consumers with remedies against manufacturers, distributors, and retailers who make, sell, or market faulty products. Questions in this category should be related to defective products, warranty concerns, and merchantability issues.Consumer liability does not mean the consumer is liable.Debt collection is a separate issue entirely from consumer liability and deals with repossession, foreclosure, and other methods used by creditors to collect money owed to them. These types of issues are not consumer liability questions.
What is the difference between a Consumer Reporting Agency and A Credit Reporting Agency under the guidelines of the Fair Credit Reporting Act?
there is no difference, it is the same. They were called Credit reaporting agencies several years ago, then the terms was changed to consumer reporting agencies as they are not used for more than just Credit Reporting.
What is a transunion credit report?
Transunion is one of three credit reporting agencies that provides information to potential creditors on your personal credit ratings and issues. The report contains information such as any defaults of the consumer, his/her identifying information, and a credit rating, or grade.
Can a collection agency report to credit agencies before the charge is verified?
Yes, a collection agency can report a debt to credit agencies before the charge is verified. However, it is generally recommended for collection agencies to first verify the debt before reporting it to credit agencies in order to ensure accuracy and compliance with regulations such as the Fair Credit Reporting Act.
Where can one find a consumer credit reporting company?
You can find a consumer credit reporting company by asking the local bank and they should have the correct contacts and information to help you out with what you need.
What service does Teletrack offer?
Teletrack is a consumer reporting system that collects and provides consumer credit data to agencies such as installment loan lenders, payday loan companies and other consumer finance businesses. Teletrack also provides risk assessment, identity verification and skip tracing for banks, credit unions, and collection agencies.
What does an attorney dealing with creditors' and debtors' rights do?
Attorneys deal with consumer credit regulation, including attachments, garnishments, assignments for the benefit of creditors, judgments, and bankruptcy.
