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My best advice would be to dispute it with each of the 3 credit bureaus. I have had really crappy credit since about 2003 when I made some BAD decisions in college about credit cards. I had 14 negatives marks on just my Experian report and now I have only 3; all of which will be off by April of 2009. I have been working hard to better my score based on things I learned through a credit repair guide I got online; perhaps it would help you too:

2008-07-30 16:55:00
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Will a paid in full collection agency debt look better than a settlement payment on a credit report?

Yes, though both will damage your credit report to some extent.

Will having a payment plan with a collection agency greatly reduce your credit score?

No. Once a person is being threatened by a collection agency, there is a high liklihood that the damage to the credit report is already done - a chargeoff or collections transline will already be in your credit report. Having a payment plan merely gets the debt paid and on-time payments are usually NOT reported (however, if you miss a payment, that company can and will send a negative tradeline to further damage your credit reputation).

Does attorney fees debt affect credit?

They don't unless you let the debt go and either the attorney or debt colletion agency reports it as part of their collection efforts. If that happens it can seriously damage your credit.

Credit Report Agency says account accurate creditor wont provide you with accurate documentation What do you do to get it off your credit report?

Apparently the dispute may not been handled properly. Your next dispute letter should go to both the credit bureau and original creditor at the same time stating damages. There are sample letters available for you in good books but you must understand the dispute process first. Most consumers cause themselves more damage by not understanding the credit challenge process.

Do apartment rental histories appear on credit reports?

Not usually, though if payments were made late on a regular basis or the landlord/management company had to send your account to a collection agency to get rent or damage fees, that information will be reported to a credit reporting agency and thus appear on a credit report. Regular paying of rent does not appear, just address and previous addresses if any.

You owe hosptail billsandcant pay them do you just get bad credit?

They may have a host of legal remedies available to them. First the account may be transferred to a collection agency which will report your collection and damage your credit. That agency or the original creditor may decide that the debt is worth persuing legally. They may take you to court to obtain a judgment against you. From that point you may end up with wage garnishments or other consequences.

If your account has gone through the hands of many collection agencies does it matter if the last agency does not report something on your credit?

No. The damage was done as soon as the debt was defaulted on. It is common to have accounts taken over by various ca's.

Can a paid settlement to the collection agency be reported as paid as agreed?

As a general rule the answer is no. Collection agencies will report this to the credit bureau as being settled for less than what was due, which can have a negative impact on your credit report. While paying this money could seem like an effort to repair your credit, it actually can damage it. A situation like this often results from a debt being old and about to fall off of your credit report. If you pay the money to the collection agency then it will stamp a record of such payment for an amount less than the amount originally due. The worst part is that such a record will stay in your credit file for another seven years from the day the payment was received! If you don't make the payment the negative report resulting from that will probably fall off of your credit report much sooner.

What methods can a creditor take to make you pay the difference after a repossession?

They will most likely send your account to a collections agency. Intrest will still accrue as will phone calls, letters from the agency. This can damage your credit score and credit report. Your best bet is to pay whatever it is off as soon as possible. They will most likely send your account to a collections agency. This can damage your credit report and score. Your best bet it to pay whatever it is off immediatly.

What can happen if you do not pay off credit cards?

The original creditor will either attempt to collect the debt using their own collections department or refer the account to an outside collection agency. Generally after 180 days of default the original creditor will "charge off" off the debt, this does not make the debt invalid or uncollectible. Some original creditors will sell the debt to a third party collection agency, some will have their legal counsel initiate a lawsuit to recover monies owed, some will cancel the debt. A third party collector also has the option of pursuing a lawsuit against the debtor as well as using regular collection procedures. In addition the default will be entered on the debtor's credit report and will remain for seven years, thereby doing serious damage to the consumer's ability to obtain future credit.

Does terminating an apartment lease early damage your credit?

Please allow me to confirm that it CAN effect your credit. The apartment community typically, but not always, turns the accounts over to a debt collection agency. Once the agency has the account, they start sending letters, calling etc. The account is typically reported to the bureaus between 90-120 days after placement. The reporting is the first piece of leverage to get a debtor to pay. The goal is to get the money, not to prevent you from opening up an account at Best Buy. If you pay the collection agency quickly, you won't have a mark on your credit at all. You might even be able to pay a settlement rather than a full amount. Evictions however are reported independently through the county. Evictions by the way, don't drop off after 7 years, depending on the state, they can last a lot longer depending on the state. The FCRA (fair credit reporting act) says that an item on your credit can stay for 7 years from the date the debt was incurred OR the last payment date.

Would closing a credit card damage my credit score?

Yes closing a credit card can damage your credit score. But as long as everything else is good it should not affect you credit rating to much. Look for tips to keep a good credit card rating.

Why are the three credit report agencies important?

The three credit report agencies are important because they provide report on your credit and if you encounter fraud, they are the agency that you should report to in order to prevent further damage on your credit card.

What do you do if you cannot afford to payoff a debt that is trying to be settled by a collection agency?

Typically when a collection agency is offering a settlement, it is because the debt is considered toxic and therefore worthless to the original creditor. Many collection agencies use scare tactics to try and coerce you into pay the debt. The first thing you should do is take a look at the age of the debt. Depending on your locality, the debt may be nearing the Statute of Limitation (Varies between 3 and 15 years in the US by state. Average though is 6 years). The Statute is based off the last payment or charge by you on the account (Financial Charges, Interest and such by the creditor do not count). Also, look at your credit report and score. Contrary to what many collection agencies will tell you, debts that they have been given an offer to settle on will not have a positive outcome for you should you settle. Once the account goes to an agency, it has already been charged off and deemed worthless to the creditor. The creditor is simply hopeful for some money at that time. Yes, they have to report that you made a payment, but that doesn't reverse the damage in any way. It will not improve your credit score nor move the account into the positive reports on your credit report files with the Credit Bureaus. Another thing you can do if you don't want the third party collection agency to continue contacting you is write a letter to them informing them that you wish them to cease all communication, to which by law they must honor such a request. It must be done in writing however. An oral request over the phone does not count.

What is a quantum dispute?

Quantum dispute is one where you are trying to figure out how much damage has been done. One party will claim all was done at that time and the other will say it is not possible.

Does a wage garnishment damage your credit rating?


What do you do if your insurance wont pay for damage after a storm you have homeowners insurance but the insurance company is in dispute of the ammount of damage?


What happens if i default into pay my credit card bill?

This could damage your credit score. It will be harder for you to get credit cards or loans in the future.

Is there a government agency that helps with storm damage repair costs?

FEMA is a government agency that helps with storm damage repair costs and tries to help disaster victims, such as people who have been hit hard with a storm.

Is it better to settle a collections account or pay it in full - what are the benefits?

Once an account goes into default and becomes a collection, it is considered a derogatory (negative). The damage to your credit remains, regardless of amount owed, whether it's paid, unpaid or settled. The impact to your credit score is calculated primarily based on the month/year the information is last reported to the credit bureaus. Much of lending today is credit score driven. Lenders are less concerned with the details of credit issues and more interested in the overall numbers. Reliance on details varies from lender to lender. A particular lender may be impressed with the fact that you took responsibility for your past debts and paid them in full. But if your score is not "within range" they will not be able to make an exception to grant you a loan. The best option for consumers is to offer to settle derogatory debts in exchange for removal of all negative data from their credit reports. This benefits the collection agency, by getting paid, and the consumer, by improving their credit. Complete removal of all negative information is the only way that paying or settling collections can improve your credit. A paid or settled collection account is still derogatory. It can remain on your credit report for 7 years from the last time you paid the account on time immediately prior to the default.

Can you get a arrested for not paying a car loan?

No - while you are financially obligated, the United States does not have debtor's prison. Any collection agency which threatens a debtor with arrest is in violation of the Fair Debt Collection Practices Act (FDCPA) and can be sued by the debtor for damage awards of up to $1k per violation. A judge may also award additional damages based upon the severity of the violations (a man was recently awarded a multi million dollar lawsuit against a collection agency which screamed racial obscenities to him - and he didn't even owe them money).

What can the consumer do about an error the finance company made which could damage your credit?

If you find an error, the Fair Credit Reporting Act requires credit bureaus and organizations that provide information to them to correct the mistake. But you have to get the ball rolling by requesting an investigation. You can file a dispute online, by phone or by certified letter. A letter should include: * Your complete name, address, date of birth and social security number. * The name of the company you have a dispute with and account number of the disputed item. * The reason for your dispute, any corrections to your personal information and a request for correction. Before you fire off a letter, do some research and gather documentation to back up your claim. Disputed information that can't be verified must be deleted by the credit bureau. If an investigation isn't resolved in your favor, ask the credit bureau to include your version of the dispute in your record. Accurate negative information usually stays on a credit report for seven years -- ten years if you've filed for bankruptcy. If you know the blemish on your report is accurate, you'll have to live with it. The best way to repair your credit, says Rhode, is to keep paying your bills on time and start building a spotless record.

Will paying off a collection item currently showing unpaid on a credit report immediately impact your credit score and by how much?

It will only hurt your score not help it if alot of time has already passed. This is because the credit report agency believes that it is a risk for someone to take a long amount of time to pay off a debt. Send the creditor a "pay for deletion" letter request by mail. Only when they agree in writing to completely remove the item once it is paid off is when you should pay them. If you still want to pay it and they do not agree to delete, at least get them to have it state PAID IN FULL. That will do the least damage. If they do not agree to mark it as PAID IN FULL and you still want to pay, go ahead and pay. Then wait some time, logon to dispute your credit file online with any of the bureus and say that the account was paid before it was sent to collections or something to that effect. Usually the creditor will not bother to answer with verification since they already got their money. If they do not answer it will automatically come off your credit report in 30 days. Hope this helps!

How long can a collection agency try to collect a debt in Nebraska?

Nebraska Neb. Rev. Stat. § 25-201 Written Contract 5 yrs. Oral contract 4 yrs. Injury 4 yrs. Property damage 4 yrs.

What is the purpose of Experian credit monitoring?

The purpose of Experian credit monitoring is to allow one to monitor their credit reports to minimize the damage that one could do to their credit levels and activity.