HomeHow do you keep creditors and lawyers and collection agencies from continually viewing information on your credit report without your permission?
Wiki User
Answered 2006-08-23 00:34:14
Consumers (although some do not realize it) authorize the creditor and agencies and legal representatives acting on the creditor's behalf to access their credit report when they sign the original account agreement. It is perfectly legal and there is nothing the debtor can do to prevent the action.
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It depends on whom they are giving the information. Agencies such as the IRS are entitled to such information. Creditors generally are given permission by the consumer to access of such info., as a means of verification for credit approval.
Creditors obtain all the information they need to report defaulted accounts to credit bureaus when the account holder fills out the original application/agreement.
There is no definite answer as creditors establish their individual collection procedures, it might also depend upon whether it is the original creditor or a collection agency.
The duties of a collection lawyer is to collect debts, fees and payments from clients of their company. Collection lawyers represent banks, the government and other creditors.
The creditors' payment period is an activity ratio. It measures the average amount of days the business takes to pay its creditors i.e. suppliers. The more days available to pay the better.
Collection agencies buy defaulted accounts from original creditors. The original creditor supplies all the information to the collectors that was obtained upon the opening of the account. (Name, SSN, place of employment, etc.).
Creditors do have access to your information that shows up on various credit reports.However, unless you sign an authorization, they can not access your individual bank information.
Original creditors sale their accounts to collection agencies when the account has been past due and they have not effectively collected. At that time, the original creditor will charge off the balance from their accounts receivable and turn the account over to a collection agency. When the collection agency collects the debt, a portion of the amount received is paid the the collection agency and the remainder is returned to the original creditor as profit.
No, your creditors, even your potential creditors are prevented by Consumer Trade laws from discussing your information with anyone not specifically authorized by you.
The easiest way to do it is to get a copy of your cedit report. all creditors (and collection agencies) that you carry an account with will have their contact information listed there. Otherwise, if you know the name of the companies you can search the web for contact information. The credit report is fastest. Good luck.
You can get free copies of your credit reports once a year and check them to see what accounts have been placed with collection agencies. You can contact those creditors for the agency information. The debtor need not be concerned about such matters as it is a certainty that the collector/creditor will be in contact with them in one manner or another.
No, this is not true. Creditors and collection agencies have a legal right to report any amount owed regardless of payments being made. It is beneficial, however, to negotiate with a creditor or collection agency in this respect. If you agree to pay a certain amount of money each month, they may hold off on credit reporting. Talking with collection agencies and creditors is always advised. It can eliminate stress and sometimes debt!
One option is to send the creditors/collection agencies a cease-and-desist letter. It should be sent by certified mail. After it is received, the collector must stop contacting the requesting party. This action does not pertain to the original creditor--only collection agencies. OCs do not have to follow the FDCPA. The party involved also has the option of having an attorney remit letters to creditors explaining the debtor's situation. Once a creditor or collector has been notified that legal counsel has been obtained, they can only contact the debtor with the debtor's permission. This option does apply to both original creditors and third-party collection agencies.
Collection agencies only care about one thing...collecting money. More info is needed to answer this question but if this is a medical collection, you need to find out why your insurance company did not pay it. You are allowed to write to the Credit Bureau(s) and attach a comment that other creditors will see. Simply and briefly write your comment to explain the circumstances. Even if the collection agency won't listen, other creditors will see your explanation.
Yes. There are many companys that do this. They work with the creditors and help you make the payments that you can afford.
You no longer have the protection of the Court or the BK laws, and creditors may oursue collection every legal way.
Your credit report is put together by the credit bureaus who collect information about you and the way you repay debt from several sources including creditors, collection agencies, and third party providers like Lexis Nexis.
An easy way to find out what collection agencies you owe money to is by pulling your credit report. Credit reports will list balances with all creditors as well as if any balances were turned over to collection agencies.
1 - Financial institutions 2 - Creditors 3 - Banks 4 - Public 5 - Creditors 6 - Investors
If a creditor has your banking information it is because you gave it to them at one point in time. You could have provided the information when you made a payment.
You will list on the petition the actual names of the creditors not the collection agencies. After you file your petition you will give your docket number to any of the creditors or the collection agencies who are trying to collect monies for the creditors listed on the petition when they call you or send their demand letters. Please be very careful to include ALL the creditors you wish to declare bankruptcy on. Once you file your petition you cannot add creditors later. You can actually amend your BK Schedules anytime prior to discharge, so if you forget someone, its not too late. However, you will have to mail the notices of Commencement of Chapter 7 yourself and will be responsible for renoticing the creditors if notices are returned due to a dead address or forwarding expiration. I recommend listing both the collection and the original creditor. The collection agency may have purchases the debt and be more than a collection agency at that point. Also, listing the collection agency means that that they will be notified of the automatic stay directly by the court and the phone calls will stop sooner. Regardless of what you do, remember that the new law that goes into effect in October 2005 requires you to list the original creditor at the address on your statements. I am a bankruptcy attorney and I always list both the original creditor and the collection agency or attorney representing the original creditor so that the creditor cannot later complain that they did not receive proper notice of the bankruptcy. I always pull a fresh credit report from all 3 bureaus on the date the petition is filed so that I don't miss any creditors who may have bought an account or that are representing a creditor in some way.
Can a collection agency take your Social Security Disability identifiable money out of your account?
No. All SS benefits are exempt from judgment creditors.
Debt collection companies are usually companies that specializes in pursuing the collection of debts owed by individuals or businesses. They operate as agents of creditors and collect debts for a fee or a percentage of the total amount that is owed by such individuals/companies.
The only way a creditor would know your checking account info is if you have a credit card from your bank. Banking information is NOT included in the credit report that creditors pull to consider your CC application...
Creditors want to evaluate before granting credit to company that will company be able to return back credit when maturity time arrives.
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