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How do you report a bad debt owed to you to be placed on that person's credit report?
Wiki User
∙ 2011-09-30 21:14:54
The answer to your question if you have over 500 accounts that are past due is to purchase an enterprise level software that allows you to report to the credit bureaus using a metro 2 format that the bureaus accept files in. The 500 account minimum is imposed by the credit bureaus and you would need to contact Experian, Trans Union, and/or Equifax; set up an agreement to furnish data with them, and update your accounts on a monthly basis. There are several sets of laws governing the reporting of accounts to the credit bureaus including the Fair and accurate credit transactions act (FACTA) and the Fair Credit Reporting Act (FCRA) that you should be familiar with prior to doing so.
Wiki User
∙ 2011-09-30 21:14:54
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What happens after 7 years of debt?
After 7 years of debt, the debt will be wiped off a persons credit report. There are some instances that certain types of credit will stay on the credit report for up to 10 years.
If you pay off an old debt no longer on your credit report will it be placed back on the credit report?
Yes it can. You should agree to pay it only if there is an agreement to not report it to the credit reporting agencies.
If unpaid medical is not on your credit report can they charge you for it after the fact?
Yes. Some institutions/businesses do not report to credit bureaus. The debt not being placed on a credit report does not mean it is not completely valid and collectible.
Can you be sued for a debt that does not appear on your credit report?
Yes, the credit report has no bearing on whether a debt is valid and subject to litigation.
Removing old debt from credit report?
how to removing old bebt from credit report
What happens if you do not pay a collection agency?
if a collection agency isn't paid, the debt can be put on a persons credit report. The collection agency can also choose to garnish a persons paycheck.
How long does a debt stay active?
Unpaid debt can remain on your credit report for 7 years. If you have a bankruptcy this can remain on your credit report for 10 years.
What if a creditor is not on your credit report but trying to collect a debt?
You must pay all of your legitimate debts. A creditor is not required to report a debt to a credit bureau in order to collect the debt you owe.
Is ones debt completely gone when it is removed from credit report record?
It may not be, records on your credit report can expire and disapear but the debt still needs to be repaid
How long credit card debt stay on credit report?
seven years
What is more credit damaging Bankruptcy or settling a credit card debt?
Bankruptcy would be more credit damaging than just having large credit card debt, mainly because it stays on your credit report for longer. One of the biggest disadvantages of filing for bankruptcy is the lasting effect it has on your credit report- typically staying on your report for 7-10 years. With credit card debt there are more flexible options and obviously when you pay the debt and does not stay on your report for as long.
Does debit consolidation hurt your credit?
{| |- | There is a chance that using debt consolidation services might affect your credit. Some debt management programs, like credit counseling, show up on your credit report. Some solutions, like debt settlement, don't show up on your credit report, but by definition cause late payments. Most debt consolidation services are there to help you get out of debt, not to sustain your credit report or credit score, so you should priorotize what you really want in seeking debt consolidation help. |}
