ANSWER That is correct. If the creditor is not reporting to the major bureaus there is no report... good or bad.
depending on the creditor there is no time limit on bad credit reporting because when the seven years come close the creditor can sell your debt to another lender and the seven years start over
Because your new address has not yet been registered to you by the credit companies. you should ask them to update their information.
It happens all the time - but it shouldn't. More people should look at their credit reports so they will know what's on them. Check the Fair Credit Reporting Act. By law, only one creditor can list a given debt. Typically it's the original creditor (the subscriber reporting to the credit bureaus), that reports the information. While I don't want to advise you (I'm not an attorney) I would challenge anything on my credit report that I believe is incorrect. I would demand validation of any debt that I believe is incorrectly reported. One of the two institutions will be unable to validate because they cannot simultaneously report the same delinquency. With that said, remember: many people believe that whatever they do, they're not REALLY guilty as long as they don't get caught. The credit reporting agencies are no different. Until you challenge the lie on your CBR, your credit score will suffer. Pay your bills on time and these things will be less a concern over time.
Under the FCRA (fair Credit Reporting Act) If a Creditor or collection agency cannot verify a debt they are not allowed to collect, contact you or report it. Violation of this act is a $1000 fine. There's no way for a collection agency to prove that you owe them money because there is only an assignment of debt and not a contract between you and the creditor. One loophole, if you signed an agreement wording "debtor agrees to be responsible for payment of this debt to creditor or it's assigns" then you will be responsible for paying it. A computer generated printout of debt is not enough for Proof of Debt Owed.
Formal communications are important because they allow for record keeping and accountability. They are quite pivotal in reporting progress of assigned tasks.
no, because it doesn't address the main cause see link below
Initially, it's not possible unless the delinquency was placed there in error. If the delinquency was placed there correctly, then you PROBABLY have no other option than to wait 7 years from the date of the FIRST delinquency, before it went to collections. HOWEVER, calling the creditor has worked for some people, although once your balance or settlement has been paid, they have less incentive to work with you. Still, it's worth a shot. When you do this you MUST ask the creditor to send you a letter stating that your delinquency has been removed from your report. This is important because you need this letter to submit to the three Credit Bureaus (TransUnion, Equifax, and Experian) so that it's official that your report has been adjusted accordingly. I hope this helps you. Good Luck!
depending on the creditor there is no time limit on bad credit reporting because when the seven years come close the creditor can sell your debt to another lender and the seven years start over
Because your new address has not yet been registered to you by the credit companies. you should ask them to update their information.
Really, the only way to have it removed is to dispute it with the credit bureau reporting it. The credit bureau will then contact the creditor for verification. If the creditor can't verify the account, it must be removed immediately. If the creditor can verify the account, your choices are limited to disputing it again and/or just waiting for 10 years for the account to come off of your report.
(An extension to my original question) My husband has said that there's something in the FACT Act or the FACTA act that states that we can bring a claim against the creditor that still has not changed my credit status to paid on my report, (and sue them?). It was paid Nov 2008 and it still says we owe. Furthermore, the original creditor is still reporting as well saying that they have never received confirmation (from the current creditor) that the debt was paid. We have been refused a home loan because of this. . . Is this true? Do we have a case to bring against them? -Ash
No, wait for the result because the potential creditor may only receive a number from the credit reporting agency. If the potnl' creditor asks why you have a low score, or 'this-or-that' appeared on your credit report, then you'll probably want to explain.If this helped you, Please 'Recommend' Kevlarster
I can give you several sentences.He has delinquency problems, and is on probation from jail.He is in delinquency on his loan.Juvenile delinquency is a big problem in the city.
Delinquency fees are typically recognized as an expense in the period they are incurred and not capitalized as part of the cost of an asset. Capitalization generally applies to costs incurred to acquire, produce, or improve an asset that will provide future economic benefits.
because their parents were living in denial
It happens all the time - but it shouldn't. More people should look at their credit reports so they will know what's on them. Check the Fair Credit Reporting Act. By law, only one creditor can list a given debt. Typically it's the original creditor (the subscriber reporting to the credit bureaus), that reports the information. While I don't want to advise you (I'm not an attorney) I would challenge anything on my credit report that I believe is incorrect. I would demand validation of any debt that I believe is incorrectly reported. One of the two institutions will be unable to validate because they cannot simultaneously report the same delinquency. With that said, remember: many people believe that whatever they do, they're not REALLY guilty as long as they don't get caught. The credit reporting agencies are no different. Until you challenge the lie on your CBR, your credit score will suffer. Pay your bills on time and these things will be less a concern over time.
There's a difference between an authorized user and a joint account holder. If you were simply an authorized user, meaning that the other person is soley responsible for the account and you only have a card in your name, then the delinquency shouldn't be showing up on your credit at all. You aren't the holder of the account. If this is the case, you need to immediately file a dispute claim with the agenicies reporting the delinquency; they, then, must investigate and tell you the outcome of the investigation. If, however, you are a joint holder, meaning your name is listed as someone financially responsible for the account, then the only way to correct the credit score is to pay the account and be patient.