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If an account was charged off can they report a late payment a year later?
Wiki User
∙ 14y ago
NO! When reporting accounts the creditor/collections company, by law, must report it from the date of last activity. If no payments have been made on the charged-off account it should be disputed with both the CRA and the creditor. What they have done is illegal. Here is a different opinion from another FAQ Farmer: I think that response is well, not wrong, but not on point and confusing. A charged off debt is not a forgiven debt. It is only an accounting acknolwegement by the one owed that the amount due the lender is probably not going to be received. It is however still owed. In the question above it is a red herring. Hence, I read the question as the person has an outstanding account and made a payment a year late. In keeping with the first response, this payment is reported as being what it is: One year since last payment (or late). The accounting (short of forgiving it) on the lenders books makes no difference.
Wiki User
∙ 14y ago
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If you have already made an agreement with collection agency can you later renegotiate a lower payment amount due to income changes?
You can try, however if they agree then this will change the date on your credit report. Meaning: It will stay on your credit report even longer.
If you make one mortgage payment past 30 days what are the consequences?
In most states, there are no foreclosure ramifications. You will in most cases have a 30 day later reported on your credit report. Additionally, you will have a late fee equal to 5% of your mortgage payment.
When you use a debit card you pay no or pay later?
When a debit card is used the payment is immediate.The Account linked to the card is debited online for the necessary amount.
Will paying off a credit card account closed by the grantor raise your credit score?
No but if you pay it off before it becomes delinquient it won't hurt it either. WRONG! speaking from experience, yes. if the account is NOT charged-off, but listed as CLOSED, it will raise your score if you lower or pay off the balance. I have a closed (NOT charged-off) CC that had a balance of 2400 and I made a payment of 1700. once posted to my reports, they were raised an average of 37 points. A few weeks later i paid off another closed CC, it was a small payment of 183 which satisfied the account (zero balance). Once posted, 17point increase! I pay close attention to my reports and use several monitoring websites, so i know there were no other changes that contributed to the increase other than the payments mentioned. people on the net are correct about paying off/down a CHARGED-OFF (collections) account will not raise your score. But, a closed account is completely different! Hope this helps
What describes how a fixed rate mortgage works?
A fixed rate mortgage is a loan to buy a house and/or property in which the interest rate charged is 'fixed' or does not change. For instance, if you take out a 30-year fixed rate mortgage, you will have the same interest rate for the first payment as you will for the last payment, 30 years later.
Can a negative balance of a checking account that was later charged off in a house at a credit union be reported on a credit report?
Yes. You violated the terms of the financial agreement and as such are demonstrating your irresponsibility as a credit risk. That is the purpose of credit reports to a credit bureau. It exists to report your history as a credit-worthy individual.
In Oregon if you make a payment on your loan can they repossess 2 weeks later if the payment only brings the account from 90 to 30 days past due?
READ your contract. IF you are in default, they can repossess.
If you have already made an agreement with collection agency can you later renegotiate a lower payment amount due to income changes?
You can try, however if they agree then this will change the date on your credit report. Meaning: It will stay on your credit report even longer.
If you make one mortgage payment past 30 days what are the consequences?
In most states, there are no foreclosure ramifications. You will in most cases have a 30 day later reported on your credit report. Additionally, you will have a late fee equal to 5% of your mortgage payment.
When you use a debit card you pay no or pay later?
When a debit card is used the payment is immediate.The Account linked to the card is debited online for the necessary amount.
If a credit union makes a deposit into your account in error but does not correct until 12 days later are you responsible for the money you unknowingly spent?
Legally you will be responsible as the payment was an error.,
Will paying off a credit card account closed by the grantor raise your credit score?
No but if you pay it off before it becomes delinquient it won't hurt it either. WRONG! speaking from experience, yes. if the account is NOT charged-off, but listed as CLOSED, it will raise your score if you lower or pay off the balance. I have a closed (NOT charged-off) CC that had a balance of 2400 and I made a payment of 1700. once posted to my reports, they were raised an average of 37 points. A few weeks later i paid off another closed CC, it was a small payment of 183 which satisfied the account (zero balance). Once posted, 17point increase! I pay close attention to my reports and use several monitoring websites, so i know there were no other changes that contributed to the increase other than the payments mentioned. people on the net are correct about paying off/down a CHARGED-OFF (collections) account will not raise your score. But, a closed account is completely different! Hope this helps
When does the seven years start if there is a credit card debt on your credit report and the card was opened in 1999 but the reported last activity was 2001?
2001. Always go by the later dates of payment, delinquency, etc.
What describes how a fixed rate mortgage works?
A fixed rate mortgage is a loan to buy a house and/or property in which the interest rate charged is 'fixed' or does not change. For instance, if you take out a 30-year fixed rate mortgage, you will have the same interest rate for the first payment as you will for the last payment, 30 years later.
A written account of something for future reference?
A written account of something for future reference is commonly known as a report or documentation. It serves as a record of facts, events, or observations that can be referenced later for analysis, decision-making, or informational purposes. Creating accurate and detailed written accounts ensures that information can be retrieved and used effectively in the future.
How long does a repossession stay on your credit report?
Repo on Your CreditIt stays on your credit report for 7 years to the day the loan became delinquent. Say you made your last complete up to date car payment August 15, 2001 and you fell behind about a month after that staying one month behind until December when you missed another payment becoming 2 months behind. The repossession then occurred in January 2003. This will stay on the credit report until September of 2008 for that 7 year period, regardless of when the loan winds up getting paid off.It can stay on the report a bit longer if it goes to court and the bank gets a judgment against the borrower. Say this happens in 2004, then that stays on the credit report another 7 years until 2011.Bankruptcies stay on 10 years while delinquencies and defaults stay on for 7 years.More Information:Seven years, unless you're applying for a high-paying job or a very large loan or life insurance policy, in which case the repossession will always be reported.Repossessions and all other notations remain on credit reports for seven years from the date of last payment IF there is no judgment on the account. In the event of judgment it remains for ten years after the date of last payment or the date of judgment (whichever is later), and can be extended for ten additional years in some circumstances.Occasionally, errors are made by the credit reporting agencies, and notations on reports may remain longer than they should. In the event of an unfair or erroneous reporting, contact the credit reporting agencies involved by registered letter. Corrections must be made within thirty days of contact. Be prepared to provide support for your request to make corrections to your credit reports. Generally though, no information older than seven to ten years should ever appear on a credit report unless ordered there by the courts.For reference, please consult the Federal Fair Debt Collections Practices Act.For debts that have gone to a collection agency, be aware that any contact, letters, phone calls etc to that agency, can set a new date on your credit file.
What are your legal responsibilities if you bumped a vehicle but a police report was not filed until months later and now the insurance company is contacting you for payment of damages?
Financial Responsibility Laws require that you be Financially Responsible for any damages you cause to another. Whether a Police report is filed or not, has no bearing on your responsibilty for the damages.
