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YES, its legal. The lease you signed was a legal contract calling for you to do certain things at certain times. You defaulted on those terms and the Lender is reporting that you defaulted.

2015-07-16 19:24:00
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Related Questions

How does a late payment on an apartment lease affect your credit rating?

Late Payment on Apartment LeaseA lease will not show on your credit report; unless there was a judgment against you.


Does a car lease show up on your credit report as debt you owe?

Yes, a car lease does show up on your credit report as a debt you owe. It shows up just the same as a loan with installments would.


Will your lease help build your credit score?

No. A lease is not a credit or "trade line" and therefore is not reported monthly. They will inquire on your credit but will not show up on your report other than in the inquiries and address fields.


Can you break a lease on a car?

It is possible but not advisable to break a lease on a car. The car would be repossessed, and the repossession would go on your credit report.


Does a lease appear on your credit report?

Yes. Find out what car dealers don't want you to know at www.dealertricks.com


What happens when you can no longer no way pay your FL car lease?

Turn it in. It will go on your credit report as a defult.


How do you report delinquency to credit bureaus?

reporting credit delinquenciesI am a landlord. My tenant is seriously in default of her lease and is in arrears in excess of $5,500. and refuses to pay. How can I report her to the credit agencies?-----------------You will need to take her to court (small claims court) and get a judgment against her. The judgment is a legal action against her and will show up on her credit report.


What will happen if you break your apt lease?

It depends on your lease contract. More than likely your landlord will report to credit agencies that you have defaulted on your lease and you will subsequently have a huge ding on your credit score and have a very hard time getting anyone else to rent you an apt or loan you money for a house.


Does a car lease show up on your credit report as a debt you owe?

yes it does because when u get approved for a car lease, they use the same verification as if you were buying a car. They check the three main credit bureaus which are transunion ,experian,and equifax.


If you cosign for an apartment lease will an amount show up on your credit report even though you are not the primary borrower?

A lease is not an agreement to lend money, but to accept monthly installments in exchange for housing over a period of time. Since there is no debt, there is nothing to report on a credit report. The leasing agency will pull both of your credit reports to make sure they want to offer you the lease, and it may create a small address variance on your report (this is unlikely to be of consequence and will not affect your score) unless they make the pull with your correct address. Nothing from your leasing company will appear on your credit unless you default on monies owed (leave without paying a portion of rent or a deposit). If that occurs, they will usually sell the debt to a collection agency that will report you to the credit agencies. A lease is not an agreement to lend money, but to accept monthly installments in exchange for housing over a period of time. Since there is no debt, there is nothing to report on a credit report. The leasing agency will pull both of your credit reports to make sure they want to offer you the lease, and it may create a small address variance on your report (this is unlikely to be of consequence and will not affect your score) unless they make the pull with your correct address. Nothing from your leasing company will appear on your credit unless you default on monies owed (leave without paying a portion of rent or a deposit). If that occurs, they will usually sell the debt to a collection agency that will report you to the credit agencies.


Will apartment lease show up on co-signers credit score?

When the co-signer signed for the signer then the co-signer accepted the debt as his/her own. If the signer does not fulfil the terms of the lease then the co-signer will be responsible and it will appear on the credit report. If and when it effects the credit score will depend what is contained in the report now, example to many debts, not paying per the guidelines of the other debts, etc. Some credit report sites have scenerio calculators, most times they are free to use.


If you volunteer a reposession on a lease car and the car is not operable what happens?

They repossess it anyway and you could be responsible for the repair cost, depending on the lease contract.


If you broke a apartment lease can you get another apartment?

Might be harder if it goes on your credit report. Most apartments check credit these days and also ask for a reference. However, EZ Lease Rentals make it possible for you to get another apartment even if you have broken lease. The company accepts people with such issue and other problems like bankruptcy, eviction, foreclosure and bad credit


If you rent an apartment in Florida and break the lease agreement then move to NJ how long will it stay on your credit report?

I believe that credit report entiries are valid for up to 7 years, but it may depend on the circumstances and just how much default was involved.


Does breaking a rental lease agreement affect your credit rating?

Not in and of itself. Lease agreements are not typically reported on your credit report and are not normally part of your "rating". However, there are other credit bureaus used by apartment complexes. These agencies, called tenant screening bureaus, have different information than your credit report. They focus on rental payment history, evictions, lease agreements and utilities. It is possible that breaking your lease would be reported on one of these lesser known bureaus. This might impact your ability to rent in the future. Another possibility is that the lease holder can always sue you for the balance due on the contract. If a judgment were granted against you, all the provisions allowed under your state's laws would come into play. These include garnishment of wages, freezing of bank accounts, and reporting the judgment on the public records portion of your standard credit report. That would most certainly affect your credit.


Does cosigning for a vehicle lease obligate you to other debts the person has?

No. It will become a part of your credit report and will have some effect on your debt to income ratio.


If you cosign an auto lease will it show on your credit report if all payments are made on time?

Yes. It shows up on your credit report as a co-signed loan. The up side is you will receive credit for a good loan on your credit report. The down side is if you apply for credit they will usually count that debt as yours since if the maker does not pay you are responsible and if they use any type of debt to income ratio to qualify that will increase your debt %.


Can you return a lease car back to dealer?

trying to lease a car but have credit bad .dealer work with me but after 3 hard credit inquiery he asking for more information about other family member the credit check took 7pts off my credit .now drop more only had car for two days been calling and txt all weekend for more information can just return the car way question and need more information


What are the Advantages of a lease to a lease agreement?

The lessee can return the equipment at the end of the lease period if it is no longer needed


Will there be an effect on your credit history or FICO scroes or mortgage interest rates in the future if you cosign for a car lease which is fully paid upfront for the entire lease period?

No. It should show on your credit report as a loan with 0 balance. However it could help if you paid 1/4 each month for 4 months if you have time as it would add to your good credit.


Will returning a car lease before lease is up affect your credit?

Yes it will,the lease company will sell the car at the acution and put any money toward your ballance and if there is still a ballance left over they will sue you for it. If you have several months left on your term you can use the online lease take over search engine CarLeaseDepot.com. Car Lease Depot offers an amazing search and find car lease experience to anyone looking to get out of a lease early or take over a short team lease. They are the cheapest and appear to have a very high quality website compared to most other lease assumption sites. See some of the others and make an educated decision for yourself. See for yourself but please do not return you car and run because it will hurt your credit so bad that you will be able to get any new credit for a long time to come. This is a binding contract and just because you return it doesn't mean that you will receive a free pass.


Someone with a poor credit score should be able to lease a car.?

Someone with a poor credit score should be able to lease a car.


What type of entry is placed on a credit report when a bankruptcy petitioner reaffirms their auto lease?

The auto lender would show that the loan has been reafirmed or just simply show that payments are still being made thus you still have an active open account showing on your credit report.


If you have broken a lease and you are then sued by the property management company and you do not show up in court. How long will it take for the judgment to appear on your credit report?

If the management company files it immediately with a credit agency, it may be hours or days.


Can you lease a car with bad credit?

Yes