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Is a FICO score of 703 good enough to get good terms on an auto loan if it appears on a report with collection accounts from more than two years ago?
Wiki User
∙ 19y ago
It really depends on the lender. But, probably not. Most lenders prefer a score of at least 712. Any collection accounts regardless of the time frame, portrays the consumer as a "bad risk." It also matters what your collection accounts are. Auto loans weigh collections differently than credit card or home loans. If you had a collection or late pay history on a car, for instance, your FICO score might be substantially lower than 703 from an auto lenders perspective.
Wiki User
∙ 19y ago
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How many points do collection accounts hurt your beacon score?
It depends largely on your credit as a whole. Once your report is bad, it doesn't get a whole lot worse. But if your report was in pretty good shape, and depending on the specifics and age of the collection, it could be from 50-100 points.
Does a unpaid bank balance go onto a credit report. I have been told by a so called collection agency that an amount under 1500.00 is not substantial enough to be put on my credit report?
That is up to the discretion of the organization to which you owe the money.
If you pay a collection agency does the collection come off of your credit report?
Yes you tell the collection agency you will pay ONLY if they can give you a letter that say they will delete the item from your report it's call pay for deletion
How long will it take for bad credit to be taken out of your record?
The date when the derogatory account is going to be removed from your credit report is known as the FCRA Compliance Date. Most derogatory accounts remain on your credit report for 7 years. Although there are exceptions. Chapter 7 bankruptcy accounts will remain on your credit report for 10 years. A tax lien may report indefinitely. You can try to have the accounts removed before the FCRA Compliance Date by contacting the credit bureaus, collection agencies, and original creditors. If you don't know what you are doing you will need to do quite a bit of research on how this process works, or you may hire a professional credit repair company to help you.
Can a collection agency make inquiries on your credit report before placing it's debt?
== == Collection agencies do not have the legal right to pull your credit report unless you gave them permission.
What report is used to keep track of accounts in collections?
collection report
Where do you pay collection accounts that are reported on your credit report when the company is out of business or no longer handles the account that was reported for collection?
You pay the collection agency.
How do you find a list of accounts sent to collections?
Get a copy of your credit report from all three bureaus. You can get a free copy each year. This report will tell you all of the collection accounts that are currently reported, and to which of the credit bureaus they are being reported to.
Can a collection agency report and collect a debt that is shown as a charge off from another creditor?
Yes. When creditors charge off accounts they send them (or sell) to a collection agency. The collector can request the debtor's credit report show that the account has been turned over for collection procedures.
Does a lien stay on record after it has been released?
TAX LIENS, JUDGMENTS, BANCKRUPTCIES, COLLECTION ACCOUNTS WILL APPEAR ON YOUR CREDIT REPORT FOR SEVEN YEARS EVEN IF THESE ACCOUNTS WERE PAID IN FULL AND RELEASED.
What happens to your lower credit rating after you've paid off your collection accounts?
Nothing, a paid collection reporting on your credit report is just the same as if it was reporting unpaid, they both are negative entries.
What information does the creditor need about you to report you to the collection bureau?
Creditors obtain all the information they need to report defaulted accounts to credit bureaus when the account holder fills out the original application/agreement.
How many points do collection accounts hurt your beacon score?
It depends largely on your credit as a whole. Once your report is bad, it doesn't get a whole lot worse. But if your report was in pretty good shape, and depending on the specifics and age of the collection, it could be from 50-100 points.
What should you do to get paid collections off your credit report?
If the account is legitimately yours, then you cannot legally have it removed from your credit report. However, if you paid the collection account off, it should be reported as paid on your credit report. Still, the accounts will not be removed from your credit report for 7 years.
What is the report that shows the money owed to vendors called accounts receivable report monthly payments will statement Accounts Payable aging report or balance sheet?
Accounts payable
If original creditor charged off then sold it to a collection agency can they both report the debt where the same debt appears twice on your credit report?
no.This is in violation of The Fair Credit Act and The Fair Debt Collection Act.Report this to the FTC and your state attorney office.then look for a lawyer to sue them.
If a friend refuses to pay a debt and you don't want to sue but want to report it so it appears on his credit report how can you do that and will a collection agency file such a claim?
Not without suing. It's a credit report. You are not a creditor. If you sued and got a jugdment and she didn't pay then that would be on the credit report
