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2005-12-11 05:01:42
2005-12-11 05:01:42

They are or will be the same. All institutions who do a charge off sell the paper to a collection company so they are or will be the same.


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Depends how you look at it. They hurt your credit score the same if they are on your credit report. But they can be collected differently. If someone gets a judgment against you they can garnish your wages and take your tax refund. A charged off account is usually sent to collections and could possible be turned into a judgment. Either way, you still owe debt on both and they hurt your credit the same.

Any legal item that is shown in the public records portion of your credit report is a significant derogatory. That having been said; your credit rating and credit score takes into consideration ALL the factors showing. So it depends on what your definition of "worse" is. I have clients 2-3 years out of bankruptcy with higher credit scores that clients with pages of clean accounts that have recent late payments.

The judgment continues to sit on your credit report. In some cases, the person or company that was awarded the judgment on you can file paperwork to have your wages garnished and/or have any property that you have in the future held (titles) so you cannot sell them until the debt is repaid. That is uncommon though. In most cases, the judgment just sits on your credit, continuing to make it worse. You should pay your debt.

Most will eventually list the account as a charge off. Which means they remove the account from their books and take a loss in a tax write off. This does not release the debtor from the obligation of repayment. The account is usually sold to a third party collector. If that agency cannot reach a equitable agreement with the debtor, they may file a suit. Even if you do not hear from the creditor or collection agency for an extended length of time, you are not free of the debt. The SOL in most states is six years, (depending on the type of debt that is delinquent). Eventually it will become a charge off which is much worse for you! It will become a charge off and will be impossible to get it removed from your credit report. Remember, just because it is a charge off, it DOES NOT mean that you do not have to pay it and it looks a lot worse on your credit report!

Bankruptcy looks worse on your credit report than a late payment. They will both drop your score quite a bit, but a bankruptcy lets your lenders know you gave up on the debts owed, so making it harder to get new loans. You can always try to contact the credit bureaus to try and dispute the negative listings and have them removed if possible.

No, filing bankruptcy will never help improve your credit score, it stays on your report 10 years whereas a repo or foreclosure normally remain 7 years. So bankruptcy would only make your credit worse.

You can write to credit reference agencies if there is anything wrong in your credit report, they are required by law to correct it. If you have a poor credit rating on your report, the best way to deal with this, is to pay what you owe on time and fully pay it off so the debt becomes registered as satisfied. You also want to keep credit down to the minimum all these factors will result (including a good repayment history), in your credit score improving. Be wary of companies that offer credit repair services, they can actually make your credit rating worse that what it was before you ever contacted them!

1, FILE a stolen car report with the cops. Then IF it was really stolen, the lender can collect the ins. and then your bad credit will go to Worse credit. And they cant find you 'cause you have no residence.Well, given the situation you describe, likely all the lender could do is get a judgment against the debtor. IF the debtor ever works, they could garnishee their wages.

If its just the loan, then the line of credit will end after 7 years of the final payment. Same with bad payment info. But Credit score will not change unless newer lines of credit have been opened and made good/worse.

As a co-signer, you are a borrower and obligated to repay...(thats why your signing). If you didn't do so, (or worse yet, you don't understand what it is you were signing and obligating yourself to), what possible reason would you have to think that should be something removed from your credit report?

1. Open your mail. Just because it looks like junk does not mean it is. 2. Order a copy of your credit report from one on the major credit reporting bureaus. An agency has to "belong" to list your account, so the address and phone number will be able to be found on that. 3. Apply for a bank loan. Request a copy of your pulled credit report. This is cheaper than you ordering it, but worse for your credit rating.

Generally, yes. But those holding the judgment may well come after the money...and hiding it from them can tuen to criminal charges. Not paying what you are required to has a way of ggetting worse, and worse.

A charge card you have to pay the full balance at the end of the month. You can buy as much as you want, but you must pay at the end of the month. A credit card will give you a limit of $xxxx and you can pay that off over years and build the interest until you can never pay it off. So essentially you can buy a yaht with a charge card but not a credit card. The downside to the charge card is the fact that if you cant pay up in full every month, they will gut you worse than a credit card would. Also, charge cards carry an annual fee for their generous rewards points and the risk they incur by backing you.

You get closed accounts removed from your credit report in the same manner as any other information. You write a letter of dispute to the creditor, or credit bureau, or both. The question is; why do you want closed accounts removed from your credit? If these accounts were paid as agreed, their appearance on your credit report is still offsetting any other information that appears there. I have clients with closed, 6-10 year old, accounts and active derogatory accounts that still have viable credit scores. Were they to challenge and have removed the closed accounts, they would have no score at all, which can be worse than having a low score. Keep in mind that your credit report, and the resulting credit score, is a history of how you have paid your bills in the last 7 to 10 years. You do not necessarily want that history to be empty.

Yes, you can increase your credit score by removing late payments from your credit report. You can either contact the creditor that placed the late payments and ask on good faith to have them removed. Some creditors will remove them if it is a one time occurrence, but most won't. You can also dispute the late payments to the credit bureaus. Depending on how old the are and how severe, they can come off your credit report. This will most likely remove the whole account thought, but 1 late payments is worse than all the good credit you can get from a good payment history.

In terms of credit score, about 10 points worse. You might pay off a repo so its slightly better than one that you never did anything about and the lender charged it off.

With most processing banks, the answer is NO, worse yet some processing banks charge a fee for the refund, as well as the original transaction.

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.

Yes. Paying back is obviously viewed better than not doing so...regardless, or maybe especially if, the amount not paid was legally discharged.

Entirely different things..not comparable. Get professional help if you don't understand that.

Commercial Burglary is worse - it is a felony charge. Petit Larceny is a misdemeanor.

No worse than the B/K. Take the SUV back to the dealer, call the Lender and tell 'em where it is.

Credit Scores are determined by credit history, so if you donot have a score it is worse then if you do have a low one. Age, length of residency, working, salry, payments made on time, late payments, name changes, address changes etc etc etc. Each credit company (and there are 3 main ones) will give you a free credit report by federal law yearly and a sheet of papers telling you how to improve your scores.

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