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Is a creditor required to notify a co-borrower of a potential default before submitting negative information?
Wiki User
∙ 8y ago
Your question reads, "Is a creditor REQUIRED.." If you mean "by law," the answer is mostly no, but it varies from state to state. If you mean "by common decency," then I should answer Yes. Most times, if the co-borrow is a wife or significant other, the creditor will not bother to notify the co-borrower. However, "defaults" come in all shapes and sizes. Some are reversible, like a negative credit reporting. Some are not, as in a Judgment.
Wiki User
∙ 8y ago
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Is the original creditor required to notify you of debt before using a third party collection agency?
Yes, the original creditor should have notified you that you had an outstanding balance. The creditor also notifies you that they will be submitting your debt to a "third party" collection agency. This is usually the final notice before your debt is sold. If you never received a notice, it is not required that the original creditor send you notice, all it is is common curiosity that they do.
What you do if you cannot locate a creditor?
That depends on what you mean by "can't find or locate a creditor". If you get a copy of each of your credit reports, they will list the contact information for each of the creditors that are reporting any type of information about you on your credit report. if you cannot get a response from the creditor after locating their contact information on your credit report, then you may want to "dispute" the information with the credit bureau that is reporting the information. Simply write a letter to the credit bureau stating that the information being reported on XYZ account is not accurate. Please remove this information from my credit file. The bureau will contact the reporting creditor...if the creditor does not respond within a timely fashion, the information will be removed from your credit file.
A potential creditor's judgment about granting credit would be most influenced by the potential customer's?
trend of acid-test ratio over the past three years
Who are the users of financial ratio?
They are 1 creditor 2 potential investor 3 shareholder 4 competitors
Can a creditor send information to your employer regarding a debt you owe?
No, it is a violation of the Fair Debt Collection Practices Act.
Is the original creditor required to notify you of debt before using a third party collection agency?
Yes, the original creditor should have notified you that you had an outstanding balance. The creditor also notifies you that they will be submitting your debt to a "third party" collection agency. This is usually the final notice before your debt is sold. If you never received a notice, it is not required that the original creditor send you notice, all it is is common curiosity that they do.
What you do if you cannot locate a creditor?
That depends on what you mean by "can't find or locate a creditor". If you get a copy of each of your credit reports, they will list the contact information for each of the creditors that are reporting any type of information about you on your credit report. if you cannot get a response from the creditor after locating their contact information on your credit report, then you may want to "dispute" the information with the credit bureau that is reporting the information. Simply write a letter to the credit bureau stating that the information being reported on XYZ account is not accurate. Please remove this information from my credit file. The bureau will contact the reporting creditor...if the creditor does not respond within a timely fashion, the information will be removed from your credit file.
A potential creditor's judgment about granting credit would be most influenced by the potential customer's?
trend of acid-test ratio over the past three years
Who are the users of financial ratio?
They are 1 creditor 2 potential investor 3 shareholder 4 competitors
What is the procedure for a creditor to be listed on a credit report?
== == Call that creditor and request for them to report your information with all three bureaus. Be aware that not all creditors will do this, but it does not hurt to try.
How do creditors get your banking information?
If a creditor has your banking information it is because you gave it to them at one point in time. You could have provided the information when you made a payment.
What does hindering a secured creditor mean?
Hindering a secured creditor means hiding or concealing property that is theirs. It can also mean not releasing information about a debtor that you would know.
Should you explain your credit situation before a potential ceditor runs your credit report?
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
Do you need to include account numbers for both the collection agency and the original creditor on your bankruptcy form?
Include the original account number if you are including the original creditor. Include the account number for the collection agency if you do not have the orignal creditor information and are including them as "Care Of" for service.
Can a credit application request information about bankruptcies or judgments in California?
Yes, there are no consumer laws preventing a creditor from requesting financial information from the applicant.
How does a creditor know where and what bank account to freeze?
The banks send your information to the major credit reporting agencies. In order to freeze your bank account the creditor must obtain a court order to collect on a debt from you. With that court order they can get your account information from the bank to process the freeze/collection.
If account is sold to collections should original creditor remove that account?
The original creditor does not remove your information. What is should say in the notes section is that the account has been transfered or sold to a third party collection agency. This information will remain on your account until the 7 year clock expires.
