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What can you do if a credit card issuer is planning to sue for an account that was never charged off or reported to the credit bureaus?
Wiki User
∙ 18y ago
Any creditor/lender may file a lawsuit against a defaulted account at any time. The account need not be designated a charge off nor be reported to credit bureaus before litigation can be pursued. The best choice is for the debtor to seek advice from an attorney who is qualified in creditor and debtor issues (bankruptcy attorney). Most attorneys offer a free or minimal fee consultation to discuss the options. If the debtor chooses not to seek legal advice, he or she should research the laws of their state to discover what personal and real property can be exempted from creditor attachment.
Wiki User
∙ 18y ago
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How many times and how often can a collection agency post an account to your credit report as a charge off?
A collection agency cannot charge-off an already charged-off account. The reporting of the STATUS of the account AS a charge-off can be reported every time they update with the credit bureaus. The 'date of status' must be the date of the ORIGINAL charge-off.
A credit card company has reported charged-off as bad debt 3 times in the last 4 months the only account you had with them -- so how do you complain about the extra reports?
You will have to submit a dispute with the credit bureaus which ever one is showing the incorrect information (experian, equifax, and transuion). You can submit it in writing with supporting documents showing the charged-off ( make sure you show the error by circle it) or you can go to their website and submit it.
How can i remove charged-off account?
You can remove a charge off by disputing it to the credit bureaus. The credit bureaus will have 30 days to verify the listing or it must be removed from your credit report. So use the Fair Credit Reporting Act to ask for verification on the item in writing and wait for the results to see what happens.
How do you dispute a closed account that was charged off and sold to another lender?
You can't dispute the fact that it was sold to another lender. you can dispute the account if the information is incorrect. To do that, you have to fill out a form provided by the credit bureaus (TransUnion, Experian or Equifax) or write a dispute letter.
If an account was charged off and removed from your credit report after 7 years can another company buy the account and place it back on your credit report?
No, it is illegal, and if you are a victim of this, you can have it removed from your credit report by disputing it with the bureaus. After the statute of limitations is up on any trade line, it can not be placed back on your credit report.
How many times and how often can a collection agency post an account to your credit report as a charge off?
A collection agency cannot charge-off an already charged-off account. The reporting of the STATUS of the account AS a charge-off can be reported every time they update with the credit bureaus. The 'date of status' must be the date of the ORIGINAL charge-off.
Are creditors compelled by law to report a settlement account as a charge off?
The account will be reported as "settled in full / was charged off"
Does an account need to be at least 30 days late before it hits your credit report?
It depends on what type of account you are asking about, whether or not this creditor reports to the credit bureaus and what their standard procedures are. Some creditors report monthly to the credit bureaus, showing the balance and status of your account on the day they update the bureaus via automated system. Other creditor only report when a consumer is at least 30 days past due, or only when an account goes into collection or gets charged off.
A credit card company has reported charged-off as bad debt 3 times in the last 4 months the only account you had with them -- so how do you complain about the extra reports?
You will have to submit a dispute with the credit bureaus which ever one is showing the incorrect information (experian, equifax, and transuion). You can submit it in writing with supporting documents showing the charged-off ( make sure you show the error by circle it) or you can go to their website and submit it.
How can i remove charged-off account?
You can remove a charge off by disputing it to the credit bureaus. The credit bureaus will have 30 days to verify the listing or it must be removed from your credit report. So use the Fair Credit Reporting Act to ask for verification on the item in writing and wait for the results to see what happens.
How do you dispute a closed account that was charged off and sold to another lender?
You can't dispute the fact that it was sold to another lender. you can dispute the account if the information is incorrect. To do that, you have to fill out a form provided by the credit bureaus (TransUnion, Experian or Equifax) or write a dispute letter.
When is the debt reported to the credit bureau?
Normally 30 days after it is sent to a collection agency if you don't ask for validation or 180 days which is considered charged off account.
If an account was charged off and removed from your credit report after 7 years can another company buy the account and place it back on your credit report?
No, it is illegal, and if you are a victim of this, you can have it removed from your credit report by disputing it with the bureaus. After the statute of limitations is up on any trade line, it can not be placed back on your credit report.
Can you open an account with a bank if you have had a charge off with a past account?
Typically no, once your account gets to the point of charged off, it has been overdrawn for roughly 45 days (give or take). Your name and SSN then get reported to ChexSystems which then notifies every bank of your charged off account. Not many banks want to risk losing their money to you if you've already lost money for another bank. Your best chance to get an account is to go back to the bank your account was charged off, explain what happened, and hope for the best. And next time balance your checkbook... daily.
How long does charged off credit card debt stay on credit report?
An account is no longer reported after a period of 7 years of inactivity in the USA; 6 years in Canada.
Can a credit card company reopen an investigation on a fraudulent account if it was charged off and then was disputed and now has been deleted from your credit file?
If they have reason to believe the account was reported or disputed fraudulently or that new information has been discovered, they can investigate further.
If your bank account says EFT Charged Off does this mean that the account is closed?
If an account is charged off it is automatically closed. It is listed as uncollectable debt.
