dipute it with the credit bearue. they will do a full investigation and you may even have a chance to get rid of the bad credit because it was reported wrong.
Yes.
Any debt CAN be reported to the credit bureaus. What you need to find out is whether or not these dues WILL be reported. Credit reporting is totally volunatary. There is no law or regulation which compels it. Existing laws only state that if something is reported, then it must be accurate. It is possible, but unlikely, that a timeshare company reports. Delinquent dues may be turned over to a collection agency. A CA is more likely to report their accounts. What I know is that any debt can be reported to a credit agency. I don't know if this is the case of delinquent membership dues. Yes, it can be reported to a credit agency as delinquent membership dues can be treated like debts.
An unpaid medical bill is like any other debt. It can be reported to a credit agency like any other debt.
Yes. It is a debt and if defaulted on will most likely be reported to one if not all the major CRA's. Yes. It will affect your credit reputation. If you still have money on your bank account, it is possible that it can be collected through this. It can be reported to a credit agency as it is considered a debt. The effect on the owner is that he will have a bad reputation to lenders. Yes, it will give you a bad credit. If it will be reported to a credit reporting agency, you will have difficulty making a loan in the future.
A credit rating agency assigns credit ratings to certain types of debt obligations and debt instruments.
The answer to your question is Yes, they can report a debt that was never origionally reported to the CRAs. This is most common with medical expenses. You may have an outstanding debt to a doctor's office for example, and though Doctors do not typically report debts to a CRA, if they sell your outstanding debt to a collection agency, they absolutly have the right to report it to your credit report. So, in a word, yes, it is legal, and is actually quite common. Hope this helps! In fact it is against the Fair Debt Collection Practices Act for a medical debt to be reported to the credit agency, but it doesn't apply if they sell the debt to a third party collection agency. Nice way for them to get around that.
When a debt is forgiven (a forgetadebt as you call it), it will be reported to the credit bureaus. But you will have less debt, which is a positive.
A debt does not have to be reported to a credit bureau in order for the business to pursue collections, sue or place the account with a collection agency. If a debt is owed, it can be collected by phone calls, letters, personal visits or through the court system.
It will most likely be turned over to a collection agency. Then it will be reported to the credit bureaus which will make it difficult for you to get loans in the future.
If you legally incurred the debt then you are responsible for it until it is paid. A company other than the company to which you were originally indebted may purchase the rights to your debt and you are responsible for paying them. There is no time limit on that debt. A collection agency can legally pursue you until the debt is paid in full. However, there is a time limit on the negative consequences of not paying the debt. In most circumstances that limit is seven years. Seven years from the time you became delinquent with your original creditor. Whether or not your debt was purchased by a collection agency, it should not be reported on your credit report or affect your credit score after seven years. The only time the debt could reappear is if you take an action on it. For example: In 1997 you applied for and received a store credit card and charged $1000 in merchandise. You did not pay the bill and after their attempts to collect the debt fail, the store sells your debt to a collection agency in 1998. That agency sells your debt to another agency in 2000. In the meantime, you pay all your bills on time and have an otherwise spotless credit history. In 2004 your $1000 debt will no longer appear on your credit report and your credit score will be higher because the old debt is no longer figured in the calculation. The collection agency is not doing anything illegal by contacting you regarding your debt. But it is no longer affecting your credit rating. In 2007 you pay $500 toward the debt. Your credit report would reflect you have a $500 debt to the collection agency and your credit score would drop. I hope this answered your question.
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.
Yes, the debt is still valid and collectible.