How many years does it take for a debt to be written off?
There is no set time for a creditor/lender to cancell a debt. Charge offs are generally done 180 days after the account becomes delinquent. A Charge off does not mean the debt is not still owed and collectible. ...
Asked in Law & Legal Issues
How long does a debt stay on your credit if the amount is not paid?
A debt will stay on your credit report for seven years after the date that you were originally delinquent on the account. After seven years, this debt is taken off of the account. ...
If a debt has been sent to collection company does it mean that it will automatically effect your credit?
If the OC has reported it to your reports as delinquent and the CA adds a negative entry as well, your score will be greatly affected ...
Asked in Debt and Bankruptcy
What can you do if a debt collector is calling about a delinquent debt from six or seven years ago?
Send a written request asking that the debt be validated, if you have any doubts it is legitimate. Check to see how the SOL for the type of debt and the laws of your state apply. It could be the debt is no longer collectible...don't count on it though. ...
How long can a bank require you to pay on a delinquent loan?
Until it's paid off, or you declare bankruptcy and have the debt forgiven. ...
Asked in Repossession, Credit Reports, Credit
Repo how long will it take to get on credit report?
If your vehicle is already up for repossession, it is already on your credit report as a delinquent or defaulted debt. ...
Asked in Personal Finance, Loans, Student Loans and Financial Aid, Credit Reports, Money Management, Credit
Do student loans show up on a cosigner's credit report?
Yes, they can. Sometimes, though, a debt won't show up on a co-signer's credit report unless that debt becomes delinquent; but, this is not always the case. ...
How and when does a collection account become a chargeoff?
When the lender decides to classify it that way. Some will automatically charge it off when it is 90 days delinquent, others will never. Charging off a debt is just an accounting entry that keeps the bank from overstating their income and assets. It does not mean the debt is no longer owed or that they will stop trying to collect it. ...
Asked in Credit Reports, Credit
What does holl crd mean on your credit report?
On your credit report, HOLL CRD usually means that you have been delinquent with a bill. In order to solve this problem, simply contact the company that you owe money to and determine how to pay off your debt. ...
Can you buy a home and owe back taxes?
Sure...but getting a mortgage will be tough, if not impossible. And the tax man will be just as happy to seize the house for your debt as they will anything else. Your tax debt can be used as income/debt ratio. Just make sure you are paying off your taxes and not delinquent ...
What is statute of limitation for filing for a judgment for unpaid hospital bill by a collection agency in state of Colorado?
In Colorado it is six years form the time the debt becomes delinquent. It doesn't matter if the debt if verbal, written, open, etc. ...
Can you give example of a sentence using the word delinquent?
The boy was a juvenile delinquent. The girl was nothing but a delinquent.
Asked in Credit and Debit Cards, Home & Garden, Credit
Can a county sheriff serve a warrant when a credit card company files a lien on property for delinquent debt?
Yes, absolutely. Credit card debt is not different from other debts in general. If there is a mortgage on the property, the lenders lien of course has priority. ...
Asked in Debt Collection
Can a creditor harass you about your spouses delinquent account?
A creditor is unable to harass for any debt. They can face penalty for doing so. read the FDCPA, it has helped me understand a little better what is and is not permitted to be done by debt collectors. There may be a difference between creditors and debt collectors; check and see. Hope this helps ...
Asked in Credit and Debit Cards, Credit Reports, Credit
If a delinquent account was never reported and it suddenly appears on your credit report 5 or 6 years later are you still responsible for that debt?
A consumer's responsibility for a debt is a separate issue than credit reporting. If you owed a debt 5 or 6 years ago, and never paid it, you still owe it. There is a statute of limitations for how long a debt can be collected, another for how long a consumer can be sued over a debt and another for how long a debt can show on your credit report. ...
Can delinquent membership dues in a timeshare be reported to a credit agency?
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...