Sumbit a dispute based on inaccurate information and let the credit report agency find them for you.
It means that you can no longer purchase goods on credit. You will have to make payment for the items you get immediately.
A creditor can turn you over to collections and report you to the credit reporting agencies. Depending on what type of credit card you are talking about, the creditor can also demand return of items purchased on the card (such as an appliance store account). If you are getting harassing phone calls at home or work (yes, they are allowed to call you at work), you can send them a written letter stating that you no longer want them to call you at home or work (sent via registered mail with return receipt). The creditor would then be allowed to call you one more time to verify receipt of your letter. Creditors are also not allowed to call you before 7am or after 9pm. Due to privacy isses, creditors are not allowed to tell your employer or others not listed on the credit account why they are calling.
No. The co-signer is no longer responsbile for any part of the loan. If you default, the creditor can not attempt to collect from them.
It doesn't need to be anything fancy. Just keep it simple. "Dear Creditor: I will no longer be using your credit card. Please close my account and report the account to the creditor bureaus as being closed at my request."
The first thing is that the original creditor will charge this off. Which means that the original creditor is no longer financially liable. This credit card will remain closed; which will decrease your credit score. Non payments for each month will also decrease your credit score each an every month. Late payments give you the same results. If this account is sold to a collection agency then your best bet is to negotiate a settlement, and get everything in writing before making a final payment.
Yes, but only if you do not legally owe the debt. And if that were the case, it would be easier to go straight to the creditor to have them remove it from your credit report. If you legitimately owe the money, then it becomes much more difficult to get rid of this information, since legally it can remain on your credit history for 7 years, and sometimes longer.
After WWI, the US was a major creditor of Europe and other areas of the world. When the US banks and economy started to fail, the economies of Europe could no longer rely on the US for credit. This caused many European economies to falter as well.
Yes Once a collection account is reported to your credit history, its origin no longer matters. If money is owed and it gets listed with a credit reporting agency as a collection account, it affects the main factor in your credit score: Payment history. See www.myfico.com/CreditEducation/WhatsInYourScore.aspx for details of a FICO score.
Yes, a "charge off" does not indicate that the debt is no longer valid. The creditor has several options on how to collect monies owed after the account has been charged off.
No. The collection agency will validate the amount for you if need be, but the creditor no longer owes you the courtesy of a statement.
No, the original creditor has sold the debt and is no longer involved in the collection process.
The bottom line is that if you owe money from your past, you should pay it. Some one took a loss that you caused and that is bad karma. Negative credit should disappear from the credit report after 7 years but I've seen some that remain much longer. Do the right thing and pay the creditor.