Asked in Credit and Debit CardsCredit ReportsCredit
Credit and Debit Cards
You have paid off all your debts how long does it take the credit reporting agencies to reflect this?
What is a credit reports?
Asked in Loans, Mortgages, Credit Reports, Money Management
If you paid off all of your collection accounts after being turned down for a mortgage how should you try to improve your credit?
What you need to do is obtain a copy of your credit report. These are agencies that keep track of people's debts and credit ratings etc., and whenever you apply for a loan or credit card or mortgage etc., the bank obtains these reports from these agencies. There are 3 major credit reporting agencies in the USA, and you can get a copy of your credit report from them for free, or for a minimal fee. Study it to see if there are any errors, or debts which have been paid off etc. Then you have to write to the credit reporting agency and ask them to make the specific corrections, or remove erroneous information. Then it is up to them to prove that the information is wrong, or remove it.
What are the laws pertaining to a credit reporting agency still reporting after a bankruptcy discharge?
Asked in Credit Reports, Debt Collection, Credit
How do you report someone who owes you money to the credit reporting agencies?
Asked in Credit Reports, Bankruptcy Law, Credit
Do all debts show up on your credit report?
There are three major national credit reporting agencies (Experian, Trans Union, and Equifax). All debts which have been reported to one of the three credit reporting agencies will show up on a report from that agency. Most people try to get a report from all three agencies so they can see all debts reported to all credit reporting agencies. However, if a debt was never reported by the creditor or a collection agency for the creditor to one of the credit reporting agencies, it will not show up on the credit report. Generally, if you owe a big company like Chase or Bank of America, or if a debt gets sent to a collection agency, it is on the report. But, if you owe $500 to Joe's Small Engine Repair down the street from where you live, it probably won't be on the report. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts and law, which I do not warrant, and I am not suggesting any course of action or inaction to any person. Speak to a lawyer for specific advice. If you have any questions, please refer to a lawyer in your jurisdiction. Thanks!
Can a creditor reapply a charge off after 7 years?
No, they cannot. According to the Fair Credit Reporting Act all debts after 7 years are not allowed to be reported to the credit reporting agencies, and furthermore, they are to be removed from the credit agencies listings. The misconception is that this is 7 years from when this most current reporting is done. This is untrue, and illegal in all cases. The 7 years starts from the date of deliquency of the originating account. If you stopped paying your bill today the first delinquency would be the next bill cycle, say end of January 2008. This is the set in stone mark for 7 years. 7 years from THAT TIME is the end of the line for reporting that debt.
How do you find out if you owe any credit cards banks loans department store cards and any other debts?
The best way to determine what outstanding debt one has is to review credit reports from all three (3) credit reporting agencies. Everyone is entitled to one (1) free report per agency per year (at the website www.annualcreditreport.com, managed for the three agencies). Everyone is also entitled to a free credit report if they have been denied credit (one must ask to get the credit report).
Where do report bad debt so it wll show on a credit report?
When a creditor gives-up on the idea that you will ever get back on the contracted payment schedule or make a settlement payoff for an unsecured debt (and this also is the point at which they decide to remove that contract from their accounting system as a "performing" contract), then they directly inform the credit report bureaus that your account has been CHARGED-OFF AS BAD DEBT. This status is significantly worse than being reported as 90 days behind on the payment schedule. To report bad debts you can sign up for a service (do a search for "Reporting Bad Credit") and you can find many agencies that for a small fee will allow you to report debts to the credit reporting agencies. I will not list any here as that may be perceived as endorsing one over another which wouldn't be fair. If you are a large entity with more than 500 accounts, and have the ability to transmit in the correct format, you can sign up to report directly with the big 3 credit reporting agencies.
Asked in Credit and Debit Cards, Credit
What happens if you don't pay the outstanding credit card debts in the US after moving to Europe for good?
The same thing that happens if you didnt move. CC companies send you deliquent notices and eventually flag the credit reporting agencies. Depending on the amount and the number of delinquencies, you likely would destroy your credit rating. Once the CC companies determine it is fruitless to try and recover the debt, and after they reported you to the credit bureau's they will write off the debt as a tax loss. The most important point is if you try and get credit in Europe, the vendor may have access to your bad credit report. Equifax, Experian and Transunion operate in various European countries and others have similar credit reporting agencies.
What can you do to discover all of your existing debts?
Get your free annual credit report from all 3 agencies (Equifax, TransUnion and Experian) at site listed in the Related Links below. Do NOT go to any web site with "free" in its URL and do not click on the credit score link, which you will have to pay for. Any local creditors, especially doctors, dentists, newspapers, etc., that do not belong to (for a fee) and thus do not report to one or more of the credit reporting agencies, you will have to document on your own.
Is there a statute of limitations for evictions to be on your credit?
Asked in Credit Reports
How can you fix your credit when you are broke?
By definition, you have 'bad credit' if you pay your debts late or fail to pay them altogether. Therefore, if you have bad credit due to debts, or late payments, and you have no money, there is no way for you to repair your bad credit. But sometimes bad credit can be due to errors on your credit report. If this is the case, obtain a copy of your credit report, notify the credit reporting agency of the errors, and they will check into their accuracy and remove them from your credit report if they find that they are indeed truly errors.
Asked in Credit Reports, Debt Collection
Does Indiana Department of Revenue use collection agencies to collect debts?
Asked in Credit Reports, Credit
What can you do to help clean up debts on your credit report?
Asked in Bankruptcy Law
Debts included in bankruptcy reporting as charge offs.?
Asked in Credit and Debt Counseling
What are some simple tips when dealing with debt recovery agencies?
Debt collectors are always bad news. A useful approach my be credit counseling. These services, paid for by banks, help consumers manage their debts. Never pay for credit counseling. If that is not an option, threaten bankruptcy as this wipes away all unsecured debts, but not student loans, IRS debts, or child support payments.
Asked in Credit Reports, Credit
If several debts listed on a credit report are sold to a new collection agency and then paid in full can the debts from the old agency be disputed and removed from a credit report?
Yes and no. What the original credit agency should be reporting is that the debt was transferred to a new collector. Once you have proof that the debt was paid in full, you should be able to provide all creditors that are reporting negative info regarding that debt that this is the case and they should mark your records accordingly with a zero balance. It is really entirely up to them as to whether or not they totally remove the entry from your credit report.
Asked in Repossession, Credit Reports, Debt Collection
Should you pay off 6 year old debts?
Asked in Civil Lawsuits, Statutes of Limitations
What is the statute of limitations for debts and specifically credit cards in Nebraska?
Do you have to pay credit card debts if your name has changed?
Asked in Credit and Debit Cards
How does the consolidation of credit card debts work?
Increase provision for bad debts what is double entry?