0
If the borrower formally assumes the note, another words the bank gives the ok to the new borrower, the bank can notify credit bureaus to delete that entry in credit report. If new buyer takes title "subject to" without the banks permission the original borrower will still show up in their credit report. because as far as the bank is concerned you are still responsible, no matter who pays the note.
What else can I help you with?
Can a collection agency remove debt from my credit report?
No, a collection agency cannot remove debt from your credit report. Only the credit bureaus or the original creditor can remove the debt from your credit report.
Does a mortgage show up on both borrowers credit report?
If the account is a joint account (bill comes in both of your names), then yes, it will be reported to both of your credit reports.
Can collection agencies remove items from your credit report?
No, collection agencies cannot remove items from your credit report. Only the credit bureaus or the original creditor can remove negative items from your credit report.
Will lenders allow someone to remortgage their home if the credit is bad?
There are lenders who specifically lend to borrowers with blemished credit but the homeowner will typically pay higher interest rates and fees. Borrowers should attempt to improve their credit before trying to refinance by lowering debt and clearing up any inaccuracies that may appear on their credit report.
Can debt collectors remove items from my credit report?
Debt collectors cannot remove items from your credit report. Only the credit bureaus or the original creditor can do so.
Can a collection agency remove debt from my credit report?
No, a collection agency cannot remove debt from your credit report. Only the credit bureaus or the original creditor can remove the debt from your credit report.
Does a mortgage show up on both borrowers credit report?
If the account is a joint account (bill comes in both of your names), then yes, it will be reported to both of your credit reports.
How do you remove charged off from your report?
Only the original creditor or the credit bureaus can remove a charge off from a credit report. You can negotiate to have them removed with the original creditor if they will let you. You can also dispute it to the credit bureaus and they will have 30 days to verify the listing or it must be removed from your credit report.
Can collection agencies remove items from your credit report?
No, collection agencies cannot remove items from your credit report. Only the credit bureaus or the original creditor can remove negative items from your credit report.
Do I legally owe the company that purchased my charged off account from the original lender who has closed the account and it no longer appears on my credit report?
Yes. Your signature for the first debt obligation transfers to the second when it was assumed by the second creditor. It may not be on your credit report because you may not be late. Their policies may also be different than the first. But you will eventually be reported to whatever credit agency(agencies) they report to.
Will lenders allow someone to remortgage their home if the credit is bad?
There are lenders who specifically lend to borrowers with blemished credit but the homeowner will typically pay higher interest rates and fees. Borrowers should attempt to improve their credit before trying to refinance by lowering debt and clearing up any inaccuracies that may appear on their credit report.
Can debt collectors remove items from my credit report?
Debt collectors cannot remove items from your credit report. Only the credit bureaus or the original creditor can do so.
Can a debt collector remove negative information from my credit report?
No, a debt collector cannot remove negative information from your credit report. Only the credit reporting agencies or the original creditor can remove or update information on your credit report.
When is a charge off removed?
A charge off will stay on your credit report for 7 years unless removed by the original creditor or the credit bureaus. You can dispute a charge off with the credit bureaus and they must verify it with the original creditor with in 30 days or it must be removed from your credit report.
Will an auto loan that has multiple borrowers appear on each of the borrowers credit reports?
Yes. If there are multiple borrowers responsible for the loan, regardless of how they are part of the loan (either co-signer or a joint borrower), the status of the auto loan will appear on their respective credit reports. However, if the auto loan is guaranteed by another person other than the borrower, the guarantor will NOT have the auto loan appear on their credit report UNLESS the loan goes into default.
You are attempting to establish credit in your own name your mother is co-borrower on your student loan Will it show on your credit score?
It will only show on the primary borrowers credit report. If the primary defaults on the loan then the responsibility falls to the co-signer. In brief, if the loan is in good standing the primary borrower will have it on their credit report only. If the loan is late or is defaulted it will be reported on both the primary and co-signers report.
What does delinquency on a credit report mean?
Means that you did not pay your bills on time, or that you've never paid some of them. Make sure you get that straightened out, then don't be late again! That information stays on your credit report for up to seven years!!!
