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In a credit card debt settlement what does it affect and what is reported to the credit bureau?
ANSWER: Settling on card card debt should be the last option to take. Unless you write a "Restrictive Endorsement" "By cashing this check Payee agrees to accept this check in full payment of the account as agreed and agrees to remove all derogatory information from Remitter's Credit Reports" on the front of your check, as proof on your bank statement, you will receive a derogatory item on your credit report. Your credit report will state you settled in an amount of less than full. ANSWER: {| |- | In any debt settlement program you are made to default on your repayment for a certain time and then your debt amount is negotiated with your creditor which does show in your credit report. You can rebuild your credit later once you are debt free. Freedom Debt Relief has a good plan called 'debt reduction' which can help you in reducing your debt levels and become debt free in the earliest possible time. They even give help you with credit repair once you are done with the program. |}
What else can I help you with?
Can a judgment be reported to more that one credit bureau?
Yes a judgement can be reported to more than one credit bureau and is usually reported to the three major credit bureaus (equifax, tranunion & experian)
Does a out of court settlement effect your credit?
An out-of-court settlement itself typically does not directly affect your credit score, as it is not reported to credit bureaus like a loan default or bankruptcy would be. However, if the settlement involves unpaid debts that are reported as settled or charged off, it may impact your credit report. Additionally, if you were sued and a judgment was entered against you, that could negatively affect your credit. Always check your credit report for any entries related to settlements to understand their impact.
How does working with a credit card settlement company affect your credit score?
It is recommended that you pay an old debt through the original creditor. Credit settlement companies are out to make a profit and they will negotiate terms that are not true. Also, it is possible that you can pay the settlement company but still owe the original creditor. It has happened to me. The negative information reported by the credit card settlement company will affect your score negatively.
Can you negotiate with a lender to remove a repossession on a credit report through a settlement of paying less than owed or will the credit report show settlement of partial payment of debt?
The way it is reported is the decision of the credit reporting bureau. It might be listed in different ways on individual reports. Generally it will remain on the report as a " settlement",not as a "satisfied in full."
Can a debt to a foreign creditor be reported to a US credit bureau?
Yes, if there is a legal contract saying that the money is owed it can be reported to the credit bureau. It is up to them to determine if it falls under American Law.
Can a judgment be reported to more that one credit bureau?
Yes a judgement can be reported to more than one credit bureau and is usually reported to the three major credit bureaus (equifax, tranunion & experian)
How is a judgment reported to the credit bureau?
county
Does a out of court settlement effect your credit?
An out-of-court settlement itself typically does not directly affect your credit score, as it is not reported to credit bureaus like a loan default or bankruptcy would be. However, if the settlement involves unpaid debts that are reported as settled or charged off, it may impact your credit report. Additionally, if you were sued and a judgment was entered against you, that could negatively affect your credit. Always check your credit report for any entries related to settlements to understand their impact.
How does working with a credit card settlement company affect your credit score?
It is recommended that you pay an old debt through the original creditor. Credit settlement companies are out to make a profit and they will negotiate terms that are not true. Also, it is possible that you can pay the settlement company but still owe the original creditor. It has happened to me. The negative information reported by the credit card settlement company will affect your score negatively.
Can you negotiate with a lender to remove a repossession on a credit report through a settlement of paying less than owed or will the credit report show settlement of partial payment of debt?
The way it is reported is the decision of the credit reporting bureau. It might be listed in different ways on individual reports. Generally it will remain on the report as a " settlement",not as a "satisfied in full."
Can a debt to a foreign creditor be reported to a US credit bureau?
Yes, if there is a legal contract saying that the money is owed it can be reported to the credit bureau. It is up to them to determine if it falls under American Law.
Is there a different affect on your credit if there is a consent judgment or a settlement order entered?
This answer depends on the procedures of the courts in your state. Generally, a judgment will be reported on your credit rating a will be a negative mark against. Instead, you can have a stipulation for settlement that keeps the case open and then the case is dismissed when the settlement has been fully paid.
If you received a collection notice and the company stated they reported your account to the credit bureau on Monday if you pay it this week since it is the same week will your score remain the same?
If they reported your account to the credit bureau, your score will decrease whether you paid it or not.
Medical bills on credit report?
unpaid collection on medical bills can possibly be reported on bureau, but payment history is not reported.
How do you get help with credit card settlement?
speak to either the CCCS or Citizens advice bureau
If a car is sold after repossession does law state that it must be reported to the bureau as zero balance?
If a car is sold after repossession does the law states that it must be reported to the credit bureau as zero balance?
How late does a mortgage payment have to be before it can be legally reported to the credit bureau?
The very minute it's late theoretically it could be reported.
