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Is it legal for collection agencies and creditors to report the information on your credit report?
Yes. However, a consumer has the right to question any entry on that report. If a consumer finds a error, they need to write the reporting agency giving all pertinent information, and demand the removal of the entry. If this is not done in a timely manner (which is broadly defined). The consumer has the option of filing a defamation suit, and other remedies. Everyone should know what is on their CR. The CRA's often make mistakes and get away with it. Thereby causing the uninformed consumer a lot of aggravation, to say the least.
What else can I help you with?
How do you find out what collection agency you owe to?
An easy way to find out what collection agencies you owe money to is by pulling your credit report. Credit reports will list balances with all creditors as well as if any balances were turned over to collection agencies.
What are the sources on your credit report?
Your credit report is put together by the credit bureaus who collect information about you and the way you repay debt from several sources including creditors, collection agencies, and third party providers like Lexis Nexis.
How do you know if you have debt in collections?
You can know if you have debt in collections by checking your credit report, receiving collection notices from creditors, or being contacted by debt collection agencies.
How do you find out which collection agencies you owe?
You can get free copies of your credit reports once a year and check them to see what accounts have been placed with collection agencies. You can contact those creditors for the agency information. The debtor need not be concerned about such matters as it is a certainty that the collector/creditor will be in contact with them in one manner or another.
How do you get your creditors list?
You can get a list of your creditors by checking your credit report. Most of all creditors will report to the agencies and will have a record.
How often does your credit report get updated?
Credit information is forwarded to the three major credit reporting agencies by lenders and creditors, so the exact reporting varies. Usually it is reported monthly. This makes it important for consumers to have access to credit information on a regular basis.
Can you negotiate a credit card settlemnt?
It's certainly worth a try. Many collection agencies are open for negotiation, but usually on their terms. Original creditors will not negotiate!
Can a bank disclose your credit information?
It depends on whom they are giving the information. Agencies such as the IRS are entitled to such information. Creditors generally are given permission by the consumer to access of such info., as a means of verification for credit approval.
What is a transunion credit report?
Transunion is one of three credit reporting agencies that provides information to potential creditors on your personal credit ratings and issues. The report contains information such as any defaults of the consumer, his/her identifying information, and a credit rating, or grade.
How do you keep creditors and lawyers and collection agencies from continually viewing information on your credit report without your permission?
Consumers (although some do not realize it) authorize the creditor and agencies and legal representatives acting on the creditor's behalf to access their credit report when they sign the original account agreement. It is perfectly legal and there is nothing the debtor can do to prevent the action.
How do you dispute a number of collections that you have paid?
Get a copy of all three credit reports, then dispute them. The credit reporting agencies will contact the creditors to verify. If the collection agencies do not report the items paid, you will need to contact the collection agencies individually, and provide them with proof of payment. Do this by certified mail, with a letter advising them to correct the records within 30 days. If they do not, you may have recourse thru the FTC under the Fair Credit Reporting Act.
Is it true that creditors cannot report delinquency as long as you pay at least 10 dollars?
No, this is not true. Creditors and collection agencies have a legal right to report any amount owed regardless of payments being made. It is beneficial, however, to negotiate with a creditor or collection agency in this respect. If you agree to pay a certain amount of money each month, they may hold off on credit reporting. Talking with collection agencies and creditors is always advised. It can eliminate stress and sometimes debt!
