 Do negative records really "disappear" from your credit report in 7 years? |
| I recently viewed my credit report, and a lot of negative/delinquent accounts and records are not on it. So is true what they say about negative items being deleted from one's report after 7 ... |
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 Personal loan 5,000? |
| I need a four thousand dollars to pya off my credit card debt becuase I am looking ot buy a house in three years and I would not have gotten rid of my credit car debt by then.... |
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 Would this hurt my credit? |
| I have perfect credit as of right now I always pay of my credit cards and on time. I got a the cell phone service Altell and didn't really like it to much, so i canceled after a few days, now i ... |
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 What happens when you don't make ur minimum payments (credit card debt)? |
| so i'm having a little trouble making the minimum payments right now. In about 2 months, i know i'll be able to make them. But what concerns me is how the credit card companies keep calling ... |
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 Can i still be eligible for a car loan even my car is under reposession? |
| our car was repossessed.and we cannot pay for the whole amount.instead of paying it,we are planning to used the money for down payment for a brand new car.can i still be eligible for a car loan?we ... |
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 Which credit card companies will give credit cards to someone who is a discharged bankrupt? |
| A friend of mine was made bankrupt a few years ago, but has been discharged for about 18 months or so. So he can try and build his credit up, which credit card companies would allow him to obtain a ... |
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 At work they want me to do tasks that go against my beliefs.am i being unreasonable by refusing? |
| i work for a place that distributes loans. i got the job through an agency and was told itd be basic admin work. now they are trying to get us to take applications for loans and take money from ... |
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 I am in desperate need of a loan and I have horrible credit in the boston area? |
| I am interested in obtaining a loan to pay off debt that I find myself sinking into. The problem is, I have horrible credit. I dont want it to get worse. I have a great job but I was recently hit ... |
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 I am only 17 and i have a credict card with chase. i pay my monthly bill but am i messing up my credict? |
Additional Details
i pay my bill,more than the minimum, i make random payments.but i was just wondering how will it effect my ... |
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 Credit card debt! please advice.....? |
| So basically I have 2 maxed out credit cards. One of 2,000 and the other 500. I'm a really broke college student. The little money I make I need it for food, shelter, supplies etc. That's ... |
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 Is it possible to buy a home with really BAD credit? |
| My husband and I have really bad credit. We both were in previous marriages and that is were it all started. He has a foreclosure on his credit report because his ex decided she wanted to keep the ... |
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 Can debt collection agencies impose deadlines on repayment? |
Hi,
I've just been contacted by a trace and collection agency, who reckon I owe an electricity bill from 5 years ago! Madness!
Anyway, do they have a legal right to impose ... |
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 Are debt collectors allowed to call your work? |
| I tell them go away I'm at work and youre keeping me from making money, but they think they can keep calling me at my office.... |
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 How bad is it on my part if i continue to pay my mortgage late? |
| I have up to 15 days every month to pay, but i sometimes pay after . I don't mind paying the late fees, it's not an issue. How about credit wise (there is nothing that i can do right now to ... |
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 What is the worst case senario if my car payment is late? |
say 2 weeks late?
Additional Details
im kind of embarrased to call and tell them it will be that late. i ran into a difficulty this month and something more urgent came up. i was trying ... |
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 Can a cell phone or cable bill late payment affect your credit? |
hello,
I have a ton a bills and i forgot to pay my cell phone and cable bill on time. They were only 5-10 days late. i know when you are late with a credit card the day after it, its on your ... |
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 How can colletion agencies buy out you debt and keep it on your credit report? |
| Why is this possible. It's like it will never go away. A 10 year old debt came back from the dead recently. It is crazy. 10 years ago. I'd like to move on with my life now and just when you ... |
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Frank R | Is it legal/ethical for a lender to report your acc't to a credit bureau as charged off, then demand payment? |
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 |
 
echo
 |
Yes it's legal to report a charged off account and demand payment.
But it, like anything else on your reports, must be reported without any inaccuracies.
Just because it is charged off does not mean that they have sold it off, they may still own it. |
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jeangwendolen
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charged off just means that the company had taken a loss on what you owe them. They still have the right to collect the money, or even sell your information to another collection agency which at that point will start a new 7 years on your credit report from the day the new company purchased your information |
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snoogans
 |
put yourself in there shoes. |
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Steve D
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Certainly it is. It happens every day.
When they say they've charged off or written off the debt, it's primarily an accounting transaction that lets the lender put the money in their "expenses" column instead of their "assets" column, which gives them a tax advantage (less net income).
It's not the same as forgiving the debt. Not even close. You still owe the money. They can still try to collect from you, and they can still sell the debt to a collection agency. |
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Bob
 |
If you file for bankruptcy, the creditor will still charge off the debt, but cannot demand payment due to the bankruptcy protection afforded by the discharge.
Even if you make token payments towards the balance, the creditor is forbidden from demanding payment. You have to call the creditor and verify that your account has been paid in full. The creditor will report that the debt has been paid and charged off - meaning that there will be some impact on your credit. |
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humorme!
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yes it is unfortunatly. i worked for a bank so i know exactly what your talking about. if it gets charged off its because many many days went by and you never took care of it, so they charge it off (meaning-no payment recieved) but then they can demand payment and if you do pay they will report it as a paid charge off. |
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cpt_waske
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You need a lawyer from your state to answer this question; laws vary by state legislation.
It sounds like the lender has written your loan off as a loss so the lender is right to contact the credit bureau and tell them such. The lender does have the right to continue or hire a collection agency up to the point that you file bankruptcy with the courts. Note- there are limitations as to what collecton activities a lender can do, ask your lawyer. Hope this is helpful. |
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Nathan
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Yes, it's both legal, and ethical. Why wouldn't it be? You owe someone money, and you haven't paid it. As long as they don't resort to leg-breaking, they have every right to report that you don't pay your debts, even as they try to force you to pay this one off. |
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Heinz M
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Legal yes, as you still owe the money. Ethics have little to do with that.
Charging off bad debts is a bookkeeping thing they have to do if the debt is past a certain date, otherwise they have to show it as income (and pay taxes on it). |
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michael2003c2003
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No way. |
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michinoku2001
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Call the credit bureau and tell them you wish to dispute it. They all have a procedure for this sort of situation. It's in the credit bureau's own interest to have accurate information. |
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