Posts Tagged ‘ collection ’

Entering payment plan will not “restart the clock” for removing charge off

Dear Experian, I have a charge off from 2009. I am in a payment plan. Does this mean I started the clock over on when the charge off will be removed? - EYJ

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Unreported auto loan could be shown as collection after voluntary repossession

Dear Experian, I bought a car about 2 years ago at a “buy-here-pay-here” lot. I have never missed a payment and have been a good customer. Since buying the car I have spent over $3,000 in repairs. I recently have been looking to get a new vehicle since the repairs are killing me financially. I was talking to a dealer about a trade in. Much to my surprise, he told me I should simply just give the car back to them. He said to check my credit report and see if they report the payments, and if I did not see it on there, which I didn't, then giving my car back would not hurt my credit. Is it simply this easy? I am going to go upside down on the car $5,000 so it sounds so much more to my advantage, but I worry the risk of having a repo on my credit report. Any advice? - TDB

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Original delinquency date determines when repossession and collection account will be deleted

Dear Experian, I had a repossession in July 2006, but on my credit report it states date reported January 2013. A collection agency owns the account now. When will it be removed from my history? Is it based on the date of initial delinquency or the date reported? - TMF

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Selling or transferring an account to a new creditor does restart the deletion time period

Dear Experian, A creditor of mine sold my credit card debt to another company after seven years. Do I now have to wait another seven years to have it removed from my credit reports? - LDE

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Collection accounts are not removed immediately after being paid in full

Dear Experian, If you have a derogatory record on your credit report from a collection agency and you pay off the debt in full, will the debt be taken off of your report sooner? Or do you still have to wait the seven years? - MSK

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Car returned under Service Member Relief Act is a voluntary repossession

Dear Experian, I am in the military and currently serving in Afghanistan. Prior to my departure I turned in my car lease under the Service Member Relief Act. When I check my credit report, it shows up as voluntary repossession, and then right after that it says “Due to military service.” Does this have a negative impact on my credit? - JSP

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Make payments only to the collection agency that currently owns the debt

Dear Experian, I have two collection agencies reporting the same item. If I pay the current collection company will both of them be updated as paid in full or do I have to pay them separately? - WJH

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Collection accounts for repossessed car will show in credit report

Dear Experian, If you have had a vehicle repossessed, will it stay on your credit if the creditor keeps selling the papers to different creditors? - JNB

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Landlord does not need a judgment to report unpaid rent to Experian

Dear Experian, Does a landlord have to have a judgment against a former tenant in order for the debt to be reported? Can a collection agency report a debt without obtaining a judgment? - WLW

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Lender might repossess van even after several years of non-payment

Dear Experian, I took out a loan for a van in 2008 and lost my job shortly afterwards. I only made two payments on it. The lender never came looking to take back the vehicle. This past week I received a letter from them stating that they want the van. What are my options? Can you help? - GLM

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An account update by your creditor will not change when it is deleted

Dear Experian, If a negative item is past seven years on my report and the creditor updates it, will it ever come off my report? - JCP

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Collection efforts can continue after the account is removed from your credit report

Dear Experian, Can a charged off account on your credit report that was opened in 1999 and closed in 2010 be sold to another collection agency and then be given to an attorney to get payment from me? - LVM

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Collection agency may request a report without your permission

Dear Experian, Can a collection agency request your credit history without your consent? I have one on my report under "inquires shared with others" in which I did not consent. - LDA

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Car accidents don’t affect your credit report

Dear Experian, Does having a car accident hurt your credit score? - OYD

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Cosigners are responsible for debt repayment

Dear Experian, I cosigned a loan with my son. He is not making payments, and it will be turned over to a collection agency soon. Other than this circumstance I have good credit and make all payments on time. How does this one instance affect my credit rating if it's not my loan and I'm just the cosigner? - LCJ

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Credit report may be hurt by joint lease, utilities with roommates

Dear Experian, My daughter is in the process of looking for a new apartment and obtained a copy of her credit report. She found her credit is "fair." She also found her roommate's name, Social Security number, rental history and other information listed on the report. This was quite shocking to my daughter. She is very upset. They each signed a year's lease which expired a few months, ago. They are now on a month-to-month basis. She knows her roommate is frequently delinquent on her bills. In particular, she knows this is true in regard to their monthly rent. My daughter pays her portion on time. Why is my daughter's roommate listed on my daughter's credit report? What part of the roommate's financial life, if any, comes into play on my daughter's credit score? How long will the roommate's financial history and habits reflect on my daughter's report? How can my daughter become a single entity as far as her credit is concerned? - RBH

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Collection account does not have to appear on your credit report to be legitimate

Dear Experian, I received a letter from a collection agency asking that I pay almost $3,000 for a debt that was originally a credit card opened in 1996. It seemed to come out of the blue, and when I called to get some bearings I was not given satisfactory answers or clarification. When I mentioned that this hasn't been on my credit report they replied that they don't report to the credit bureaus. Isn't that what would make them legitimate? If they don't report to the credit bureaus are they a legitimate company? - JCK

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When negative information will be removed from your credit report

Dear Experian, If the account status information says the item will be moved from negative to positive on a certain date, what determines when and why that happens? - AJH

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The consequences of writing a check when there is no account

Dear Experian, Is writing checks on an account which has been closed considered illegal? - LXS

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Time limits for collection agencies to collect a debt

Dear Experian, What is the time frame that collections agencies can go after their money? - TRA

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The impact of paying a collection account on credit scores

Dear Experian, Does settling a debt that is showing negative on my credit report as a "collection", get removed from my report as soon as it is paid? Does paying this debt help raise my credit score? - ONY

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Adding a statement explaining collection accounts to your credit report

Dear Experian, Can I include a letter in my credit report to explain a charge off or collection? - SMB

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Unpaid utility bills can appear on your credit report

Dear Experian, If you don't pay your utility bill, can that go on your credit report? - MWB

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Accounts still show payment history and amount past due when sent to collections

Dear Experian, I have a couple of accounts that were purchased by another lender or collection agency. I have paid them off and they do show closed, but they still show a balance. Is this negative? Should I dispute? - RYD

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“Paid in full” charged off account is better than “settled for less than owed”

Dear Experian, If you have a charged off account, is it better for it to show "paid in full" or "settled for less?” - JMN

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