Freedom From Debt » Debt Counseling

Can the collection agency and the original creditor have seperate items on my credit report for the same debt?

Guest Author — Sat, 22 Aug 2009 02:59:33 +0000

Shey A asked:

There is a debt I have for a payday advance place and they are listed on my credit report. Also the collection agency the debt was sent to is listed on my credit report. Now I have two different items listed on there for the same exact debt. Is that legal? What should I do? And is it legal for that collection agency to not allow me to pay in full?

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Technorati Tags: Credit Debt, Creditor, Debt Counseling

Can a collection agency continue to report an unpaid debt after 7 years?

Guest Author — Tue, 11 Aug 2009 15:28:52 +0000

Diamond asked:

I know that unpaid debt remain on your credit report for 7 years. My question is after the 7 years can if a NEW collection buys the debt during this 7 year period can the new agency still report that same unpaid debt after the 7 years?

For example: if I owe captial one $300 and they sold it to Collection Agency A, Collection Agency A sells it to Collection Agency B which is now the 7 year period but Collection Agency B sells the account to Collection Agency C-can Collection Agency C still report the upaid debt during this 7year period?

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Technorati Tags: Debt Counseling, Unpaid Debt

Credit card debt question; lawyer involved now?

Guest Author — Sun, 19 Jul 2009 21:09:08 +0000

Opt to adopt! asked:

So, I decieded about a month ago that I NEED to take care of my credit card debt. So, I did the credit report, got a hold of my credit card co, and told them I needed to work a payment plan out, but I will pay. I did this in a letter to them…never heard anything back. I honestly just thought it took a long time for them to do paperwork. Well, today a letter came from a lawyer’s office stating I’m being sued over that debt. WHAT!!?? I called the lawyer’s office and he said that since my debt was forwarded to him there’s nothing I can do but see him in court. He sounded pretty mean too. Is there anything I can do?

-I only have 1 credit card.
Will I go to jail if I can’t pay it all in one lump sum?
My debt is only $600.00, btw

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Technorati Tags: Card Co, Credit Debt, Debt Counseling, Debt Question, Paperwork

How long does a collection agency have to legitimately collect a debt?

Guest Author — Tue, 16 Jun 2009 20:44:19 +0000

trixxxi asked:

is there a specific statute of limitations on debt collecting? And if this time limit is up and a collection agency is calling and/or sending letters , how do you go about stopping this and getting it removed from your credit report? I live in Oregon.

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Technorati Tags: Debt Collecting, Debt Counseling, Statute Of Limitations

How do you remove a judgement sold to a collection agency?

Guest Author — Sun, 14 Jun 2009 20:35:52 +0000

gabbygirl99 asked:

I have a civil judgement on my credit report from an apartment complex I used to live in. The account was then sold to a collection agency. I want to work on paying this debt and getting it removed but I’m not sure if I should be working with the apartment complex , the court, or the collection agency. Can someone offer any advice on where to start?

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Technorati Tags: advice, Collection Agency, Debt Counseling

Can a collection agency continue to report on your credit report if the statute of limitations has expired?

Guest Author — Thu, 04 Jun 2009 16:19:47 +0000

niki t asked:

For example, in California the Statute of Limitations on collecting debt is 4 years. So after 4 years, can the collection agency continue to post negative entries in your credit report?

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Technorati Tags: Debt Counseling, Negative Entries, Statute Of Limitations

How long does it take a company or collection agency to report you?

Guest Author — Mon, 13 Apr 2009 16:13:56 +0000

Jordin K asked:

I had an outstanding debt starting last year in June and well I didn’t know about it, so after 6 months, the company would send over my account to a collection agency and I had it through a collection agency earlier this month, the first week of March. If the debt was to be reported on my credit report, would it have shown up on my credit report now? Is it a good idea to look at it now or should I wait longer? Would it have been on there by now?

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Technorati Tags: Collection Agency, Debt Counseling

Subpoena for old credit card debt?

Guest Author — Sun, 12 Apr 2009 01:30:22 +0000

Peach asked:

I am being sued for $500 (an old credit card debt from 6 years ago). Can I settle this out of court? I just want to pay it in full. If so, will it still show on my credit report as a judgement?

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Technorati Tags: 6 Years, Credit Debt, Debt Counseling, Judgement, Subpoena

How long does a collection agency bill last on your credit report?

Guest Author — Sun, 29 Mar 2009 20:27:48 +0000

talent4god asked:

1. How long does a bill that has been reported to a collection agency stay on your credit reprort?

2. What if you decide to settle by paying less than the original amount? Does it stay longer?
I never said who takes it off .. I said how long does that bill stay in my credit report.

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What Is Your Credit Score And How Can It Impact On Your Ability To Borrow Money?

Guest Author — Mon, 10 Nov 2008 13:09:39 +0000

Many people know that they have a credit report which is compiled by a number of major credit bureau and a particularly important part of your three bureau credit report is your FICO score. So just what is your FICO score and how does it affect your borrowing choices?

FICO is an acronym formed from the initial letters of the Fair Isaac Corporation who created this system of credit scoring and it is a number that is usually betwen 350 and 850 that ranks credit worthiness according to a proprietary algorithm invented by the company, with 350 being the poorest score and 850 being the best.

Although the precise details of the algorithms are a tightly held trade secret, over the years many people have be able to word out several of the important factors. For instance, any late payments will reduce your score and the greater the number of late payments you have and the later these payments are the more heavily the score is affected. The total amount of debt carried each month is another factor. Another less important factor is the number of credit cards you hold and the number of credit checks carried out out on your account.

Any FICO score of below about 620 is considered marginal and a score under 580 is poor. A score of 720 and above is very good to excellent. A score that comes in between 620 and 720 represents a kind of gray area in which items other than merely your FICO score will play a more significant part in any loan decisions.

Mortgage lenders, banks, credit card issuers and others will use your FICO score as a very important factor in deciding whether or not to grant you a loan. These lenders will also take your score into consideration when deciding what interest rate to charge you. Everything else being equal the higher your score the lower the interest rate you will be charged.

In many cases of course everything thing else is not equal and general interest rates, the present demand for loans, the overall economy and other factors have a substantial influence on whether lenders will grant loans and at what rate.

Another extremely important factor in the equation today is the use of computers which has changed the financial industry tremendously during the past 20 years and also provided consumers with much more easy and fast access to products an services using the Internet.

Despite all these changes the FICO score is still a primary tool for most lenders and, while it might not be the determining factor in the final decision, it definitely influences the ‘first cut’ when lenders are presented with a pile of applications to either approve or disapprove.

Luckily for those who have financially slipped there are choices and even if your FICO score is low you nevertheless will have several options. The first thing to do is to get some debt support and set draw up a plan to improve your credit score.

As you work to get rid of those overdue debts by paying them off or negotiating with the creditor your credit score will slowly rise. And do not forget that the age of your 30 and 60 day past due and late payments is an element in working out your score.

At the same time as increasing your FICO score you can also look around for alternative lenders who are willing to take a higher risk by lending you money. The problem of course is these loans nearly always carry an increased rate of interest. If you are able to your best approach is to try to forego borrowing for as long as possible while you work to improve your credit score.

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Technorati Tags: credit, credit score, debt, Debt Counseling, FICO, loans