Overview of the Fair Debt Collection Practices Act (FDCPA)
The FDCPA are laws against debt collectors which protect consumers from abusive, unfair, or deceptive practices debt collectors may use in collecting debts.
The FDCPA are laws against debt collectors which protect consumers from abusive, unfair, or deceptive practices debt collectors may use in collecting debts.
Disputing an old collection account can trigger the collection agency to renew their collection efforts or sell the debt to a new debt collector.
Creditors can choose when to report a charge-off but the remove date of a charge-off doesn’t change, it’s 7.5 years from the last payment.
Creditors may write-off seriously delinquent accounts in the form of a charge-off but that does not mean you are free and clear from paying the debt.
Foreclosure can be a traumatic event and unfortunately, too many Wells Fargo borrowers have experienced foreclosure. But foreclosure can be an opportunity for a fresh start and here is how to rebuild credit after foreclosure.
A bankruptcy entry on credit reports is a score killer and can remain in credit files for up to 10 years.
The time period when a negative account should be removed from reports is 7 years and cannot be restarted by a creditor or collection agency. If the time period is restarted then re-aging has taken place, which is illegal.
Consumers needing a credit fix may want to know how a credit repair company works. It’s simple, a credit repair company should not use generic letters and should be able to explain in detail what they can and can’t do with an outline their services upfront.
Medical Debt: Most debt has a statute of limitations which means at some point it becomes legally uncollectible. Debt collectors can continue to pursue payment but have no leverage.
Don’t be surprised if a credit bureau re-inserts an item that was deleted due to a dispute. They must however, notify in writing if the disputed item has been put back on your reports.