In order to correct an error in your credit report, you need to inform the reporting agency in writing what information you believe is an error or is incomplete. Below is a sample credit dispute letter.
Your City, State, Zip Code
Name of Reporting Agency
City, State, Zip Code
Dear Sir or Madam:
I am writing to dispute the following information in my file. The items I dispute are also encircled on the attached copy of the report I received. (Identify item(s) disputed by name of source, such as creditors or tax court, and identify type of item, such as charge card account, judgment, etc.)
This item is (inaccurate or incomplete) because (describe what is inaccurate or incomplete and why). I am requesting that the item be deleted (or request another specific change) to correct the information.
Enclosed are copies of (use this sentence if applicable and describe any enclosed documentation, such as payment records, court documents) supporting my position. Please reinvestigate this (these) matter(s) and (delete or correct) the disputed item(s) as soon as possible.
Enclosures: (List what you are enclosing)
First get a copy of your credit report from all 3 CRA's(Credit Reporting Agencies). Go over each one line by line, first correcting and disputing any erroneous personal information such as incorrect spelled name, wrong phone numbers, old or incorrect addresses, d.o.b.'s etc. Then look at the TL's(Trade Lines) if you feel as though they are in error or reporting TL's that are not yours, disput this information with the Original Creditor under F.A.C.T.A., or the Collection Agency/Debt Collector under the FDCPA or FCRA directly asking them to validate the information they are currently reporting to your credit reports. Make sure you send all correspondence US Postal Service CMRRR, wait about 15 days, if no response, now dispute it with all 3 CRA's and wait for there response. id the investigations come back verified or updated you now have the Collection Agency for violation of you State and Federal rights as it Relates to the FCRA and FDCPA.
Generally speaking, the estate is responsible for the debts of the decedent. If a person owned any property at the time of their death that property comprises the estate and their estate must be probated. Depending on the size of the estate, many jurisdictions have less formal procedures for small estates. The decedent's debts must be paid before there can be any distribution to the heirs. If the assets of the estate are not sufficient to pay those debts the estate is declared to be insolvent. There is no liability for personal debts if the estate cannot pay. The lender can repossess property in the case of any secured debt such as one for the purchase of an automobile. Of course, in the case of a mortgage, the lender can foreclose and take possession of the property.
Creditors have a statutory period in which to file a claim against the estate. State laws vary. You need to check the laws of your state to determine if any special provisions may apply. In community property states, credit accounts opened in one name during a marriage may automatically become joint accounts. The situation changes in the case of JOINT account holders. If you are a joint account holder or co-signer with the decedent then you will be held responsible for full payment of the outstanding balance.
Note that many creditors will try to get payment from heirs. Check with an attorney before making any payments toward any debt of a decedent. If there is no estate, most creditors will close the account upon the receipt of a death certificate. Once a death certificate is received by the creditor along with a letter explaining that there is no estate, creditors usually forgive the debt, close the account and write it off. In the case of a persistent creditor, an estate may need to be filed even if there is no estate in order to satisfy the creditor that the debtor has died and there is no estate.
If you suspect fraud, you may be asked to sign a statement under oath that you did not make the purchase(s) in question.For More InformationThe FTC (Federal Trade Commission) works for the consumer to prevent fraudulent, deceptive, and unfair business practices in the marketplace and to provide information to help consumers spot, stop, and avoid them. To file a complaint or to get free information on consumer issues, visit ftc.gov or call toll-free, 1-877-FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261. The FTC enters consumer complaints into the Consumer Sentinel Network, a secure online database and investigative tool used by hundreds of civil and criminal law enforcement agencies in the U.S. and abroad. Internet Fraud
FBI - REPORT INTERNET FRAUD
Don't throw anything in the bin that has your name or address on it, protect your card pins at all times if you use your credit cards online make sure that you have the right protection on your PC and make sure you use secure websites. Don't give out personal information over the telephone.Reporting Credit Card FraudIf you lose your credit card or if you realize it's been lost or stolen, immediately call the issuer. Many companies have toll-free numbers and 24-hour service to deal with such emergencies. By law, once you report the loss or theft, you have no further responsibility for unauthorized charges. In any event, your maximum liability under federal law is $50 per card.
If you suspect credit card fraud, you may be asked to sign a statement under oath that you did not make the purchase(s) in question.
You will need to contact your credit card company - they will walk you through the procedure. They should immediately put a block on your file and report it to the exception files. They may ask you for an affidavit or a police statement. If you're concerned that they're giving you the run-around, you should read up on your rights as a consumer-
Actually, I wouldn't recommend closing your credit card account, closed accounts impact your score and do nothing to help improve it. If you zero balance the card just put it in your sock draw get gas or pay a bill with it once a month and then P.I.F. it when you get the bill, that way your not paying any interest, the credit card companies hate when you do that! LOL It makes you look good it fakes up your score and your utilization of your credit limit is well below the recommended 35%.
From what I understand, if you are closing an account in good standing, it is important to include in your letter a request, stated clearly and in no uncertain terms, that your credit record show YOU were the one to request that your account be closed and NOT your credit card company.
This way in the future anyone needing to check your credit will see this and know that the account was not closed for other reasons that could reflect poorly on your rating.
It might not hurt, as a follow up, to check your credit record. I know sometimes it's recommended to check your credit record yearly in order to check for errors and mistakes.
However, I've also read that you shouldn't check it TOO often because this can adversely affect your record or score.AnswerFirst, checking your credit score counts as a SOFT inquiry, which has a remotely adverse affect on your credit after like 100 times. And when I say remotely, I mean 1 point. You don't need to write out a letter, just call them and tell them you would like to close the account. Wait 60 days and check your credit report, if it was closed "by credit issuer" according to the credit report, then just call up the company. If you were in good standing, you'll be fine. AnswerA better question is, why do you want to close your account? If you aren't using the card, that doesn't mean you should close the account; in fact, doing so can hurt your credit score (i.e., the score that tells companies whether you are a good candidate to loan money to). These companies, when they look at your credit report, want to see a few things:
1) Do you have a history of credit being extended to you? They want to see a long history, which is why you should NEVER close the account for the credit card you've had the longest, even if you never plan to use it again (unless, perhaps, you're paying a yearly fee, but--even then--call them to see if they'll waive the fee; tell them you're thinking of closing your account otherwise): keeping the account open keeps it on your credit history, showing that you've have credit for a while.
2) Do you have multiple types of credit (credit cards, mortgage, car loan, cell phone, student loan, etc.)? They like to see a mix.
3) How much of your credit do you use? They like to see that you use no more than around 30% of the credit available to you. For example, let's say you have two credit cards--one with a $10000 limit, one with a $20000 limit--and so, you have $30000 of available credit. You owe $5000 on the card with a $10000 limit and $0 on the $20000 card. That means you're using about 17% of your available credit ($5000 of $30000). That's fine. But let's say you close your $20000 card. Now, all of a sudden, you're using $5000 of $10000 in available credit--50%. That looks horrible--like you are living beyond your means, getting by on credit, even though you owe THE EXACT SAME AMOUNT OF MONEY as you did when you had $30000 of available credit. But, by closing the account, you jacked up your debt ratio past 30%, making you look like a poor manager of credit. People will be less likely to offer you credit now, and they'll offer you worse interest rates when they do.
So--if you want to close the account, make sure it's for the right reason, such as it's costing you an annual fee. Otherwise, if you can hang on to the card, do it. If you are worried you'll use it when you shouldn't, put it in a bag of water and put the bag in the freezer. That way you'll have to wait for it to thaw before you can use it, which will cut down your impulse purchases.
The best way is to look for a reputable organization that is an approved nonprofit organization. You can check with the IRS to ensure that the organization is tax-exempt. Otherwise, any Debt Consolidation Company can try to sell you on a consolidation option that could make your situation even worse.
No harm looking for a company that is BBB registered.
Look for unresolved complaints in the company's name.
Search the internet for the complaints that company has.
You can look up rippoffreport or search for the company name + complaints/ scam/ review/ feedback.
All these things will always help you make a decision.
Ask the companies to provide some referrences of customers who are already enrolled into the program.
Do not forget to ask the Debt Consolidation company about the drawbacks of the programs.
READ THE AGREEMENTS THEY SEND. The entire world knows that Americans dont read agreements. It is high time we stop trusting what is told to us over the phone. Start reading the agreements and make sure that what ever was told on phone, is that true or not.
And never forget to compare multiple options. There is no harm comparing. It is better to spend more time researching initially than regretting later.
You can choose the companies that provide you the consolidation services from some information like consolidation services can help people in debt by either repackaging their debts into one lower-interest loan or by actually reducing the total amount of debt a person owes through negotiating with that person's lenders.
You should search first the reviews of debt consolidation loans company to make sure that they were not scam.
You should look for a debt consolidation company which is registered with the Better Business Bureau (BBB) and has a good rating. The best rating is A+. Check the BBB to see if there any complaints registered against the company and if there are, whether these issues have been resolved amicably. You should also view the history of a debt consolidation company. If the company is more than 3 years with good standing, it should be a safe bet. You should check with as many companies as you can and see which one can help you settle your debt the quickest, as that would be to your best advantage.
Aside from checking its legality, services and capacity You could always check its company background, costumers testimonials, records and current progress. You can also crossed check it compare prices and accuracy, with other companies. If still your not satisfied you can always ask for a free demo from them and see it fits in your needs.
Fix Bad Credit
1. DELETE COLLECTION ACCOUNTS
Did you know that paying a collection account can actually reduce your score? Here's why: credit scoring software reviews credit reports for each account's date of last activity to determine the impact it will have on the overall credit score. When payment is made on a collection account, collection agencies update credit bureaus to reflect the account status as "Paid Collection". When this happens, the date of last activity becomes more recent. Since the guideline for credit scoring software is the date of last activity, recent payment on a collection account damages the credit score more severely. This method of credit scoring may seem unfair, but it is something that must be worked around when trying to maximize your score.
How is it possible to pay a collection and maximize your score? The best way to handle this credit scoring dilemma is to contact the collection agency and explain that you are willing to pay off the collection account under the condition that the all reporting is withdrawn from credit bureaus. Request a letter from the collector that explicitly states their agreement to delete the account upon receipt/clearance of your payment. Although not all collection agencies will delete reporting, removing all references to a collection account completely will increase your score and is certainly worth the involved effort.
2. DELETE PAST DUE ACCOUNTS
Within the delinquent accounts on your credit report, there is a column called "Past Due." Credit score software penalizes you for keeping accounts past due, so Past Dues destroy a credit score. If you see an amount in this column, pay the creditor the past due amount reported.
3. DELETE CHARGE OFFS AND LIENS
Charge offs and liens do not affect your credit score when older than 24 months. Therefore, paying an older charge off or a lien will neither help nor damage your credit score. Charge offs and liens within the past 24 months severely damage your credit score. Paying the past due balance, in this case, is very important. In fact, if you have both charged off accounts and collection accounts, but limited funds available, pay the past due balances first, then pay collection agencies that agree to remove all references to credit bureaus second.
4. DELETE LATE PAYMENTS
Contact all creditors that report late payments on your credit and request a good faith adjustment that removes the late payments reported on your account. Be persistent if they refuse to remove the late payments at first, and remind them that you have been a good customer that would deeply appreciate their help. Since most creditors receive calls within a call center, if the representative refuses to make a courtesy adjustment on your account, call back and try again with someone else. Persistence and politeness pays off in this scenario. If you are frustrated, rude, and unclear with your request, you are making it very difficult for them to help you.
5. CHECK YOUR CREDIT LIMIT(S) AND EVENLY DISTRIBUTE BALANCES
Make sure creditors report your credit limits to bureaus. When no limit is reported, credit scoring software scores the account as though your current balance is maxxed out. For example, if you know that you have a $10,000 limit on your credit card, make sure that the limit appears on the credit report. Otherwise, your score will be damaged as severely as if you were carrying a balance of the entire available credit.
Credit scoring software likes to see you carry credit card balances as close to zero as possible. If it is difficult for you to pay down your balances, read the following guidelines to maximize your score as much as possible under the circumstances:
6. DO NOT CLOSE YOUR CREDIT CARDS
Closing a credit card can hurt your credit score, since doing so affects your debt to available credit ratio. For example, if you owe a total credit card debt of $10,000 and your total credit available is $20,000, you are using 50% of your total credit. If you close a credit card with a $5,000 credit limit, you will reduce your credit available to $15,000 and change your ratio to using 66% of your credit. There are caveats to this rule: if the account was opened within the past two years or if you have over six credit cards.
The magic number of credit card accounts to have in order to maximize your score is between 3 and 5 (although having more will not significantly damage your score). For example, if a card was opened within the past two years and you have over six credit cards, you may close that account. If you have more than six department store cards, close the newest accounts. Otherwise, do not close any at all.
7. BECOME AN AUTHORIZED USER
(Note: Although this tactic is no longer effective for Experian, both Trans Union and Equifax consider authorized user accounts when calculating your credit score.) If you have a short and limited credit history you can ask someone who is a primary account holder to add you to their account as a joint account holder or an authorized user. When added, the primary account holder's credit card will appear on your credit report. Credit scoring software will treat the added account as though it is your account and you will benefit from the low balance and the long payment history for that account. It is important to remember that being an authorized user is helpful for your credit score only if (1) the person is carrying debt below 10% of the credit limit and (2) has had good payment history on the card for seven years or longer. The longer the history, the better. Being an authorized user is potentially detrimental to your credit score if, for example, the primary card holder carries a high balance on the card and has had it less than five years.
8. KEEP YOUR OLD CREDIT CARDS ACTIVE
15% of your credit score is determined by the age of the credit file. Fair Isaac's credit scoring software assumes people who have had credit for a longer time are at less risk of defaulting on payments. Therefore, even if your old credit cards have horrible interest rates, closing those cards will decrease the average length of time you've had credit. Use the old card at least once every six months to avoid the account rating to change to "Inactive." Keeping the card active is as simple as pumping gas or purchasing groceries every few months, then paying the balance down. An inactive account is ignored by Fair Isaac's credit scoring software, so you won't get the benefit of the positive payment history and low balance that card may have. The one thing all credit reports with scores over 800 have in common is a credit card that is twenty years old or older. Hold onto those old cards!
Getting Around ChexSystems
When a person applies for an account at a bank that uses Chexsystems and is denied, it shows up as an inquiry on your report. Too many inquiries on your report can cause Chexsystems to "flag" your account for suspicious activity. It is very important to know where you can and can not get an approval at prior to applying at a bank.
Here is more information from Wikifriendus Contributors:
There are several online companies that provide help in finding a bank after you've been reported to ChexSystems.
To dispute write to:
Chex Systems, Inc.
7805 Hudson Road, Suite 100
Woodbury, MN 55125
By phone at 800-428-9623 or fax at 602-659-2197
If the reinvestigation does not resolve your dispute, you are entitled to request a brief statement be added to your consumer file outlining the nature of your dispute.
A list of non-chexsystems banks is on chexsystemsvictims.com
There are a few things you should read and understand before you read my answer to this question at the bottom of this response. Today Banks and Credit Card companies will try to bully you into giving a Social Security Number. Some have even begun to state that the Patriot Act requires them to obtain a SSN. This however is NOT TRUE.
Below is the Only Passage within the entire Patriot Act that mentions the phrase "Social Security".
[ Patriot Act ]SEC. 326. VERIFICATION OF IDENTIFICATION.(b) STUDY AND REPORT REQUIRED- Within 6 months after the date of enactment of this Act, the Secretary, in consultation with the Federal functional regulators (as defined in section 509 of the Gramm-Leach-Bliley Act) and other appropriate Government agencies, shall submit a report to the Congress containing recommendations for--(1) determining the most timely and effective way to require foreign nationals to provide domestic financial institutions and agencies with appropriate and accurate information, comparable to that which is required of United States nationals, concerning the identity, address, and other related information about such foreign nationals necessary to enable such institutions and agencies to comply with the requirements of this section;(2) requiring foreign nationals to apply for and obtain, before opening an account with a domestic financial institution, an identification number which would function similarly to a Social Security number or tax identification number;
If you go to the Social Security Administration government website you'll find that Social Security is a Voluntary program, and only the SSA can require you to give a Social Security Number for the purposes of identification. No American is required to pay into this federally setup Social Security Insurance program, Nor is any American required to apply for or obtain a SSN from the SSA.
That Does Not mean US citizens do not have to pay income taxes.
While it is true that article 16 of the United States Constitution was never properly ratified by Congress, into law, making taxation legal, the federal government has accepted and now enforces income taxation as being true. Therefore all tax codes supported under article 16 come into play.
However nothing within the tax code requires a United States Citizen to have a SSN. The tax code does require US citizens to obtain an Individual Taxation Identification Number in order to pay income taxes, if they do not have a SSN.
A US citizen can obtain an ITIN by contacting the federal Internal Revenue Service. If the IRS asks you for a SSN, tell them you do not have one. Be prepared to provide your US Passport Number.
You can obtain a US passport without a SSN.
To obtain a US Passport without a SSN you will need to mail in a completed DS-11 US Passport Application form with fees, and you will need to include a reissued "Long Form Original Certified Birth Certificate With A Raised Seal". If any part of the DS-11 form asks you for a SSN it is legal under federal guidelines established for the purposes of obtaining a passport to put "000-00-0000." Feel free to call the US federal government's passport division to double check.
If you have a SSN, that your parent's got for you, and now you don't want one use the link below to find out where to mail a letter of SSN revocation, to terminate your SSN.
Most states will allow you to obtain a Drivers License without a SSN if you bring a letter sent to you by the SSA stating you are not eligible for a SSN. Which I can assure you, you will get if you terminate your SSN number.
As for the Credit Card Companies and Banks....
It will be an up hill battle. You'll more than likely have to call or go in person. If they attempt to deny you:
 Inform them you have terminated your SSN legally in accordance with 20 CFR 3 A7 404.1905, or you do not have one period.
 Inform them that the bank can not be held legally responsible by anyone for failing to obtain a SSN from you pursuant to 31 CFR 103.34(a)(1) .
 Inform them that under the Internal Revenue Code Section 6041, they are not required to provide any taxpayer identification numbers on the Form 1099 that they file with the IRS at the end of the year.
 Inform them that pursuant to 26 CFR 301.6109-1(c) they are under no legal federal or state obligation to obtain a SSN from you, and doing so is actually against federal SSA policy.
 Inform them that 42 USC 408 makes it a Felony to use threat, duress, or coercion to try and force a person by fear or deceit to provide a SSN.
They will probably tell you they have to consult their legal team.
With the exception of being told I don't have enough gather-able credit history to offer a line of credit. Every time I have used the aforementioned method with a Bank or Creditor it I've been issued a back account or credit card within 72 hours.
== == * Yes they can, but there are so many factors that must be in order before they can do that. For example, they must consider the balance of the account, if your bank account is a joint account, the laws of the state which you live, etc. They have procedures to follow. It does happen, but as a general rule, they try to stay away from that because it costs them money for lawyers, etc. == == * If you do not pay your credit card balance, the credit card company would first have to sue you and get a money judgment. Laws on collecting judgments vary from state to state, but most states would allow some type of wage garnishment. Once entered, state law would determine the amount of interest that accrues on the judgment. * It is highly unlikely they will ever even come after you. Unless you owe quite a considerable amount they will just write it off and sell the debt for pennies to a collection agency. They too will unlikely ever sue you because of the cost it takes to go to court. * Credit card companies cannot take your house, they can only put a lien on money owed that would be paid if you sell the house and have equity. As far as garnishing wages and I'm not sure if it's according to state laws, but the state I live in wage garnishment can only be by the Government, IRS or Child Support Agency. You can ask your employer about the laws on wage garnishment.
secondary production is the conversion of raw materials to finished products. this is the second stage of production.
if your still in the store yes, call the bank and request a stop payment if the store is unwilling to void the transaction. For the future, insist on a written 30 day free return for any mattress you buy.
Unless your banking with Bank of America than forget it they will say wait 7 days and put it under investigation then do nothing and charge you a fee. Happened to me when i found the company was a fraud, even will all my documents during their "investigation" they say they could find no wrong.
If you left with the mattress then you would have to get the return amt from the store.
Care One Credit is a credit/debt management company that will help to consilidate your debts for a lower monthly payment. It appears to be a reliable service but like most of these companies, it is a for profit business. Which means some of what you pay a month goes directly to them. You could first try calling your creditors yourself to negociate a lower interest and payment.
Examples of computation methods include the following:
The most common credit card balance calculation method credits your account from the day payment is received by the issuer. To figure the balance due, the issuer totals the beginning balance for each day in the billing period and subtracts any credits made to your account that day. While new purchases may or may not be added, depending on your plan, cash advances typically are included. The resulting daily balances are added for the billing cycle. The total is then divided by the number of days in the billing period to get the "average daily balance."
Usually the most advantageous method for card holders, the balance is determined by subtracting payments or credits received during the current billing period from the amount left at the end of the previous billing period. Purchases made during the billing period aren't included.
Using this method, the cardholder has until the end of the billing cycle to pay a portion of your balance to avoid the interest charges on that amount. Some creditors exclude prior, unpaid finance charges from the previous balance.
The previous balance is the amount you owed at the end of the previous billing period. Payments, credits and new purchases during the current billing period are not included. Some creditors also exclude unpaid finance charges.
Issuers sometimes use various methods to calculate your credit card balance that make use of your last two month's account activity. Read your agreement carefully to find out if your issuer uses this approach and, if so, what specific two-cycle method is used.
If you don't understand how your finance charge is calculated, ask your card issuer. An explanation must also appear on your billing statements.
The credit card company will first try to collect from the estate. Creditors are not allowed to put the extra debt baggage on survivors if the estate is insolvent. Creditors will most likely close the account and write it off when they receive the death certificate and has filed a claim in probate towards the estate. Only way the survivors are responsible for the debt is if they want to pay off the debt themselves or if they are the joint owner of the debt.
I just went through Probate court with my Grandma's estate and she had no estate to resolve so Creditors had to close the account and write it off. They are not allowed to come after heirs because they are not responsible for the debt because they are not co-owner or a co-debtor on the debt.
If the person who died owns a car and owes money to the bank, then the bank will repossess the car and auction it off. The difference between the loan and how much they got in the auction will determine if they will file a claim on that person who died on their assets to make up the difference.
A vesting assent is given by a personal representative of an estate in the UK to convey legal ownership of property that is the subject of a bequest or devised to a tenant-for-life of 'settled property'.
'Settled property' is a complex feature of UK property law. You can read more about it at the link provided below.
It depends on the subject. I have. He has. We have. They have. You have. She or it has.
Here are friendus and opinions from FAQ Farmers: * To ward off fraud, yes, you should. Most companies don't penalize you for closing and you should be able to reopen the account at a later time if you decide. I would just call the credit card company and ask their policies, but working for a credit company in the past, you wouldn't believe how easy it is for people to commit fraud, and people don't know because they never see a statement. If you leave it open, just call to check on the account every so often, just in case. * Yes, close the accounts. * No, every time you close an account you are lowering your FICO SCORE by raising a flag that shows the percentange of credit debt you have seems to have increased. You should keep all lines open and not have more than seven of them. * It is my understanding that you should close all credit cards you are not using. With open accounts "out there" your potential debt is high. That makes other creditors (house, car loans) nervous. You SHOULD close those accounts, BUT you should do so in writing. You also should make the CC company add to account notes "closed by customer request". This comment will be reflected on your credit report...which is a good thing. * Depends on what is important to you. Some people demand their accounts closed because they had the last straw with a creditor. They find out later that their FICO score slumps from 15-25 points for an average score of 680 to a 40 point slump for people with a very high score of 800 or more. In some cases closing an account will allow you to avoid monthly maintenance fees some cards charge or the annual fee, although this is getting rare. Your credit report is a mirror of your ability to pay through good times OR BAD. Keeping accounts open is a good thing. You need OLD and seasoned accounts. * If you aren't using the card, that doesn't mean you should close the account; in fact, doing so can hurt your credit score (i.e., the score that tells companies whether you are a good candidate to loan money to). These companies, when they look at your credit report, want to see a few things: 1) Do you have a history of credit being extended to you? They want to see a long history, which is why you should NEVER close the account for the credit card you've had the longest, even if you never plan to use it again, unless it charges an annual fee (and, even then, you should first call the credit card company, tell them you've been a long-time customer, and see if they'll waive the fee; it costs more to acquire new customers than to keep existing customers, so it's in their interest to help you keep the account open). Also, leaving the account open keeps it on your credit history, showing that you've have credit for a while. That helps potential lenders trust you--they can see that other people have been trusting you with credit for a long time. 2) Do you have multiple types of credit (credit cards, mortgage, car loan, cell phone, student loan, etc.)? They like to see a mix. 3) How much of your credit do you use? They like to see that you use no more than around 30% of the credit available to you. For example, let's say you have two credit cards--one with a $10000 limit, one with a $20000 limit--and so, you have $30000 of available credit. You owe $5000 on the card with a $10000 limit and $0 on the $20000 card. That means you're using about 17% of your available credit ($5000 of $30000). That's fine. But let's say you close your $20000 card. Now, all of a sudden, you're using $5000 of $10000 in available credit--50%. That looks horrible--like you are living beyond your means, getting by on credit, even though you owe THE EXACT SAME AMOUNT OF MONEY as you did when you had $30000 of credit. But, by closing the account, you jacked up your debt ratio past 30%, making you look like a poor manager of credit. People will be less likely to offer you credit now, and they'll offer you worse interest rates when they do.
A satisfied judgment can be taken off your credit, if it is inaccurate. If the judgment is yours, it will remain for the full reporting period allowed by law.
Here is more advice:
It should be removed automatically after seven years, but even a judgment that's satisfied can't be removed before then. Your credit history - the good and bad - is reported for a period of seven years.
I went through the same situation with a satisfied judgment that wasnt updated by the plaintiff. However, I found the credit bureaus helpful b/c I was able to go online and dispute it through annualcreditreport.com along with other stuff I know I paid. They updated it within a week and I had about 5 accounts updated (even some I know I still owed) I pays to stay on top of your credit, some companies may change names, lenders, go out of business (you never know) So, my advice is to dispute it on your credit report. Anyway, Good Luck with your lawsuit.
I agree with the above. I recently disputed a judgment that was satisfied but it wasn't being reported that way and they just deleted it.
A satisfied judgment should stay on your credit report for 7 years from the last activity. It can only be removed by the court that placed in on your credit report or by the credit bureau reporting it. You can request to both to verify the account is yours and if they judgment is not verified it can be removed.
A satisfied judgment does not have to stay on for 7 years at all. This is a myth. You must understand the law. It states that derogatory entries can stay on your report for 7 years, not mandatory that it will. The key is can stay on!! That part of the FCRA is in place for people who do not check there credit regularly. So it gives a limit to the holder of the debt or plaintiff to pursue resolution to get debt paid!!! To get removed all you have to do is get notice from original plaintiff that through the courts the debt has been paid. They will acknowledge this and get you a statement letter of satisfaction. Take that letter to the court that rendered the Judgement and they will update. The next step is in writing contact the Credit Bureaus and show cause for a dispute! The cause will be that per the original plaintiff the derogatory entry should be moved. They will have to investigate this for you and when they call the original plaintiff they will not respond and the Bureau will remove within 31 days. I have helped people get over 20 judgments removed this way!
The first step that most U.S. banks require to begin the settlement negotiation process is that the customer must be delinquent in his or her monthly payments. So, initially, yes is the answer, as missing monthly payments will reduce your credit score. The longer the payments are missed, the more the score will drop.
However, once you reach a negotiated settlement, the bank will report to the credit bureaus that the account is "paid, settled for less than amount owed." While this doesn't rate your score as high as an "account paid in full" note, you will actually see a rebound in your credit score as accounts are settled because a settled account, even if for less than the total originally owed, is better than an outstanding or delinquent account.
Lastly, if you are considering debt settlement as an option, a better question to ask isn't simply, "Will is lower my credit score," but rather, "Is it worth lowering my credit score to settle the account." If you have a significant amount of debt and know you can save 'thousands' or 'tens of thousands' of dollars through a settlement, it may be worth the extra few points in interest you might pay on a new loan to settle your delinquent debt.
You want the item on the credit report to state, Paid. Do not accept anything less.
Actually, it would be better if you could get them to delete the item when you pay it off. Send them a 'pay for delete' letter via certified mail. If they agree, make sure you have it in writing. I also suggest you offer less than is owed, 35 - 50% of total debt.
Know that your credit scores are marked according to the age of the history. If you are wanting to fix your credit score for a possible loan, do not pay on anything over two years inactive. Doing this will bring the account current and negatively affect your credit score more. If you are looking for long term credit repair (not a loan soon) than pay the charged off account off. There are three main credit bureaus -- Transunion, Experian, and Equifax -- and that they give you a grade on your credit-worthiness according to what your creditors report to them. While each of these three bureaus may have some small variables that differentiate their scoring, the FICO scoring model is still the heart. FICO stands for Fair, Isaac and Company, the group that designed the model. Here is how they say the score breaks down:
Getting a credit report is quite simple, but getting your credit score can be much trickier. Make sure any company you pay to send you your credit report is also sending you the credit score, so you know the exact number that lenders are receiving. (Most companies will charge extra to show you the scores.) Credit.com is one place that will send you a credit report and your credit score for free -- but you have to remember to cancel your membership within their 30-day period, and you only receive one of the three bureau's reports. Credit Resource Corp. refers their clients to an Annual Credit Watch Program that will give you 24/7 access to your updated credit reports and credit scores from all three bureaus without causing a HARD INQUIRY. Most delinquencies aren't reported to the credit bureaus until after they are 30 days late. This allows for a small grace period - which is supremely helpful to folks who aren't adept at organization. What's valuable to know is that delinquencies which occurred within the past 2 years are of greater weight than older items. That means that if you see an item sent to collections, it might actually hurt you to pay it off during the loan process if it's more than two years old. Why? Because paying collections will decrease the credit score due to the date of last activity becoming recent. But if you do decide to pay off a collection, MAKE SURE that the creditor gives you a letter of deletion first. If, however, you have any recent accounts with past-due amounts, paying them off immediately will help your credit score. Again, if you do decide to pay off a collection, MAKE SURE that the creditor gives you a letter of deletion first.
Here are more opinions and friendus:
merry go round. But if you follow the advice above it will bounce back quickly.
EX- I charged 10.000 in June on a card but paid it in full ex for 5.00 in July, my score went from 748 in June to 720 in July and the to 740 in august.
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