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How long do Collection agencies have right to report collection on you Credit Report? |
Is there anyone who can explain how the collection procedure works? What rights do CA have? Do they have right to pull hard INQ without yor premission? How long do they have right to report on your CR? This realy freaks me out, since we are about to buy a house and NCO had INQ showed on 6/14 and 6/15(second one was our phone call reported as an Inq.) Should we expect collection on 1993 delinq CC account to be added on my wifes CR? Accound fell of the report in 2001. And this can happen just when we are about tho close the deal she can have 60 point drop? Do they have right to report this now? Are you sure that the inquiries are 'hard' inquiries? Usually if the creditor/collection agency has an account with you, they do 'soft' inquiries, that show to you, but not other creditors and do not count on your score. If they are 'hard' inquiries and you did not give them permission, they are unauthorized. You should be able to get the 1st one off due to this. The 2nd one may be questionable since you called them, unless you recorded the call so you have proof that you did not give them permission to pull the report. The problem with a 1993 account is that it is old enough that it may have been 're-aged'. The law was changed in 1996 so that re-aging could no longer take place, but the law was only applicable to items that were initially placed on credit reports starting in 1998. Since your wife's debt is older than that, the law is a bit unclear. Here is a link to the Fair Credit Reporting Act (FCRA) that you can read the details of the law in: http://www.ftc.gov/os/statutes/031224fcr... However, you can request that the collection agency provide validation of the debt from the original creditor, like your wife's signature on a contract or application, and if they cannot provide it within 30 days, then the reporting must stop. Here is a link to information about the debt validation process: http://www.creditinfocenter.com/rebuild/... (Note - you should send all correspondence 'return reciept requested' so you know what date they recieved it - their 30 day clock starts then.) Also, immediately dispute this item with the credit bureaus as 'not mine - no knowledge of this debt' and provide the credit bureaus with a copy of your request for validation. Talk with your mortgage lender about what else you need to do to be able to close your deal. Source(s): FCRA: http://www.ftc.gov/os/statutes/031224fcr... Credit Info Center: http://www.creditinfocenter.com/rebuild/... It usually takes 5 years to wipe your credit - when you sign a contract in their terms and condition - it will mention or ask if you give them authority - so pretty much when you sign a contract all their terms and condition are all in one - by signing it you agree to all. i recently asked for a copy of my credit from a credit company and on the list it showed whos been looking through my credit report - pretty handy thing to do - once a year i recommend you to ask for a copy of your CR from Credit department to know how going...... hoped this helped - good luck! They can usually report it for 7 years but the key is you have to initiate the removal process. A lot of people don't know this but it only makes sense. There aren't employees at the credit bureaus, which are "for profit" entities, who sit around and says "ok it's been exactly 7 years since John Doe's credit was affected by ABC Collections and I have to remove it right away. They are bombarded by info and it is your responsibility to followup on your own credit. Usually companies charge hundreds of dollars to simply pull your credit and send correctly worded dispute letters鈥攖his is the key鈥?.people will tell you that you can do this yourself for free but the truth of the matter is that the credit bureaus will throw your letters away or simply reject them. There is an easy to use online kit that will deliver the results you want available for just $19.95 at the source website. A similar kit is being sold via infomercials and radio talk shows for seventy dollars more but they try to solicit you repeatedly for other services after the fact. www.creditrepair101site.com |
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