How long does your credit take to recover after a foreclosure?
Answers: The length of time for a negative item on your credit report does not necessarily equate with bad credit for the entire length of time..I've seen people have FICO scores in the 700s in just 2.5 years of out filing for Bankruptcy. In general, after a major negative financial event like charge-offs, BK or foreclosures...you should resign yourself to having at least two years of bad credit as the FICO score is most heavily weighted on what has happened in the past 24 months..If you stay out of financial trouble.After this time you should start to see your score climb into the low 600s...The longer you go with no financial trouble...the higher it will go.
Seven years to be exact. But depending on the amount and the credit company it may the word is "may" stay for ten years, not a single year longer. If anything stays longer then ten years you can dispute the wrong information on your credit report which you can do with Experian when you order your credit report.
My other advice is to order a copy of your credit report at least once a year and don't apply for credit cards and don't let just any company check your credit because it makes it worse by checking your credit, your score will drop by 1 point. So be careful, don't just let anyone. OK?
I am have problems next to Chase!?
I am having focal problems with Chase.http://answers.yahoo.com/question/index;...
Is in that someone I can contact? Should I write them yet another communiqu¨¦. I have salaried payment protector for 2 years. Finally get ahold of someone in December they said I needed to earnings by my due date in January on the 22nd resembling always. Paid since due date. Found they canceled my card on the 11th. They canceled my payment protector on the 29th. Now they enunciate I owe alot more than I did before.
Should I christen and ask for a supervisor?
Answers: Yes, I would ask for a supervisor. If you were not told that the card be going to be canceled then you shouldn't be held liable.
I work for them, so if you email me, I can recount you exactly what to do. =)
Credit agencies assist?
i am in so much trouble, purely lost my job and own a collection agency after me for two credit cards. i got surrounded by a divorce im 2003, could not pay these accounts. A company name midland group has both of my accounts in a minute. they told me that i have to compensate now, i told them i am getting 3k within taxes. They told me it is ok, well i lost my opportunity and they called i told them that they said thought. They told me that they are going to pilfer it to the courts to get a directive on my tax settlement, plus my texas state tax return. i pleaded with them i inevitability it, i need to use it for rent ect, they after told me to pay 1500 when it comes, consequently they are going to enforce the balance of 15k and grant me a year. I am so scared i stipulation my tax money, i get direct deposited this friday, Texas state tax subsequent week.Answers: sky cole should be giving you advise on the Carrier employment branch. Although a great answer for that but it has zilch to do with you query. As the Big red sgt described that this company are sharks and what they did violated the FDCPA. What they just did be tring to scare the crap out of you to remuneration them 1500, this is illegal. This debt is ancient the SOL in Texas worth they cannot win a court order. If you would of salaried them that 1500 you would of restarted the SOL, so a good item you posted an answer on her. I have roofed a letter to transport them, send it certified and you will not hear from them again. I would also report a complaint to the Texas attorney generals office on within bad behavior. interconnect below too.
(Your name)
(Your address
Collection company name
Company address
(Date)
Re: Acct# 00000000
To whom it may concern:
This note is being sent to you within response to a notice sent to me on March 8th, 2050. Please be advise that this is not a refusal to pay, but a become aware of sent pursuant to the Fair Debt Collection Practices Act, 15 USC 1692g Sec. 809 (b) that your claim is disputed and validation is requested.
This is NOT a request for "verification" or proof of my mailing address, but a request for VALIDATION made pursuant to the above Title and Section. I respectfully request that your office provide me with competent evidence that I own any legal duty to pay you.
Please provide me near the following:
1. What the money you say I owe is for
2. Explain and show me how you calculated what you enunciate I owe
3. Provide me with copies of any papers that show I agreed to salary what you say I owe
4. Provide a substantiation or copy of any judgment if applicable
5. Identify the unproved creditor
6. Prove the Statute of Limitations has not expired on this narrative
7. Show me that you are licensed to collect in my state
8. Provide me next to your license numbers and Registered Agent
At this time I will also inform you that if your offices hold reported invalidated information to any of the 3 major credit Bureaus (Equifax, Experion or TransUnion) this dealing might constitute fraud under both federal and State Laws. Due to this certainty, if any negative mark off is found on any of my credit reports by your company or the company that you represent, I will not hesitate surrounded by bringing legal act against you for the following:
1. Violation of the Fair Credit Reporting Act-reporting inaccurate information
2. Violation of the Fair Debt Collection Practices Act-continuing collection buzz on a debt which has not be validated
Also during this validation time of year, if any action is taken which could be considered detrimental to any of my credit reports, I will consult next to my legal counsel for suit. This includes address list of any information to credit reporting repository that could be inaccurate or invalidated or verify an account as accurate when within fact within is no provided proof that it is.
REQUEST FOR CEASE AND DESIST OF CONTACT BY YOUR OFFICE: I would also like to request, within writing, no further contact, either surrounded by writing or telephone be made by your bureau to my home or to my place of employment, unless it is to provide validation or release of liability of the debt. If your offices attempt handset communication with me, including but not predetermined to computer generated call and calls or correspondence sent to or beside third parties, it will be considered harrying and I will have no choice but to directory suit.
It would be advisable that you assure that your records are contained by order since I am forced to take legitimate action. This is an attempt to correct your annals; any information obtained shall be used for that purpose.
Thank you,
Signature
Printed describe
First of all, pilfer a deep breath and relax.
If these accounts be delinquent back surrounded by 2003, then I doubt they can do much just about it. It would all depend on your States Statue of Limitations which you can look up at this connection:
http://www.fair-debt-collection.com/SOL-...
If the debt is past the statute's limitations, afterwards all they can do is distribute you nasty notice, they cannot sue you or garnish your tariff refund.
If this is the company hounding you
Midland Credit Management, Inc.
aka/Midland Funding afterwards they are known unwanted items debt collection agencies, the type that prey on people and use criminal scare diplomacy. If this is the company, then check out this report on the subject of them.
http://www.budhibbs.com/debtcollectorpag...
Feel free to e-mail if you have any further question.
Sgt Big Red is right, these debts are likely bygone the SoL.
If you lived in Texas when these accounts become delinquent, the SoL is 4 years from the date of any activity such as a gift or charge.
You need to distribute this collection agency a certified return receipt notification demanding that they validate the debt. Make them prove you hold a legal requisite to pay these debt by providing adjectives of the documentation INCLUDING proof that this is not past the statue of limitations. If they cannot touch the requirements needed to satisfy the validation request, they cannot verbs collection and that includes filing a lawsuit.
This is a serious situation. You need to read the Fair Credit Report Act as ably as the Fair Debt Collection Practice Act. Like my friend Studly says, you are around to go to time of war and you need to arm yourself next to knowledge.
Check out these links below and touch free to contact me if you need any assistance. I am not a "professional" but I have a pretty virtuous understanding of the canon and I can give you or relieve you find many answers, definetly no charge. Also facts I am not affiliated with the sites below.
Fair Credit Reporting Act
http://creditinfocenter.com/legal/FCRA.s...
Fair Debt Collection Practice Act
http://www.creditinfocenter.com/legal/FD...
Debt Validation
http://www.creditinfocenter.com/rebuild/...
Sgt. Big Red already posted a association for the statue of limitations.
hope this helps -- Clark Howard foremost consumer advisor. I took an exerpt from two different shows.
Jan 22, 2004 -- What to do when contacted by collectors
Secondly, if a collector contacts you, do not give him or her access to your checking article. You pay the bills you owe on your language. If a collector is harassing you with phone call, you have the right to bring up to date that collector not to contact you ever again. What usually happens is you’ll take a letter from a collection agency relating you what you owe within five days of the first mobile phone contact. The collection letter should hold a reference number or commentary number on it and the amount of money you owe. Once you receive this letter, you should distribute the company the “drop dead memorandum.” Clark has a copy of this memorandum on his Web site here. Once you’ve sent the letter, the agency can never contact you again. It doesn’t denote you don’t owe the debt; it just way that the agency cannot harass you. At that point, the solitary thing that can arise is an attorney can sue you.One exemption you need to know roughly speaking is if the person calling you is from a mound. Under a special exemption from Congress, bank personnel can do anything they want to you, aside from terrorizing or physically harming you. But almost other it will be a professional collector calling. And these people will lounge through their teeth and tell you anything they want....If a collector sends you a dispatch, saying you owe money and you don’t, take home sure you send them a return missive explaining that you don’t owe that money. Under law, if you go wrong to answer this letter inwardly 30 days, you owe that money. If you fail to respond, you are see as guilty until proven innocent. So, send a certified memo saying it’s not your debt. And, spawn it clear that if there is any denial reference of this debt on your credit report, you will sue that company beneath the Fair Credit Reporting Act. Collectors also go after nation who have file for bankruptcy, trying to seize them to sign a reaffirmation act. This underhanded document mode you will still pay the debt even though your credit and your accurate name own been ruined. You hold no obligation to settle that debt, so don’t.
Jul 12, 2006 -- Collectors scaring culture into bankruptcy
But according to the FDCPA, collectors must follow these rules: 1) A collector cannot appointment you after you’ve told them not to do so. 2) A collector cannot call you at work. 3) A collector cannot communicate other people almost your debt. 4) A collector cannot threaten you (with court, jail or other). And lastly, please don’t ever distribute a collector your bank information information or give them post-dated checks. You want a written agreement just about how the debt will be paid in the past you pay a cent.
I agree near SGT Big Red, Bryan, Crazyjes and TLC, all enjoy given you great advice.
One piece I like to supply is that you do NOT communicate with the collection agency over the phone starting hastily. Do it in writing, certified check return getting and keep copies surrounded by a folder, so you have backup within case you inevitability it. Don't plead with the collection agencies especially since it looks similar to the SOL has expired. If you do, they may extend the date. Read adjectives the links and information given to you here and follow their instructions.
Collection agencies are in for the huge profits no business what and to take lead of consumers who do not know their rights or the statute of limitations in mention to collections. I know. ..I was one of them and gratefulness to this experienced credit community here at runeye.com, I have studious a great deal and fought put a bet on! The collection agencies are well aware of the statute of limitations. They are lately hoping you don't know about it, so quarrel back.
Good luck to you and I hope you find a work soon.
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