Credit Education for 2009
FREQUENTLY ASKED QUESTIONS
www.dprassociates.biz
1.Can a repossession reporting on my credit report be removed permanently?
Yes. Once an institution repossesses a vehicle, the debt between both parties dissolves; therefore the institution must report the debt as paid/satisfied.
2.Can a foreclosure reporting on my credit report be removed permanently?
Yes. Once the mortgage note has been sold, the debt between both parties is satisfied; therefore the institution must report the debt as paid.
3.What is the Statue of Limitations to collect a debt in the State of Michigan?
Six years. Check http://www.fair-debt-collection.com/ For your State
4.Are Debt Collectors required to have a license to collect debt in the State of Michigan?
Yes. The phone number is 1(517) 241-9234. When calling, ask the representative if Company X is license to collect debt in the State of MI. Check http://www.fair-debt-collection.com/ For your State
5.If a Debt Collector retrieves my credit report without my authorization; are they committing an act of fraud?
Yes; no individual or company can access your credit report without a verbal or written consent from you.
6.Is it true that a bankruptcy must remain on your credit profile for ten years?
No. Under the F.C.R.A all information reporting on a consumers credit profile, must read true and accurate.
*DO NOT pay a third party collection agency if the account has been charged off. If you keep getting collection calls, ask them to send it in writing. Once you receive the notice, get a FTC complaint number, and write the collection agency a cease and desists letter. If they contact you again you can sue them.
www.dprassociates.biz
1.Can a repossession reporting on my credit report be removed permanently?
Yes. Once an institution repossesses a vehicle, the debt between both parties dissolves; therefore the institution must report the debt as paid/satisfied.
2.Can a foreclosure reporting on my credit report be removed permanently?
Yes. Once the mortgage note has been sold, the debt between both parties is satisfied; therefore the institution must report the debt as paid.
3.What is the Statue of Limitations to collect a debt in the State of Michigan?
Six years. Check http://www.fair-debt-collection.com/ For your State
4.Are Debt Collectors required to have a license to collect debt in the State of Michigan?
Yes. The phone number is 1(517) 241-9234. When calling, ask the representative if Company X is license to collect debt in the State of MI. Check http://www.fair-debt-collection.com/ For your State
5.If a Debt Collector retrieves my credit report without my authorization; are they committing an act of fraud?
Yes; no individual or company can access your credit report without a verbal or written consent from you.
6.Is it true that a bankruptcy must remain on your credit profile for ten years?
No. Under the F.C.R.A all information reporting on a consumers credit profile, must read true and accurate.
*DO NOT pay a third party collection agency if the account has been charged off. If you keep getting collection calls, ask them to send it in writing. Once you receive the notice, get a FTC complaint number, and write the collection agency a cease and desists letter. If they contact you again you can sue them.
I have some accounts that has been charged off. Once they send the information in writing, should I pay the collection agency? Should I pay the orginal company?
Who am I supposed to pay? I live in Pennsylvania. How long does a judgement stay on your credit report?