What Happens If an Account Is
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Robert Corter
Nov 27, 2013, 4:20:02 PM11/27/13
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Please consider this free-reprint article written by:
Robert Corter
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Article Title: What Happens If an Account Is
Author: Robert Corter
Word Count: 512
Article URL: http://www.isnare.com/?aid=1870881&ca=Finances
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=1870881
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*********************** ARTICLE START ***********************
Falling behind on a bill can be serious business, particularly if your bill is sent to a collection agency. A bill that is sent to collections, or is "charged off", can make it very difficult to borrow money for essentials such as a home or car. However, there are constructive ways to approach a charge off than can (over time) reestablish your credibility as a borrower.
A charge off remains on a credit report for seven years, however after that time federal law requires that credit reporting agencies (Experian, TransUnion, and Equifax) must remove the offending bill from your credit report. The Fair Credit Reporting Act (FCRA) protects consumers, creditors, and credit reporting agencies
When it comes to dealing will bill collectors, it is important to remember that each state has a different statute of limitations when it comes to how long an agency can take serious legal action to collect your bill. Typically this time period is not more than five years, however you can check with your states Office of the State Attorney General. After this statute of limitations has expired, a collection agency can no longer sue you for the debt you owe.
Certainly, these first two options point to steps you can take if you are unable to pay your bill. This begs the question, when is it a good idea to pay what you owe? Becky House of American Financial Solutions says that there is a lot to think about when it comes to paying old debts.
The first thing to consider is that paying old debts, even after they have been written off, can bolster your credit score. Paying these old bills can increase your credibility with lenders, making it easier for you to borrow money should you need to. However, it is important to note that paying on old debts will not erase the old debt from your credit report or necessarily boost your score. Luckily, Rod Griffin who is the Director of Public Education with Experian reminds us that your actual credit score is not everything. Doing everything you can to bolster your credibility with lenders is critical as they are looking for a complete financial picture of who you are.
Even if you're not thinking of applying for a loan, improving your credit score can help you in many other ways. Professional property management companies look at credit scores when considering whether or not they want to lease to you. After all, a lease is just a different type of loan. There are also some employers who consider credit score when going through the screening process as a way to determine how reliable you will be as an employee.
There are certainly options when it comes to paying off charged off debts. Speaking with a credit repair counselor will give you a better idea of if it is in your best interest to pay off the debt, settle with a collection company for a lesser amount, or just ignore it entirely.
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
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Message delivered directly to members of the group:
publish-the...@googlegroups.com
*****************************************************************
Please consider this free-reprint article written by:
Robert Corter
*****************************
IMPORTANT - Publication/Reprint Terms
- You have permission to publish this article electronically in free-only publications such as a website or an ezine as long as the bylines are included.
- You are not allowed to use this article for commercial purposes. The article should only be reprinted in a publicly accessible website and not in a members-only commercial site.
- You are not allowed to post/reprint this article in any sites/publications that contains or supports hate, violence, porn and warez or any indecent and illegal sites/publications.
- You are not allowed to use this article in UCE (Unsolicited Commercial Email) or SPAM. This article MUST be distributed in an opt-in email list only.
- If you distribute this article in an ezine or newsletter, we ask that you send a copy of the newsletter or ezine that contains the article to http://www.isnare.com/eta.php?aid=1870881
- If you post this article in a website/forum/blog, ALL links MUST be set to hyperlinks and we ask that you send a copy of the URL where the article is posted to http://www.isnare.com/eta.php?aid=1870881
- We request that you ask permission from the author if you want to publish this article in print.
The role of iSnare.com is only to distribute this article as part of its Article Distribution feature ( http://www.isnare.com/distribution.php ). iSnare.com does NOT own this article, please respect the author's copyright and this publication/reprint terms. If you do not agree to any of these terms, please do not reprint or publish this article.
*****************************
Article Title: What Happens If an Account Is
Author: Robert Corter
Word Count: 512
Article URL: http://www.isnare.com/?aid=1870881&ca=Finances
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=1870881
Easy Publish Tool: http://www.isnare.com/html.php?aid=1870881
*********************** ARTICLE START ***********************
Falling behind on a bill can be serious business, particularly if your bill is sent to a collection agency. A bill that is sent to collections, or is "charged off", can make it very difficult to borrow money for essentials such as a home or car. However, there are constructive ways to approach a charge off than can (over time) reestablish your credibility as a borrower.
A charge off remains on a credit report for seven years, however after that time federal law requires that credit reporting agencies (Experian, TransUnion, and Equifax) must remove the offending bill from your credit report. The Fair Credit Reporting Act (FCRA) protects consumers, creditors, and credit reporting agencies
When it comes to dealing will bill collectors, it is important to remember that each state has a different statute of limitations when it comes to how long an agency can take serious legal action to collect your bill. Typically this time period is not more than five years, however you can check with your states Office of the State Attorney General. After this statute of limitations has expired, a collection agency can no longer sue you for the debt you owe.
Certainly, these first two options point to steps you can take if you are unable to pay your bill. This begs the question, when is it a good idea to pay what you owe? Becky House of American Financial Solutions says that there is a lot to think about when it comes to paying old debts.
The first thing to consider is that paying old debts, even after they have been written off, can bolster your credit score. Paying these old bills can increase your credibility with lenders, making it easier for you to borrow money should you need to. However, it is important to note that paying on old debts will not erase the old debt from your credit report or necessarily boost your score. Luckily, Rod Griffin who is the Director of Public Education with Experian reminds us that your actual credit score is not everything. Doing everything you can to bolster your credibility with lenders is critical as they are looking for a complete financial picture of who you are.
Even if you're not thinking of applying for a loan, improving your credit score can help you in many other ways. Professional property management companies look at credit scores when considering whether or not they want to lease to you. After all, a lease is just a different type of loan. There are also some employers who consider credit score when going through the screening process as a way to determine how reliable you will be as an employee.
There are certainly options when it comes to paying off charged off debts. Speaking with a credit repair counselor will give you a better idea of if it is in your best interest to pay off the debt, settle with a collection company for a lesser amount, or just ignore it entirely.
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
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