Is credit counseling THAT bad? Doesn't it get erased from your credit report once you complete

I%26#039;m currently in credit counseling but I%26#039;ve read stuff from people that says it%26#039;s almost just as bad as bankruptcy? Is this true? I am aware of my credit score and doesn%26#039;t seem to be that bad. I am currently in the %26quot;Fair%26quot; credit category. Don%26#039;t people in bankruptcy usually have much worse credit scores?

Is credit counseling THAT bad? Doesn%26#039;t it get erased from your credit report once you complete the program?

If it involves debt consolidation it%26#039;s just as bad. What they do is put all of your debts into default, ON PURPOSE. Then they make deals with each creditor and you%26#039;re listed as a deadbeat. That%26#039;s what happens. It%26#039;s sick.

You can do what counselors and consolidators do. What are some general numbers/totals you%26#039;re working with?

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Is credit counseling THAT bad? Doesn%26#039;t it get erased from your credit report once you complete the program?

It is a lot less bad than bankruptcy.

Is credit counseling THAT bad? Doesn%26#039;t it get erased from your credit report once you complete the program?

Bankruptcy is the worst. And no it doesn%26#039;t get removed from your credit report.

Is credit counseling THAT bad? Doesn%26#039;t it get erased from your credit report once you complete the program?

While in a debt management program, your credit score might be just as bad as bankruptcy. However, when you complete the program, the stigma goes away unlike bankruptcy.

Some debt management programs negotiate by not paying creditors for 3 or 4 months then threaten bankruptcy if they don%26#039;t agree to lower interest or settling for less than the balance. Those are the things that hurt your credit the worst.

Is credit counseling THAT bad? Doesn%26#039;t it get erased from your credit report once you complete the program?

As far as I%26#039;m concerned, they%26#039;re equally bad. Re-establishing credit after a bankruptcy however, is actually easier than with credit counseling. Unfortunately, either way, new credit card offers will be with %26quot;strings attached.%26quot; That is, very high interest rates and large yearly fees.

Is credit counseling THAT bad? Doesn%26#039;t it get erased from your credit report once you complete the program?

It does put a mark on your credit but nothing is worse than bankruptcy. The most important thing is making a committment to get your debts paid and if you need to do through credit counseling, go for it.

Is credit counseling THAT bad? Doesn%26#039;t it get erased from your credit report once you complete the program?

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When your credit report is checked by someone authorized, what does it look like? Is it the same as

I am just curious if it looks like what the ones I get when I check it myself, or if there is a different format for formal credit checks.

When your credit report is checked by someone authorized, what does it look like? Is it the same as what I get

When they pull a hard inquiry, they will see what you see (except for the soft inquiries - only you see those)

If they pull a soft inquiry (promotional pull etc) they will get a streamlined version of your report showing only the criteria that they are looking for.

(that%26#039;s why people get preapproved type offers that say the final approval is based on your credit - they only see a small snapshot of your report with a prm pull, when a person applies for the card they will then pull a full report and base their final decision on that)

If they pull a full factual, which is pretty rare these days, they may see things that have dropped off due to age and have not been reporting for quite awhile. (usually it%26#039;s only mortgage lenders that pull full factuals and for extremely high dollar mortgages)

When your credit report is checked by someone authorized, what does it look like? Is it the same as what I get

when you check your credit report it does not effect ur score. hard inquiries are those made by companies that you auithorize and give permission to view your credit report. the name of the company will be listed under inquiries in ur credit report with the date it was viewed. too many of these can effect your credit so watch out.

When your credit report is checked by someone authorized, what does it look like? Is it the same as what I get

The format is indentical between the two type of inquiries. They will both show the date and company requesting the information.

However, they will show up in two different sections on your credit report. The one you request are called %26quot;soft%26quot; inquires and they are only visible to you. The ones where you authorize people is called a %26quot;hard%26quot; inquiry and can be seen by everyone. The way they have the reports layed out they will separate them and let you know which ones were of which type.

However, I think you are asking what information they see and not necesarily just about the inquiry. If you are asking this, then the answer is yes they see everything you see, EXCEPT for the Soft Inquiries those as mentioned are only seen by you.

When your credit report is checked by someone authorized, what does it look like? Is it the same as what I get

when you go into your credit report if you%26#039;re looking online, it will show inquiries made by and show the company then below that it show inquiries made by you. When you pull your credit report it does not show as a hit, as if you%26#039;re looking to acquire debt however when someone like Chase or Capitol One make an inquiry then the credit reporting agencies see you looking to acquire more debt so it takes a few points off of your credit score. Hard hits or soft hits, if it%26#039;s a hard hit it will take points off if its a soft hit then it won%26#039;t

When your credit report is checked by someone authorized, what does it look like? Is it the same as what I get

Yes and no. There are different types of credit bureaus, the ones that vehicle lenders look at are called %26quot;auto enhanced%26quot; The ones that mortgage lenders look at are called %26quot;factual%26quot; .

These reports show things that your normal report doe%26#039;s not show.

When I bought my most recent home 3-years age the mortgage company knew about a home I had financed over 15-years ago because it showed up on their factual report.

Will my credit report say a foreclosure?

if I pay off my home by a sale before the Sherrif sale date for a public auction? I received a letter that gave me until Jan 2nd to pay off the mortgage or stop the foreclosure by a repayment plan or paying what I owe past due. If my house is sold before then and I pay it off, what will it reveal on my credit? A payoff? or a foreclosure?

Will my credit report say a foreclosure?

It will say that the loan was paid. Sometimes, the bank may report that the loan was paid but foreclosure proceedings had started. That just means that other creditors will be able to see that you went into foreclosure but got the loan out of the process and paid it off.

Will my credit report say a foreclosure?

Payoff.

Will my credit report say a foreclosure?

it should show a pay off but be sure you check it if you do pay it off before the sale date ...some companies are not ethical and will still show it as a foreclosure.

It is a good idea to check your credit report at least every 6 months (personally I check mine more frequently) there could be numerous errors in reporting. I had several accounts on my bureau that were not mine at all. I had no dealings with the companies and had to dispute the records (and that takes time and energy) once I got my straight I continue to monitor it about every 2 -3 months.

Best of Luck

Will my credit report say a foreclosure?

Your credit report will indicate that you were late and/or failed to pay on, presumably, multiple occasions. It will not indicate %26quot;payoff%26quot; or %26quot;foreclosure%26quot; or anything like that, but it will indicate that you failed to pay your mortgage, which is a devastating blow to your report, making you less likely to get good credit or loan terms in the future. If you can possibly sell your house before January 2, 2008, then do so. At the very least, the %26quot;bleeding%26quot; will stop there.

Will my credit report say a foreclosure?

Payoff with lots of delinquencies. But that%26#039;s better than foreclosure or bankruptcy. Credit tips on foreclosures can be found below.

On a credit report, what is happening when a paid in full past collection is listed as open under st

Last year I paid a collection account in full. On my report it says it is still open but with no balance. Is this bad? Does it mean it is finished or not? Help! I can%26#039;t find anyone to answer this question!

On a credit report, what is happening when a paid in full past collection is listed as open under status?

What you need to do is carefully examine the item.

Is it listed in the negative/derogitory section of your report? If so, it%26#039;s still a bad item, even though it was paid. You would need to talk to the collection agency to see if they would get it deleted from your report. But you are going to find them very uncooperative in doing so.

Forget the nosense advice about contacting the credit agency, as they are not allowed to delete any entry from your history. Only the creditor can do it, or if they fail to respond to an investigation request.

Now it%26#039;s possible that the creditor has actually changed the status to %26quot;paid%26quot; and the open listing means it%26#039;s still available for use. Look at it again....does it show any late payments? If not, consider yourself extremely fortunate that you found a decent collection agent who has removed the negative information from your history. LEAVE IT ALONE because it will re-establish your credit history. As long as there are no negative information or late payments, it will improve your score.

On a credit report, what is happening when a paid in full past collection is listed as open under status?

It sounds like they didn%26#039;t close your account, although you paid it off.

I would leave it on my credit report since the balance is %26quot;0%26quot; it shows that you paid it.

If you want it removed, call the company %26amp; ask them to close the account %26amp; report it to the credit bureau.

On a credit report, what is happening when a paid in full past collection is listed as open under status?

If the balance is zero that is not a problem, but you can contact the credit agency and tell them that you want to get it removed or contact the original creditor.

Your credit was already affected due to the fact that was in collection, it will stay on your credit for 7 years.

On a credit report, what is happening when a paid in full past collection is listed as open under status?

Generally that shows that the account is still open, though this varies by company. Check with the company in question and, if you don%26#039;t want to continue with this account, request they close it and report it as closed at owner%26#039;s request. This should effectively get it off of your credit report. But a word of warning--never trust a company to do what you ask them to do. Always check your credit report--at least one of them--to be sure that they did as requested, and in the way you requested.

Also, bear in mind that credit reporting companies do not regard you as their customer, so they%26#039;ll tend to go with the banks or whatever, thus you must monitor them on issues such as this.

There are official courses you may pursue if this goes snafu, but they vary by state and by issue, so that would be something for the future, if you have any trouble with this transaction.

On a credit report, what is happening when a paid in full past collection is listed as open under status?

Truthfully, a paid collection account is just as negative as an unpaid collection. When creditors view your report, they still see that it went into collection status, which to them is insight as to the trouble that they may have to go through to get you to pay.

For creditors who are more understanding, it may look a little better to them, knowing that you did pay the bill, at least, even if they did have to resort to other methods to get their money.

As far as getting the status changed, I hope you kept your receipts. The first thing that you should do is dispute it with the credit bureau. If the collection agency does not respond to them, it will be removed from your report altogether. Then, if that fails, you will have to write to the collection agency. Make sure to keep all of your original receipts, but send copies to anyone who needs to see them (collection agency, credit bureau). Just keep all of your paperwork in order, and you should be able to get the status updated. The ultimate goal is to get it removed from your credit report. Maybe the collection agency will agree to doing this, since it is paid.

Before you start the dispute, pull all 3 reports. When you contact the collection agency, do it in writing, and be sure to get a statement in writing from them that they will update the status (or remove the listing--hopefully). You can count on most collection agencies to let you down, report inaccurate info, not update your credit report. So, it will be up to you to keep all paperwork and send letters certified (it is worth the extra money).

On a credit report, what is happening when a paid in full past collection is listed as open under status?

It is bad, but not as bad if there was a balance (I%26#039;ll explain). For now, it hurts your credit score the same as if there was a balance or not. Collections remain on your credit report 7 years after the %26quot;last activity%26quot;, in your case it will be automatically removed in 6 more years. If you had a balance, the credit company can update the status as unpaid and keep it on your record beyond the next 6 years. What can you do? Call the collection agency, apologize, be polite and beg to have it removed. They can send a letter to the credit agency to have it removed (letters to credit agency will probably just upset the collection agency and not work). If they don%26#039;t cooperate, try again in 6 months, you might talk to someone else that will cooperate. This was my experience, after a year and talking to 2 different people I had a paid collection removed and my score improved over 30 points. Good luck.

Does old credit card debt stay on your credit report forever? Will it "disappear" after 10

My credit card debt is almost 8 years old. Will it really help me (my credit score) to pay the debt collectors at this point?

Does old credit card debt stay on your credit report forever? Will it %26quot;disappear%26quot; after 10 years?

If the original delinquency for this credit card debt is 8 years old, it should be off now. Delinquent accounts can remain on your report for 7 years only.

As for paying the debt, don%26#039;t do it! A lot of people make the mistake of killing their FICO score by paying off old debts. An old debt has less impact over the years, but if you pay it, that%26#039;s renewed activity on your credit report and it will hurt your score. A paid delinquent account is just as bad as an unpaid delinquent account. If you are still within SOL, most likely you%26#039;re out of it by now, negotiate with the collection agency to pay the debt off only if they agree to delete their negative entry from your report. You did say the debt is 8 years old, so it shouldn%26#039;t even be on your credit report. If it is, the collection agency re-aged your account and that%26#039;s illegal.

Visit the website creditboards.com. This is an accurate site about credit issues and read up on FICO scores, it will prove the point that paying off an old debt does not improve your credit score, it hurts it. There are several posts on that site from consumers who paid off a 5 or 6 year old debt, thinking it would improve their credit score, only to find out the sad reality their score tanked after doing so. Tread carefully, don%26#039;t make the mistake of hurting yourself further; you had to live with bad credit for 7 years, that%26#039;s punishment enough. It%26#039;s honorable to want to pay off an old debt, but foolish to do so when the end results brings your credit score down.

Does old credit card debt stay on your credit report forever? Will it %26quot;disappear%26quot; after 10 years?

Yes, pay. The debt will stay forever. It is only a bankruptcy that disappears after 10 years.

Does old credit card debt stay on your credit report forever? Will it %26quot;disappear%26quot; after 10 years?

7 to 10 years. Yes its like a prison term! Check out equifax.com maybe they can educate you?

Does old credit card debt stay on your credit report forever? Will it %26quot;disappear%26quot; after 10 years?

it should disappear between 7 and 10 years, you can contact the credit reporter and dispute them as inaccurate and they might get removed earlier than waiting for someone to remove it. since credit companies only care about the people who are giving the credit, not the consumer. I%26#039;ve been fighting with the credit companies for 4 years over junk that has been on my credit report and finally have been getting them to pull the wrong stuff off. don%26#039;t pay the creditor now, they should have written it off by now.

Does old credit card debt stay on your credit report forever? Will it %26quot;disappear%26quot; after 10 years?

check the statute of limitations in your state. There is a certain period of time that an entry can stay on your report. If the date of last activity was 7 years ago or more, you shouldnt have to pay and it should be removed from your report ASAP. Dispute!

Does old credit card debt stay on your credit report forever? Will it %26quot;disappear%26quot; after 10 years?

only after u paid your bills in full, then 7 years later they Get removed...

YOU HAVE TO PAY THEM FIRST!!!!!

Does old credit card debt stay on your credit report forever? Will it %26quot;disappear%26quot; after 10 years?

Boy you got a lot of answers and a lot of bad ones at that. Adverse (bad) credit ratings will remain on your credit file for seven years from the date of first occurrence (this is the date of the missed payment that caused you to be delinquent). Accounts included in bankruptcy will remain on your credit file for 10 years from the filing date.

Reccently I pulled my credit report. Some "junk" debt collector has posted on my report.?

The original debt was settled and it is over 9 years old. How can I get this removed fro my otherwise clean credit???

Reccently I pulled my credit report. Some %26quot;junk%26quot; debt collector has posted on my report.?

Dispute it with the credit bureaus as being beyond the 7 year reporting period.

If the collector contacts you, just sent them a cease and desist letter (certified mail, return receipt). They have to leave you alone.

Reccently I pulled my credit report. Some %26quot;junk%26quot; debt collector has posted on my report.?

Contact the credit bureau and dispute the charge.

Info for all bureaus and how to do it at:

annualcreditreport.com

THE free credit report site.

Reccently I pulled my credit report. Some %26quot;junk%26quot; debt collector has posted on my report.?

I would definitely dispute the account, as %26quot;non FCRA compliant%26quot;, %26quot;outdated%26quot;, or %26quot;re-aged account%26quot; with the credit bureaus

Reccently I pulled my credit report. Some %26quot;junk%26quot; debt collector has posted on my report.?

In addition to contacting the credit bureau and disputing the charge, contact the junk debt collector and dispute the charge with them as well, remind them of the statue of limitation (gets them everytime).

Check out this website, tons of free valuable information. I live there!!!

Collections versus credit report?

Do I go by whats in my 3 in 1 report or the collection notices that I get. Some of these collections have more than tripled in int. alone.

Collections versus credit report?

Ok here is the deal. Call the bill collector and tell them to provide you with a copy of the invoice. Pay the amount of the invoice and do not pay the interest. Tell them that you refuse to pay.

No big deal. It will be done. Believe me....they are not going to sue you on interest. The courts wont have it.

Thats all you have to do. There is no need to file a dispute here there and everywhere and lose your mind over it.

Do not dispute the validity of the actual debt, disputing the blance is another thing. The actual debt itself can cause problems as the collector has docs with your signiture and copies of checks you used to make previous payments. That will just piss them off and make them sue you and than they really will be awarded fees and interest.

You dont have to pay the fees and interest if it hasnt been awarded to them through a judgment. But if it has been than thats that. You would need to pay it.

Good Luck

Collections versus credit report?

Well, eventually the the data in those collection notices *will* be in your credit reports. U need to resolve those collections.

Collections versus credit report?

The notices will be the most accurate statement of the account balances with interest, penalty and any ancillary charges.

Collections versus credit report?

Eventually they will all show up in your credit report. But notices will come to you quicker and give you more time to pay them off...

Collections versus credit report?

I%26#039;m going thru it now and the info on the notices you get is going to be the most accurate for account balances. HOWEVER... I%26#039;ve been checking with my credit records/reports, and alot... ALOT of the bills that I have paid off from several years have not... NOT been removed from my credit report OR have not been shown as having been paid off. KEEP ALL RECORDS and have the creditors/collectors send you a zero balance letter showing that you%26#039;ve paid them off. You can use these to combat the credit dispute resolution process. I paid off about 45K over the past five years and thought I was done till the credit reports came back with 8 items still %26quot;outstanding%26quot;. Upon reviewing them, seven were paid off, and one of them couldn%26#039;t track me down. So today, I%26#039;m paying that one, and mailing off letters to the credit agencies with copies of the zero balance/no payment owing that I got from the other seven debtors and had thoughtfully filed away for a rainy day such as this. Hope that helps bubba.

Collections versus credit report?

Lemme tell you a secret......

Credit report information comes from the collection agencies.

Collection agencies are terrible liars! So why would you believe that the amount they claim is accurate?

I%26#039;m working with someone right now on their credit problems. Collection agency #1 sent a notice for $6200. We demanded validation. Then it was sent to Collection agency #2....and the balance magically dropped to $5300. Sent out another demand to validate...no word after two months. Gosh, you don%26#039;t supposed........?

The VERY FIRST THING you do when a collection agent sends you a letter is dispute it and demand validation!! That is your right under the Fair Debt Collections Act.

Collections versus credit report?

I agree with what Studly said, never believe the amounts the collectors %26quot;claim%26quot; you owe.

I just wanted to add - you should really request a hard copy of your reports from each individual CRA. The 3in1%26#039;s are not always accurate.

Also, since the amount seems to have tripled - these are fairly old debts?

You may want to click on my profile and click on the link to find the collecting SOL in your state.

If you are past the collecting SOL the collector can still try to collect but legally cannot sue.

You might also click on some of the other links I have listed in my profile - to the FDCPA, FCRA, etc. Learn your rights. And you might click on the last link I have listed to learn how to use your rights.