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Ashwani's Questions & Answers

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How do you write a letter of explanation for late payments?

Asked by shiv ram in Personal Finance & Tax at   7:31 PM on November 12, 2008

Ashwani's Answer

If you are referring to writing a letter say to a mortgage company to explain past derogatories on your credit report, just be honest. Of course, the sympathy factor does come into play. Lenders don't want to hear that you just forgot or well better late than never, we want to hear, unfortunately, "sob" stories (as long as they are true) i.e. illness, divorce, loss of job, etc. and what measures,if any, were taken to rectify the problems.

Answered at 7:51 PM on November 12, 2008

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Should you pay a charge off that is listed on your credit report?

Asked by shiv ram in Personal Finance & Tax at   7:32 PM on November 12, 2008

Ashwani's Answer

If you legitimately owe the debt, you should pay it, regardless of the statute of limitations or any adverse affect of it being on your credit report. A debt is a debt, and you have a moral obligation to repay it if it is legitimate and you are able to do so.

Check and see what you statute of limitations are in your state--you might have 2 yrs or you might have 15 yrs, depending on the state and type of debt. If the statute of limitations has passed, you still owe the debt, but the creditor cannot take any course of action against you (credit reporting, litigation, garnishment, etc.). http://www.creditinfocenter.com/reb uild/statuteLimitations.shtml#2

If you are still withing the SOL, it would be best to pay off the charge off as it could be turned into a judgment, that then will allow for a garnishment of your wages or a lien on property. Lots of things can happen and not all will be pretty. Best to pay and avoid the bad.

Answered at 7:51 PM on November 12, 2008

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How does an auto repossession affect your credit and how can you fix it?

Asked by shiv ram in Personal Finance & Tax at   7:32 PM on November 12, 2008

Ashwani's Answer

A repossession is the same as a collection account, or literally, a charge off. It is considered a derogatory item and can have a significant impact on your credit scores.

You do not buy an automobile when you sign a financing contract at a dealership. What you are doing is borrowing MONEY that is secured by a car. If something happens to that car, wreak, getting stolen or even repossession; the financer still holds the borrower legally liable for the debt.

The difference between a car loan and other types of debts is that the security, the automobile, can be re-sold and some of the financer's loss recovered. Example: You borrow $20,000 on a car, pay $5000 towards the balance, then lose your job still owing $15,000, the car gets repossessed, financer auctions your now used car for $10,000. There is a $5000 deficiency balance owing on your contract. The financer will hold the borrower liable for that amount per the terms of the original contract.

Answered at 7:51 PM on November 12, 2008

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How often is your credit score updated?

Asked by shiv ram in Personal Finance & Tax at   7:33 PM on November 12, 2008

Ashwani's Answer

Credit scores are updated when the scoring software is accessed. Your credit score is a calculation based on the data in your credit report. So when your credit is "pulled" and a score is requested, that score is calculated through the software, Beacon (software) for Equifax, FICO for Experian and Empirica for Trans Union.

Your credit report changes month to month, mostly by means of automated updates to your file from creditors who report to the bureaus. The differences reflected in that raw data causes changes in your score, but only when those calculations are performed in response to a request for a score.

Answered at 7:51 PM on November 12, 2008

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Why do people refuse to hire you when you have bad credit and isn't this discrimination?

Asked by shiv ram in Personal Finance & Tax at   7:32 PM on November 12, 2008

Ashwani's Answer

This is just another example of how the \"sheeple\" are herded into being obedient, compliant corporate serfs. Often times one has bad credit because they attempted to stand up to being ripped off by one of the government sponsored monopolies for unfair or charges they never agreed to pay. If one resists then they must be punished. Having \"bad credit\" also gives other corporate monsters like the insurance companies the excuse to charge higher rates. The credit rating scam is also part of the effort of \"Big Brother\" to invade your privacy. Are you a credit score \"number\" worthy of the tolerance of the government and big corporations. Try to stay out of the system as much as possible. When you can use cash and barter. Develop a skill where you can work for yourself.

Answered at 7:51 PM on November 12, 2008

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How long until a charge off is removed from your credit report and is it counted from the last activity?

Asked by shiv ram in Personal Finance & Tax at   7:33 PM on November 12, 2008

Ashwani's Answer

It will not be removed for seven years from the date of the origional delinquincy leading up to the Charge Off. If you need any more explanation, feel free to e-mail me or scroll up in the chain - this question was answered in an earlier question.

Answered at 7:51 PM on November 12, 2008

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It is possible to have excessive inquiries removed from your credit report?

Asked by shiv ram in Personal Finance & Tax at   7:34 PM on November 12, 2008

Ashwani's Answer

Yes it is, write letters to all 3 credit agencies and send them proof that it has been paid off and that you would like to have it removed at once. It worked for my husband.

Answered at 7:50 PM on November 12, 2008

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Can you get accounts that were transferred to another office or lender removed from your credit report?

Asked by shiv ram in Personal Finance & Tax at   7:34 PM on November 12, 2008

Ashwani's Answer

If they are not a reposession or charge off you can negotiate to pay them and have them removed. However, you must get proof in writing from them first before paying even 1 single penny.

Answered at 7:50 PM on November 12, 2008

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Can a collection agency refuse to accept rolled coins as part of a payment?

Asked by shiv ram in Personal Finance & Tax at   7:33 PM on November 12, 2008

Ashwani's Answer

Yes.

Oddly-enough, there is NO U.S. Federal law that mandates a person, organization or merchant (which would include a retailer or collection agency) accept coins (rolled or otherwise), as payment for goods and services, even though coins are considered 'legal tender' as stated in the Coinage Act of 1965.

How is this possible?

Simple. Though it seems strange, the dollars and coins struck and printed by the U.S. Treasury are for the FEDERAL RESERVE SYSTEM. The Federal Reserve System MUST HONOR US currency and coins...however, not necessarily anyone else.


Link to U.S. Treasury FAQ's:

http://www.ustreas.gov/ed ucation/faq/currency/legal-tender.h tml#q1

=

Yes, I would think so. You are better off sending a money order (keep your receipt) or a certified check.

If you pay by mail they can refuse cash payments (doesn't matter if it's coins or bills) but if it is in person they must take the coins, but you would probably have to unwrap them so that they can count them while you stand there----just another one of their stupid power trips.

Creditors or collectors can refuse any amount or manner of payment that has not been agreed upon in an original lending contract or collection agreement. This includes personal checks, checks by a third party, methods such as the one cited and so forth.

Answered at 7:50 PM on November 12, 2008

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After a promotion how do you increase your listed income at the credit bureaus?

Asked by shiv ram in Personal Finance & Tax at   7:33 PM on November 12, 2008

Ashwani's Answer

Credit bureaus don't usually keep that information. You provide it to prospective creditors when you apply for a loan or credit card.

Answered at 7:50 PM on November 12, 2008

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