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Ashwani's Questions & Answers

in Computers & Technology, Hyderabad& Personal Finance & Tax

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Total Points: 1595

Answers Given: 507

Questions Asked: 253

Best Answers: 1

Can one use purchased debt of the trustee to pay off a judgement against them by the trust?

Asked by ram singh in Personal Finance & Tax at 7:07 PM on November 07, 2008

Ashwani's Answer

The Fair Credit Reporting Act 15 USC 1681c-1 Section 605 A (2) reads "Access to free reports. In any case in which a consumer reporting agency includes a FRAUD ALERT in the file of a consumer...the consumer reporting agency shall (A) disclose...that the consumer may request a free copy of the file..."

So, you need to contact the credit bureaus and follow their procedures for getting a fraud alert placed on your file. Once there, you are allowed under law to request your free reports.

This may be accomplished by means of contacting the Federal Trade Commission and following their instructions for victims of identity theft. These actions often lead to a police report for the crime. I've taked with many people who did not want to go to the police when the perpetrator is a family member. This is often one of the first steps to protecting yourself and re-establishing your rights under law.

Answered at 7:14 PM on November 07, 2008

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Can one use purchased debt of the trustee to pay off a judgement against them by the trust?

Asked by ram singh in Personal Finance & Tax at 7:08 PM on November 07, 2008

Ashwani's Answer

Disputed items are not removed from your credit report during the period of "verification". If you dispute an entry with a collection agency, they are supposed to notate the disputed account upon their next update. Updating the trade line without that notation constitutes continued collection activity and is a violation of law. There is no such obligation on the credit bureaus themselves. They simply must complete their verification within 30 days from receiving your dispute. If the reporting creditor verified the trade line within that time period, you are informed. If the reporting creditor fails to respond, or does not verify, the trade line is shielded from further reports.

Answered at 7:14 PM on November 07, 2008

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If you refuse to pay a doctor referred by a 'if we do not win you do not pay' lawyer who took a car accident case will it hurt your credit?

Asked by ram singh in Personal Finance & Tax at 7:09 PM on November 07, 2008

Ashwani's Answer

Is the doctor going to turn the account over to a collection agency? A collection account would hurt your credit.

Is the collection agency going to sell the account to another agency, thus extending the time period it shows on your credit report? If they do, it could hurt your credit for an even longer period of time.

Answered at 7:13 PM on November 07, 2008

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How does having a repossession removed from your credit report affect your credit?

Asked by ram singh in Personal Finance & Tax at 7:09 PM on November 07, 2008

Ashwani's Answer

Anytime a negative item is removed from your credit report, it will raise your credit score unless new collections are added to your report

Answered at 7:13 PM on November 07, 2008

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How does having a repossession removed from your credit report affect your credit?

Asked by ram singh in Personal Finance & Tax at 7:08 PM on November 07, 2008

Ashwani's Answer

Anytime a negative item is removed from your credit report, it will raise your credit score unless new collections are added to your report.

Answered at 7:13 PM on November 07, 2008

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Is there a consumer law allowing you to refuse to pay late fees if you pay off the original principal in one lump-sum payment?

Asked by ram singh in Personal Finance & Tax at 7:08 PM on November 07, 2008

Ashwani's Answer

No, if the payment is late...it's late and you have to pay the late fee regardless of how you pay the balance or principal.

Answered at 7:13 PM on November 07, 2008

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If a foreign student can't pay his CC debt in the US and has to go back to his country can he make a deal with the company to pay them when he can?

Asked by shiv ram in Personal Finance & Tax at 6:04 PM on November 07, 2008

Ashwani's Answer

If you have charged items and not paid for them, then your debt is due and payable in full. Your ability to pay and country of origin are not factors. This is a contractual matter. Once a debt becomes delinquent, the entire balance is due. The creditor is not obligated to wait for payment or take partial payment. They may take any legal remedies available to them that are permitted by law.

Answered at 6:51 PM on November 07, 2008

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What can you do with a large check if you have poor credit and cannot open a bank account?

Asked by ram singh in Personal Finance & Tax at 7:09 PM on November 07, 2008

Ashwani's Answer

Most banks in this situation would be willing to open an account. The check is for a large amount and drawn on a reputable company. Unless you have judgment(s) pending, where a bank account could be levied, there shouldn't be any problem. Walmart (believe it or not) will accept anyone with even a small opening deposit, regardless of credit status.

Answered at 7:12 PM on November 07, 2008

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What is the difference between repossession and bankrupcty and which one is worse?

Asked by shiv ram in Personal Finance & Tax at 6:04 PM on November 07, 2008

Ashwani's Answer

A repossession is the term applied to action taken on a defaulted vehicle loan. The vehicle, which is the security of such a loan, is either involuntarily repossessed (taken), or voluntarily turned in. Repossession is simply a word. The derogatory credit issue is the fact that repossession only ever follows default of a loan.

A bankruptcy is a legal action with its' own set of ramifications and consequences. Consumers file bankruptcy when they are unable to repay debts. As such, it is serious and can impact their credit for up to 10 years from the date of discharge. Because bankruptcy is a legal action, it appears in the "public records" portion of a consumer's credir report. It requires a disposition, either a discharge or an order to vacate (dismissal). Consumers with ANY legal item in the public records portion of their credit (bankruptcy, tax liens, foreclosures and judgments) take larger deductions to their credit scores for all adverse activity during the reporting period. Therefore, a bankruptcy is considered "worse" on a consumers credit than a repossession.

Answered at 6:52 PM on November 07, 2008

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When you have a charged off account and they sell that account can they still take you to court over it?

Asked by ram singh in Personal Finance & Tax at 7:09 PM on November 07, 2008

Ashwani's Answer

Yes. Each state has a SOL for being sued for debt. They are not all the same, and different contracts/debts have different SOL's. A person can search their states laws governing debt collection. Or search "Statute of Limitations on Debt"

Answered at 7:12 PM on November 07, 2008

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