Credit
"Initial Delinquency" and What it Means to Your Credit
Prior to the Fair Credit Reporting Act most bill collectors would change the date on the accounts regarding the last payment made. Thus, when the account was turned over for collection, the consumer was not aware of the change made in the dates. This meant that the consumer was deprived of knowing "when the account would be taken off his/her credit report". This is known as the seven years in which adverse information can be reported on your credit report. The Federal Trade Commission has identified the initial delinquency date as the date "in which you first became delinquent and never got caught up". THAT IS LAW. Virtually all the violations of the Fair Credit Reporting Act and the Fair Debt Practices Act will fall under this.
Do not be overpowered by misinformed individuals. This is where Section 623(A)(5) of the Fair Credit Reporting Act becomes important in that it clearly defines your rights as a consumer regarding the reporting of accurate information and the dates in which an account was originally opened and when it was first late.
Next article I'll finish going over initial delinquency and cover just how some information that reported about you simply is not true.
Chuck Lunsford is the owner and developer of EasyFLoridaHomeLoans.com. He offers advice on how to get your credit in order and working for you. Visit his website and learn more about how to obtain bad credit home mortgage financing without resorting to paying an attorney. |
Chuck Lunsford
Similar articles
0% APR Credit Cards - Tips & Tricks
Credit cards can be considered to be one of the many basic necessities of the modern world. Credit cards are available nowadays in abundance. One type of credit card specifically is the so-called 0% APR credit card. Read more →0% APR: An Offer You Cannot Refuse?
Contrary to what some may say, credit cards, by itself is not necessarily a bad thing. It can be used as a tool that allows you to purchase much-needed items while managing your cash flow. Read more →0% on a Balance Transfers Will Not Last Forever
Have you ever been attracted to a credit card because it promises you an outstanding interest rate that seems just too good to be true? Most of us have at some stage jumped for one of these attractive offers. Read more →10 Steps To Building Good Credit
Are there only 10 steps to building good credit?No way!There are many things that you can do and should not do that can help you.These are just basic things to get you started on the rode to credit paradise. Read more →Aphorism
My mission has been to change the industry so that our citizens - the human beings who invest in funds - get a fair shake.
John Bogle