Impact of Debt Collection on Your Credit Report
Alabama Consumer Protection Lawyers
Phone: 205-879-2447 or 205-714-4443
Debt collection can have significant credit history impact. At Watts Law Group P.C. and M. Stan Herring P.C., our consumer protection attorneys work hard to make sure that consumers understand how debt collection will affect their credit reports. We can help you understand your rights and protection under the law.
To schedule a free confidential consultation with a lawyer dedicated to helping consumers, contact us or call our Birmingham office at 205-879-2447 or 205-714-4443.
Important Facts for Consumers Facing Debt Collection
Debt collectors and debt buyers do have the right to put a note on your credit report about the debt. This credit history of debt collection can negatively affect your chances of getting a mortgage or other loan.
Consumers have the right to and should dispute any debt that is false or incorrect. Also, if you send a credit report dispute to the debt collector, it is required to report that the debt is "disputed" when reporting to credit agencies. If the debt collector fails to do so, you can sue under the Fair Debt Collection Practices Act or the Fair Credit Reporting Act.
Dirty Tricks by Debt Collectors that Have Credit History Impact
We have seen debt buyers continue to report debts to credit agencies as undisputed and delinquent, even after being notified that the consumer disputes it and even after the consumer has won the debt collection lawsuit. This is just one dirty trick that debt buyers and collectors use to unfairly and illegally treat consumers.
Debt buyers may also engage in other activity that violates the Fair Debt Collection Practices Act. They may "re-age" your account, meaning that instead of letting the debt clear from your record after seven years, they will report the debt as more current in order to keep it in your credit history. They may also intimidate or threaten you with ruining your credit, or may illegally pull your credit report (make an inquiry).
Know What Debt Collectors Are Saying About You:
Request Your Credit Report Today
If you have been contacted by a debt collection agency or a debt buyer, you need to understand the credit history impact and your rights. You are entitled to one free credit report from each bureau (Equifax, Experian, and TransUnion) every year, and you can request one by completing and mailing the request form, calling 877-322-8228, or visiting the official Website.
When you meet with us, bring the copy of your free credit reports, any notes about discrepancies, and documents that prove the errors. We will carefully examine your case, explain the law, and detail your options. We are here to help you.
Schedule your free confidential consultation by calling us at 205-879-2447 or 205-714-4443 or filling out the intake form on our Contact us page.
