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chapter 7 bankruptcy filing deadlines
Your credit can often make or break your loan applications. The potential creditor will investigate your credit score from one of the three major rating agencies – Experian, Equifax and TransUnion – to determine your suitability for lending. You will then be classified as a risk low or intermediate risk or high risk debtor, which constitute one of the criteria for loan approval and terms and conditions it contains.
Rules and exceptions
It is very important to keep an eye on your credit rating to you can take steps to correct inaccuracies that it reflects. However, keep in mind that you can challenge inaccuracies and you must have proof to back up your claims.
Otherwise, any negative information in your report accurate credit will lead to a maximum of seven years. Taking into account said seven years beginning from the time the default Payment on time or when the production came late in collections. Keep in mind that the calculation is not your last payment on account in particular.
As might be expected with the law, there are exceptions to the rule of seven. As indicated in the Fair Credit Reporting Act, these exceptions are:
- Chapter 11 bankruptcy filings may be considered for 10 years from the date of entry or date of award
- Actions and civil judgments and records of arrest is to report for 7 years or until the statute of limitations applicable to short or if it is more
- Paid tax liens may be reported for 7 years from the date of payment, not the date of trial
Within these exceptions are other exemptions, too, since no time limitations for these items:
- All credit transactions that involve, or may reasonably expect to involve the principal amount of $ 150,000 and over
- Insurance underwriting life that involves, or may reasonably expect involve the face value of $ 150,000 and over
- The application and / or be employed in a job that provides, or can reasonably expected to provide an annual salary of $ 75,000
It is useful to know the law, if the contents of your credit report. In this way, you can dispute any inaccuracies and any illegality in it.
Steps to inaccuracies Contest
When you do not want to make your credit report more accurate and current, you have two remedies.
First, you can write the agency information on the items in dispute and your corresponding second copies of documentary evidence. Remember to include your name and address and a request for correction and / or removal.
Second, you can also write to suppliers information about the items you wish to contest. They must then act on your letter by informing the credit agency. You should also request the correction or erasure, as the case may be.
The best way to get a clean credit report is to pay your debts and bills on time. Now, if this is not possible for any reason, then at least be aware of the prescribed time when late payments, credit applications, insurance underwriting, legal judgment and suits, and other activities affecting your credit score can be legally reported in your credit report. Visit http://www.my-credit-center.com/ to learn more.
