Several months ago, I hit some major financial troubles causing me to fall behind in paying an unsecured debt. They refuse to work with a credit counseling service and demand the balance in full and I have not been able to pay it back yet and havent been able to make payments in several months...however whenever I check my credit report...the debt isn't even listed...what's up? If Im several months late, wouldn't it be reported?
2007-01-31 14:50:09 · 11 answers · asked by millenium_ryan 3 in Business & Finance ➔ Credit
Yeah I pay when I can and have breathed a sigh of relief when I dont get a credit alert on there. Ive been contemplating bankruptcy because of this debt but wonder if I should if it doesnt even appear on the report.
2007-01-31 14:56:57 · update #1
I thought checking your own credit report does not affect anything, its only when you voluntarily allow others like if you're requesting a CC or to rent an apartment is when it shows up. I have a credit monitoring service that will alert me when something shows up, I dont check it myself.
2007-02-01 11:34:47 · update #2
Not all finance sources will report to the credit reporting agencies. The agencies charge the finance company for each account they report, and require that each account be updated monthly (again at a cost).
It is the choice of the creditor as to report or not. If they sell the debt to a collection agency, or file suit and get a judgment, it will be reported!!!
Pay them something every month, to prevent the loan from falling int a total default. As long as you are paying, it is doubtful they will file suit!!
2007-01-31 15:09:57 · answer #1 · answered by fire4511 7 · 1⤊ 0⤋
some companies don't report .. but those are few and far between. What they will do is sell the debt to a collection agency which will report collection activity on your credit report. This will damage your report even more than the a creditor. and even after you pay it the collection activity will be on your report for 7 years. Do yourself a favor and start making small payments... Trust me ... experience speaking.
P.S. You indicate that you've considered bankruptcy because of this debt .. this tells me that it is a large debt. Given that info, just know that if it is a large debt, it WILL appear on your report at one time or another .... they will not let this go.
2007-01-31 14:55:13 · answer #2 · answered by ValleyR 7 · 0⤊ 0⤋
It all depends; If the company you are dealing with does not report to the credit bureau, then it will not show up. Another possibility could be that it takes a lil bit of time for it to appear. If on the event that the company you are dealing with, ever turns it over to a collection agency, then the possibility of something hitting your credit report will go up. In the mean time, do not sweat it, if something negatively does not show up on your credit report
2007-01-31 14:54:44 · answer #3 · answered by tastoller 2 · 0⤊ 1⤋
It will only be listed on your credit report if they report it. Also, there are 3 credit reporting agencies in the US, so it might be on the ones you aren't looking at.
Be wary about working with credit counseling services, unless they are a member of CCCS. Most of the ones that advertise on the radio are scams according to the FTC.
2007-01-31 14:59:42 · answer #4 · answered by scott 5 · 0⤊ 1⤋
That is good news!! If it doesn't show on your credit report, It doesn't matter!! Try to work out a payment plan with your debtor.
PS. Quit checking your credit report!! It WILL screw up your credit. For every 14 days you check your credit, it goes down 3 points.
2007-01-31 17:09:58 · answer #5 · answered by Anonymous · 0⤊ 1⤋
There are a lot of company's that don't report to a credit agency
2007-01-31 14:54:53 · answer #6 · answered by Steve M 2 · 0⤊ 0⤋
did you ever give your social security # when this bill was created? i had credit with a catalog service and never gave them my social security #. I stopped paying and they tried collecting the money but with a social security # they could not report me to the credit bureaus.
2007-02-03 19:36:08 · answer #7 · answered by luciousgreeneyedlady 5 · 0⤊ 0⤋
Did you check all three major credit reporting agencies - not all creditors list on all three.
2007-01-31 14:55:25 · answer #8 · answered by CHRIS 1 · 0⤊ 0⤋
They have to spend more money to report it and then adjust it to an outside collections agency, which costs money too. If they can get you to pay them directly, they get all their money, without minusing the money they have to pay to the collection agency and credit reporting agency.
2007-01-31 14:54:33 · answer #9 · answered by Anonymous · 0⤊ 0⤋
If they are not reporting it, It will not show on your credit. They were also not reporting before you were late, so you did not recieve credit for paying on time.
2007-01-31 14:53:39 · answer #10 · answered by Ron B 3 · 0⤊ 1⤋