does credit reporting have different laws in every state?

Question

i was wondering if the credit laws are different in every state, for example here in Illinois and boston or California. if so, where can i find those laws. Thanks

Answer 1

For credit reporting? No. There's the FCRA (Fair Credit Reporting Act) which states that a debt can be reported up to 7½ years from the date of the first delinquency. Meaning that if a debt went delinquent on January 1, 2000, the longest that it could remain on your report would be June, 1 2007. Now there are laws for collecting debt that vary from state to state. (I posted a link that has each state and the statute of limitations for collecting that debt)

Answer 2

Each state may have its own laws, but most laws on the subject are Federal laws. The Fair Credit Reporting Act, a Federal law, applies to all 50 states.

Answer 3

2 of the worst varieties of delinquencies are a team and fee-off. the two activities are the effect of not paying a undeniable bill for numerous months. because of the fact they point out a severely overdue cost (35% of your credit), fee-offs and debt collections are poor to your credit. With some attempt, you may conquer those. Dispute wrongly stated collections or fee-offs. you may dispute misguided money owed with the credit bureaus. deliver a letter letting the credit bureau comprehend why the account is incorrect and watch for a reaction. optimistically, the blunders would be deleted the 1st time. If not, you may dispute the account immediately with the enterprise that listed it on your credit document. Get a $0 stability. right here’s the subject. Paying off a fee-off or sequence stability gained’t delete the article out of your credit document and it gained’t help your credit. as quickly as the blemish is there, the wear is executed a minimum of for the quick-term. although, a paid stability is often extra perfect than an unpaid one, incredibly in case you’re attempting to get new credit or a substantial own loan like a loan. earlier you pay, draft a pay for delete letter offering to pay the stability in finished in substitute for having the article got rid of out of your credit document. The creditor or collector would deny your declare even though it’s nicely worth a try. Settling the debt is likewise an determination, if your creditor concurs, yet endure in ideas your credit document will mirror which you settled the account. A settlement may additionally harm your credit. Worst case, basically pay the stability in finished. Or, if it’s incredibly previous, like 6 or extra years, you may basically wait and permit the account drop off your credit document. The credit reporting time cut back for a number of those delinquencies is seven years. For a fee-off, it’s 7 years plus one hundred eighty days from the date of the 1st delinquency. try sending a goodwill letter, if the account has already been paid. A goodwill letter is basically a request that the creditor or collector do away with the account out of your credit document out of goodwill. temporarily clarify why you grew to alter into so overdue and need that whoever gets your letter is feeling beneficiant that day.