No particular language is necessary for this type of report so long as the report clearly conveys the necessary information.
No particular language is necessary for this type of report so long as the report clearly conveys the necessary information.
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Credit Reporting However, debt collectors cannot report false information about your debt. If you dispute a debt in writing with a debt collector, that debt collector must tell any credit reporting company that it has reported your debt to that you dispute the debt.
off is not necessarily the end of the road for a debt, though ? it simply means that it's no longer an active account on the creditor's books. The creditor is still legally allowed to pursue collection, file a lawsuit for the balance due, and report the debt on your credit report.
A debt collector must stop all collection activity on a debt if you send them a written dispute about the debt, generally within 30 days after your initial communication with them. Collection activities can restart, though, after the debt collector sends verification responding to the dispute.
?The federal Fair Debt Collections Practices Act ?? ??provides that, for collection agencies, the consumer must contact you within 30 days of receiving the initial notice to inform you they are disputing the debt. You must then halt collection activity until a copy of the verification is sent to the consumer.
If you believe you already paid the debt, do not owe the debt, the amount is incorrect, or that it's not even your debt, you may send a written request to the debt collector to dispute the debt or receive more information.
Collections accounts will generally stay on your credit report for up to seven years from the date they first became delinquent.
The original creditor can't continue to report a balance due if it has sold the account to a collections agency. However, it can report a charge off, which remains on your credit report for seven years, even if you pay off the debt?with the original creditor or via a collections agency.
Statute of Limitations in Wisconsin In Wisconsin, the statute of limitations is six years and begins on the date of the last payment on an account. This also means that if you make a payment on your debt at any time in the six-year span, the clock restarts.