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Credit Report Questions

Credit reports are a list of a person's credit activity during the last 7 years. Credit cards, cable companies, cell phone companies, car loans, etc. are usually all listed in this report. If a person files bankruptcy, that too will be listed on a credit report but will remain on the report for 10 years. Information such as delinquent accounts, missed payments, accounts with good standing, how long an account has been active, or if an account has went to a collection agency. The good, the bad, and the ugly are all listed on the credit report. Lenders use the credit report to determine whether the person is a good candidate for credit. Below are a few of the more popular questions regarding credit reports that have been answered by Experts.

Can my wives attorney run my credit report without my permission?

Your credit report is protected by the Fair Credit Reporting Act which is a federal law that regulates who can have access to a person's credit report and for what reasons. The FRCA states that a business must have a legitimate reason before accessing your credit information. It is a criminal offense to obtain a person's credit information under false pretenses and is punishable up to a year in jail.

Businesses and lending institutions can obtain a membership to credit bureaus in order to gain credit checks on potential customers. However, the members must sign a contract agreeing to use the credit information for legitimate reasons such as employment or loans.

Here are the types of organizations that can access your credit report and do a credit history check: lenders, insurance companies, landlords, credit card companies, companies with which you are seeking employment (but only with your written consent), organizations that are considering your application for a government license or benefit (if the agency is required to consider your financial status), state and local child support enforcement agencies, government agencies, other companies with which you've initiated business.

If someone has a judgment on my credit report was served a summons to an address no longer lived at, is the judgment still valid if the summons was never received?

While the judgment is a valid judgment, you may be able to do something about it. The creditor already has the judgment against you so they don't have to show who signed the summons.

The first thing you should do is file a Motion to Vacate the Judgment in the same court that allowed the judgment against you. You need to contact the court clerk's office to review the file. You will be able to see who (if anyone) signed for the service of the summons. You can hire an attorney to draft the Motion to Vacate or draft your own.

You will need to prove that you were not living at the address where the service was sent and that address isn't a relative's address, you may be able to have the judgment removed. Then you can go to court and deal with the debt.

In New Jersey, can a collection agency check your credit report?

A person's credit report holds certain information pertaining to your residence, your ability to pay debt, and whether there have been judgments placed against you, if you have been arrested or if you have filed for bankruptcy. This information can be sold by credit bureaus businesses, insurers, creditors and employers who use the information to determine an application for credit, employment, insurance or renting a home. The privacy and accuracy of this information is regulated by the Federal Fair Credit Act.

There is a way to stop collection agencies from accessing your credit report. Because you live in New Jersey, you can put a security freeze on your credit report. This freeze keeps creditors from viewing your credit report. Here is the link to the State of New Jersey Department of Banking and Insurance. The information in the link will assist you n putting a security freeze on your credit report. http://www.state.nj.us/dobi/division consumers/finance/creditfreeze.htm

How do I put a judgment on someone's credit report who refuses to pay a civil claim I won against them?

The most direct and easy way to collect would be to let a collection agency take care of it. The collection agency will require a percentage of the money for the collection. The collection agency also has the ability to report the information directly to the credit reporting agencies.

A person's credit report is a list of credit information that has been incurred for the past 7 years. The good credit, bad credit and current credit is all listed for a lender to see. Many people are unaware of the importance of a credit report until they go to the bank and want to take out a loan. Oftentimes, a person receives a black mark on their credit report that is incorrect. This type of score may damage the person's ability to assume a loan or gain credit. If you find yourself in a similar situation, you should ask an Expert for assistance.
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