Legal Question in Credit and Debt Law in Michigan
Debt charged of account
What are my options if debt was charged off as bad debt, purchased by another lender (Experian). Account has been closed due to inactivity. Unpaid balance report as a loss by credit grantor. (Equifax). Chared off account. Account transferred or sold is the remarks on my credit report. Also a garnishment of income tax refund used for debts has been issue.
2 Answers from Attorneys
Re: Debt charged of account
Credit reports are not legal determinations of whether you owe a debt or not. Only the court system can do that in terms of judgments, etc. and the credit report is not binding on a court's opinion.
Re: Debt charged of account
In addition to proceeding in the court system, you have the option of adding a statement to your credit report next to the negative items. The statements can explain your position.
You also have the option of contacting the creditor directly. Explain that you were foolish and want to correct your error. Negotiate with them for payment in return for taking the negative item off your report.
If you would like more information about credit reporting, please visit my website at www.lawrefs.com and click on the link for consumer law. You will find useful information on your topic.
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