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Question by enance: You have a debt on your credit report. Can your wages be garnished if you make payments via check?
I have a medical bill on my credit report that I would like to make payments on. If I begin to make payments on this debt via personal
check, can they automatically garnish the funds from my checking account?

Best answer:

Answer by DCResident
They would have to get a court order for the full amount unless you wrote them and stated that had permission to freely garnish that money.

Have you gotten any hinto of court proceedings for the money?

So if they do so without a court order it would be illegal.

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Question by New business owner: Is business credit card debt reported on your personal credit report?

Best answer:

Answer by SexyTrojan
If you don’t pay it, yes.

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Question by crow_326: How does a personal debt settlement affect your credit report?
Sorry this is long: I cosigned for a fiance’s car loan in 2001. We broke up in 2002. He wrecked the car in 2003 and since he had GAP insurance I figured all was well. in 2005 I started being harassed by collection agencies for a balance of $ 1500. None of them could explain what the balance was from so I wrote them cease and desist letters and told them to contact me when they could PROVE the debt was valid. I wrote letters and called GMAC to try to figure it out where the balance came from but GMAC would have nothing to do with me.

Now I get a settlement offer of $ 300 from GMAC themselves. I can afford to pay that and my deadbeat ex has such bad credit he wouldn’t even consider it. After much research, I feel the balance is from an extended warranty so it probably is a legit debt.

But what happens to my credit report? This whole mess is slated to fall off in March of 2012. If I pay a settlement, won’t that ‘refresh’ the debt so that I will have ‘Owed $ 1500. Paid $ 300.’ on my report until 2016? I know I’ll also have to pay taxes on the $ 1200, but that’s no big deal to me. My FICO score is still above average and clearing this mess would put me in the astronomical range, but will potential lenders think better of a settlement that a contested debt?

And don’t bother emphasizing the grave danger of cosigning. I was in my early 20s and had been living with him for several years. I thought I knew him. Hard lesson learned and now you won’t catch me cosigning for my own mother
Just to emphasize, this is me and the creditor, no ‘fixing’ company involved. And other than this account, I have only made 1 late payment to anything in over 15 years.

Best answer:

Answer by bdancer222
Derogatory items age off your credit report 7-1/2 years from the date of first deficiency. Nothing restarts that date.

Take the settlement. Make sure you have it in writing and don’t give them direct access to your bank account.

Paying off this item won’t improve your score. But it will show as settled. But creditors review your whole credit report, not just the score. Paid/settled looks better than unpaid.

You may or may not get a 1099 and have to include the forgiven portion in your tax return. Since this is the original creditor, you are more likely to get a 1099.

You could also turn around and sue your ex in small claims court for reimbursement. Might not be worth your time but it’s a thought.

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Question by John: is it fraud to report personal loan as income? This would allow reporter to improve debt to income and borrow?

How about investor funds in a business paid as salary to CEO reported as income for the same purpose?

Best answer:

Answer by wizjp
Of course it’s fraud.

Loans are loans and income is income. They are not the same

Generally any salary not coming out of income are going to trip issues with the IRS.

Money laundering.

In other words from the frying pan to the fire here.

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by Michigan Municipal League (MML)

Question by william n: If I have a debt can a collection agency harm my wife’s credit report and obtain her personal information?
I thought I had paid a bill that was in my name but come to find out I didn’t and now a collection agency is handling it. The bill was under my name only but now they are treating it as if it was her bill too.

Best answer:

Answer by Irish Eyes
No. While they can and obviously will use your married status to try and get payment; they cannot pull her credit or use her personal information.

What do you think? Answer below!

Question by briana: Who do I report a debt collector to who has called all family members disclosing my personal information?
This woman has called my stepdad, my grandmother, my stepdad’s x wife telling them I am behind in my car payments that they are issuing a warrant for my arrest. Also said some pretty bad things to my stepdad’s x-wife about my character

Best answer:

Answer by blutic11
Consult an attorney. This is highly illegal if it’s a debt collection business.

Know better? Leave your own answer in the comments!

by Kym Rohman

Question by christine s: Can bad business debt go on your personal credit report?
I opened up a couple of accounts for my business in 2005 but under my tax ID number. Unfortunatley the accounts went bad because I was in a car accident and now can’t work. Does this go on your personal credit report or the duns and bradstreet report.

Best answer:

Answer by eric h
It may, if you had to use your personal information to open those accounts up or if you guaranteed the funds.

Even if you didn’t, the likelihood is that the company that you operated is associated with your name and any thorough search of the records may show that the company that you opened up didn’t pay its bills.

The only way to make sure is to ask for a credit report on your name. The 3 major credit reporting agencies will provide a free one to you if you call them up.

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Question by christine s: Bad debt going on your personal credit report?
I know anything is possible but the bad debt is 2 years old and it has not shown up yet on my personal credit report. The accounts were opened up under my tax id.

Best answer:

Answer by itry007
Consider yourself lucky. Somehow it didn’t get reported. It could still come up, but it looks like you got off scott free this time.

Add your own answer in the comments!

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