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Debts may be removed from a credit report for various reasons and the fact that it is removed from a credit report does not mean that it is no longer enforceable by law. The same way, just because a debt is on a credit report does not mean that it is still enforceable by law. So in essence, yes, you can be contacted by a creditor or debt collector regardless of the way in which the account shows up on your credit report.
There are two laws that apply to debts being legally reported to credit bureaus and debts being legally collected. The first one is the seven-year reporting limit on most debts that is enforced through the Fair Credit Reporting Act. The second one is the statute of imitations regarding how long a consumer is legally responsible for paying back a debt. According to the Federal Trade Commission, the statute of limitations on a debt is effected by the type of debt and individual state laws. The statute of limitations only applies to a collector who is trying to sue for a debt. According to the FTC, a collector can still contact a debtor about a past due account even after the statute of limitations has expired, but the debtor is no longer legally obligated to pay. If a debtor pays any money on a past due debt, that is sometimes reason enough to legally restart the statute of limitations and enable the debt collector to sue the consumer.
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When reviewing your credit report, make sure that you recognize the accounts and loans on your credit report as accounts that you have opened. Then check that the information reported by each of the creditors on your credit report is correct. If you find information that you believe is not correct, contact the company that issued the account or the credit reporting company that issued the report.
Some common warning signs of identity theft are:
When searching for a home to rent, a tenant may consider the location of a property, its distance to their job, amenities, the area's crime rate, local attractions or whether it has carpet or tile, however, one of the most important factors for a landlord when considering accepting an offer from a prospective tenant, is his credit history.
According to a recent survey conducted by TransUnion, 43 percent of landlords surveyed said they perform credit checks as part of the leasing process and 48 percent of landlords surveyed said the results of a credit check are among the top three factors used when deciding whether or not to accept a tenant's lease application. Additionally, more than two-thirds (69 percent) of renters surveyed said they will not purchase property in the next four years.* As a tenant, it is important that you keep watch over your credit history. Get a copy of your credit report regularly, dispute any inaccurate information such as incorrect mailing addresses, misspelled names, inaccurate account information, etc, identify problem areas and set a payment plan. If there are unpaid bills that you feel require an explanation, consider adding a consumer statement. As a landlord, visit Verify Tenant to check for a tenant's criminal history, eviction records, verify their employment and past rental history. * extracted from http://newsroom.transunion.com/press-releases/transunion-reveals-almost-half-of-landlords-consid-1114781#.VCjz7fldXpU Beginning May 29th, Verify Tenant’s ordering platform will feature a bunch of system performance enhancements. Among the enhancements we are most excited about are:
Applicant Phone Number: On the Applicant Pending records, when you hover over the Detail icon, the Applicant’s phone number is now included in the display Federal Criminal Update: Federal Criminal and Civil searches can now be conducted State-wide for all Federal Districts within a selected State. New Look & Feel: Our development team has been updating the Order Entry Wizard System Performance: We have added server capacity, server memory, installed new servers and added a system monitoring tool that helps us identify and target slow processes. With this tool, we are making a number of software optimizations and database service enhancements. www.verifytenant.com A class action lawsuit has been brought against a California employer for allegedly failing to comply with state and federal mandates when obtaining information from background checks during its hiring processes. Real Estate investments come in all shapes and colors. You may be a landlord who owns one property and rents it out, you may be into flipping a few properties a year, or you may the owner of an entire complex. However small or big your investment portfolio, or your strategy, one thing is for sure, you need tools to help you make a savvy decision. In today’s recovering real estate market, there are a realm of tools available to help you search for properties, but once you are faced with options, how do you decide which properties make sense? How do you take the emotion out of buying? The latest entrant in this business is Flipt, which aims to take some of the emotion out of real estate purchase decisions and replace it with a more data-driven approach.
Read more …. By Verifytenant.com An individual’s identity and credit history are incredibly valuable assets, and data breaches and identity theft threaten those assets on a daily basis. As new graduates enter the world of new employment and credit card spending, they become primarily vulnerable to these threats.  According to housing advocates and city officials, one out of every two people in Madison, Wisconsin are renters. That’s higher than Milwaukee, where less than 40% of residents are unit owners, according to 2011 Census data.
With this large population of renters, Madison County has, over the past couple of decades put in place laws that protected and favored the tenants. This past November, Governor Scott Walker, signed Senate Bill 179, which intends to balance the legal relationship between landlords and tenants in the County. Amongst other things, the Bill contains Act 108, which allows landlords to discriminate against a prospective tenant based on information obtained from a credit report or criminal history check. With these impacting changes in legislation, landlords need now more than ever, a tenant screening company they can trust. One which can provide them with reliable, easy to access credit and background checks. Click here to Read the Senate Bill As the great recession of the past few years comes to an end, Americans across the U.S are beginning to see their finances improve and with it, their hard-hit credit scores.
Using data from the credit reporting agency Experian, Bankrate lists the top 10 cities in the U.S. where residents increased their credit scores the most from 2011 to 2012. - Phoenix - Greenville, N.C - Las Vegas - Dallas - Reno, NV - Ft. Myers, FL - Wichita Falls, TX - Tyler, TX - Sioux Falls, S.D - Bakersfield, CA For more detailed data, read the full story here  2012 was certainly a good year for landlords. The availability of low cost properties for purchase generated by foreclosures and short sales, the increased demand from potential tenants who were kicked out of the buyer’s market due to more stringent loan approval requirements, the low inventory of rental properties, and the rise of rental rates created a prime scenario for landlords. 2012 ended with a nationwide average vacancy rate of 4.5%, compared to 8% in 2009 (REIS, Inc). "The last time vacancy plunged to this low of a level was during the late 1990s when real GDP was growing substantially faster than the 2% growth rate that the economy is currently struggling to maintain," said Victor Calanog, vice president of research and economics for Reis, in a statement.
2013 has shown signs of being just as good a year, or even better, so if you are looking to acquire new properties, check out the cities expected to have the highest rise in rental rates: San Jose, CA
photo credit: © SuperStock RF/SuperStock Data: http://realestate.msn.com/the-10-cities-where-rents-will-rise-most-in-2013#5 |
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