credit report laws
credit report laws
Credit Report Laws in my state question?
MARYLAND
INTEREST RATE
Legal: 6%
Judgment: 10% or contractual
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 3
UCC: 4
Specialty: 12 (contract under seal)
Written Contract: 3
Domestic Judgment: 12
Foreign Judgment: 12
BAD CHECK LAWS (CIVIL PENALTY)
After 30 day written notice, amount due,
$25 fee, twice check amount up to $1000. (At the discretion of the court.) Applies to COD sales only.
GENERAL GARNISHMENT EXEMPTIONS
Greater of 75% or amount = to $145 x no. of wks. in which wages due were earned; except in Caroline, Worchester, Kent & Queen Anne’s Counties, see federal law. Exemption is up to $3,000 in cash and/or property for non-wage property exemption.
COLLECTION AGENCY BOND & LICENSE
Bond: $5000
License: Yes
Fee: $200 each office
Does this mean that after 3 years I can have negitive accounts like credit cards removed from my credit?
Sorry to say but state statutes do not apply to what the credit reporting agencies use as federal guidlines. They fall under the FCRA (Fair Credit Reporting Act).
Your state statues simply mean that in regards to credit cards, if you default, they have 3 years to seek legal action in a civil court to obtain a writ of garnishment on your wages or a Writ of Replevin which is a court document authorizing repossession of a debtor’s property. Only a few states allow for this practice though.
As to your credit report the FCRA guidlines are as follows:
Inquiries – Two years.
Late Payments – Seven years from the month in which the late payment was due. If there are multiple late payments in one account item, then they will each expire individually.
Charge-Offs – Seven years. The time runs from the date of the delinquency, plus 180 days. If a payment was due on an account on January 1, 2000, but the debtor defaulted, and never caught up to become current again, and the account is eventually declared a charge-off by the creditor, then the seven year reporting time limit starts running on July 1, 2000, with the item scheduled to expire from his/her credit reports on July 1, 2007.
Collection Accounts – Seven years. The running of this time limit is the same as with charge-offs. The date of delinquency still refers to the original delinquency with the original creditor, regardless of when the collection agency began working the debt. This includes debts that have been bought by a collection agency. Collection agencies cannot legitimately “re-set the clock.”
Lawsuits And Judgments – Seven years or until the governing statute of limitations has expired, whichever is longer.
Bankruptcy (Chapter 7) – Ten years (from the date of entry of the order for relief or the date of adjudication.
Bankruptcy (Chapter 13) – Seven years.
Paid Tax Liens – Seven years from the date of payment.
Hope this answer is of help to you
LEGAL DISCLAIMER: The answer provided here is intended for informational purposes only. It is not intended nor presumed to be legal counsel or professional legal advice
