Credit Report Bank Accounts

Summary

Credit reports do not display the number of bank accounts you have, only your credit history, including loans and credit cards. If you have a loan in collections, it can negatively impact your credit score and history, potentially leading to a denial of a new loan. Each bank has its own criteria for loan approval. In Michigan, collection agencies can add interest and fees if allowed by the original contract or state law. If a debt is written off, the creditor can no longer collect it, but it can remain on your credit report for 7 years. Regularly check your credit report and dispute inaccuracies.

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If I have a bank loan in collections, will a different bank deny a new loan
Banks usually consider your credit score and history while deciding on loan approvals. Having a loan in collections could negatively impact these, potentially leading to a denial. However, each bank has its own criteria. Can you share your location for more specific information?
Michigan
As you're in Michigan, the following points are relevant:
- Banks consider your creditworthiness, including any collections.
- Each bank has different policies for loan approval.
- It's advisable to clear any collections before applying for a new loan.
What is the best car loan site for fair credit
As a legal information provider, I can't recommend specific car loan sites. However, it's important to:
- Compare interest rates from different lenders
- Check for any additional fees
- Understand your credit score
- Consider credit unions and online lenders as they often have competitive rates.
This is my favorite site
That's great! If you have any more legal questions or need further clarification on any topic, feel free to ask.
Once a car loan has gone to collections, are they aloud to keep charging fees
In Michigan:
- Collection agencies can add interest and fees, but only if your original contract allows it or state law permits.
- The Michigan Collection Practices Act protects consumers from unfair collection practices.
- It's advisable to review your loan agreement and consult with a local attorney.
Please note that this is general information, not legal advice.
If a car loan went to collections and has since been removed as a write off, can they keep charging me fees and negatively impacting my credit?
In Michigan:
- If a debt is written off, the creditor can no longer collect it.
- However, the write-off can stay on your credit report for 7 years, impacting your credit score.
- It's advisable to check your credit report regularly and dispute any inaccuracies.
This is general information, not legal advice.
Thank you. Kudos to the sites developers
You're welcome! I'm glad you found our service helpful. If you have any more questions in the future, feel free to ask. Kudos to you too for being proactive about understanding your legal situation.