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Issues on your credit report: Perhaps you were delinquent on past debt payments. Your letter of explanation accounts for your tardiness or other issues. ... Sample letter of explanation.
Sample letters on CreditCards.com show how to write a letter that addresses identity theft, ... Your 100-word explanation will stay on your credit report unless you ask for it to be removed ...
Chapter 7 bankruptcies will stay on your credit report for 10 years, while unpaid or delinquent accounts will stay only seven. In many cases, you cannot remove debt from your credit report until ...
A charge-off or chargeoff is a declaration by a creditor (usually a credit card account) that an amount of debt is unlikely to be collected. This occurs when a consumer becomes severely delinquent on a debt. Traditionally, creditors make this declaration at the point of six months without payment. A charge-off is a form of write-off.
Credit bureaus will retain both the debt and collection history on the debtor's credit file for 6–7 years, depending on province. Although the collection agency can continue to collect or attempt to collect the debt, they cannot garnish or place a lien on the debtor past the limitation period unless the court upholds a new date of last ...
Debt relief or debt cancellation is the partial or total forgiveness of debt, or the slowing or stopping of debt growth, owed by individuals, corporations, or nations.. From antiquity through the 19th century, it refers to domestic debts, in particular agricultural debts and freeing of debt slaves.