What is a credit default?
964661
A default is usually when the account is transferred to a debt collection agency.  It would normally occur if you have 3 months in arrears. or 3 late payments in a row. 1 payment late wouldn't matter.
365213
In this case, they can.  But read my entire message...\n\nAccording to the Fair Credit Reporting Act, they can only report your debt for 7 years, starting from the DAY YOU DEFAULTED on the loan.  Many people are reporting that it begins on the date of the last transaction.  They are wrong.  Read the info in the sources below, I think it states it pretty clear.  If that's not good enough, I can send you a copy of an FTC position statement to clarify it even more.\n\nNow, many times collection agencies will purchase an account, and not really know when the default date was.  So they will simply place whatever date they want on it.  This "date bumping" is illegal, and if you can prove it you can sue them for $1000.  If you have any past bills or paperwork, examine it.  Check the reporting date on your credit report.  If it is wrong, protest it and get the whole negative report removed from your record.  \n\nThe reason they get away with this is because you don't know the law.  So they will take advantage of that to harrass you.\n\nNow, as for actually collecting the debt, check the statute of limitations for your state.  After that date, you no longer have a legal obligation to pay them.  The can continue to try and collect, but any legal action can be tossed out of court due to the expired SOL.  \n\nRead the links below for more information on this.  \n\nYou are fighting a war with creditors.  Do not fight them unarmed.  Knowledge of the law is your only weapon!  Get armed and read the links below!!!
99351
An overdraft:\nfacility granted by a bank to a customer (overdraft facility), authorising the customer to have a negative balance without incurring penalty charges.\nBankloan:  \nloan entails the redistribution of financial assets over time, between the lender and the borrower. The borrower initially receives an amount of money from the lender, which they pay back, usually but not always in regular installments, to the lender. This service is generally provided at a cost, referred to as interest on the debt.
1157375
That's too general of a question.  If you've been responsibly paying your debts and have responsibly consolidated to reduce the interest you pay, it's different from the kind of consolidation done in response to credit problems.\n\nWebsites aren't going to be able to answer that question.
500860
A swap designed to transfer the credit exposure of fixed income products between parties. \n\n   \n The buyer of a credit swap receives credit protection, whereas the seller of the swap guarantees the credit worthiness of the product. By doing this, the risk of default is transferred from the holder of the fixed income security to the seller of the swap. \n\nFor example, the buyer of a credit swap will be entitled to the par value of the bond by the seller of the swap, should the bond default in its coupon payments.
1169169
It means you give the company the money(or collatoral) that you want to have credit for. Then you pay for the interest and fees for having the credit. It is better to go to a loan shark. At least they only break bones and not a credit history!
380627
if you mean arrears:\nAn unpaid, overdue debt or an unfulfilled obligation. \nThe state of being behind in fulfilling obligations: an account in arrears.
652932
You would need to have a secured loan.  Secure with some sort of item so that the lender could get their money if you default.\n\nIf you're looking for a credit card, there are cards out there that you give them $500, and then you have a $500 limit.  It helps you build credit.
668687
it should be cleared, as well as all attempts to collect it after 7 years of default. you will have to do the leg work as creditors won't do it on their own, so push them and keep pushing them to remove it.
438062
credit card (noun)\n\nA plastic card having a magnetic strip, issued by a bank or business authorizing the holder to buy goods or services on credit. Also called charge card.\n\nA credit card system is a type of retail transaction settlement and credit system, named after the small plastic card issued to users of the system. A credit card is different from a debit card in that the credit card issuer lends the consumer money rather than having the money removed from an account. It is also different from a charge card (though this name is sometimes used by the public to describe credit cards) in that charge cards require that the balance be paid in full each month. In contrast, a credit card allows the consumer to 'revolve' their balance, at the cost of having interest charged. Most credit cards are the same shape and size, as specified by the ISO 7810 standard.
556179
Well consider this when you settle an account it is shown as a "settlement" on your credit.  So this will affect your score.  Certainly better than a default, but not as good as "paid in full".\n\nI would call the companies and negotiate.  Come in low... let them come in with a higher $ amount.... then agree to their $ amount under the condition that it is reported as paid in full vs. settlement to your creditors.\n\nGET IT IN WRITING!!!! \n\nThen pay it.\n\nWe did this with one card, paid a settlement and then they still tried to collect the balance!  It was a HUGE mess to show that we did our part.\n\nSo make sure you get it in writing and make sure you pay it ASAP!  The faster you can pay it the better.
119289
It is. Most institutions have crediters that they work through. The government also offers student loans. I believe that there are even programs offered for those with bad credit. The only way you for sure will not be able to get them is if you have defaulted on student loans before
102803
Foreclosure is the legal proceeding in which a bank or other secured creditor sells or repossesses a parcel of real property (immovable property) due to the owner's failure to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust". Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, it is typically said that "the lender has foreclosed its mortgage or lien."
178339
Maybe I can explain it more clearly for you....\n\nA big part of your credit score relates to your debt to credit ratio.  How much credit do you have, and how much of it are you using now?\n\nLets take this example.  \n\nYou have 8 credit cards.  The credit limits are all differant from $2000 to $10,000.  Lets say the combined amount is $40,000.\n\nNow lets say 5 of those cards have a zero balance, the other 3 have $400, $1850, and $2500.  Your total debt is $4750.  \n\nYou want to close out the 5 cards with no balance, so we will assume that you remove  $25,000 work of credit cards.  \n\nBefore you canceled the cards, you had $4750 in Debt, and $40,000 in Credit.  YOur Debt/Credit ratio is 12%.  The lower the percentage the better, so 12% is excellent!\n\nNow look at what happens when you cancel those cards.  YOu still have that $4750 Debt, but now you have only $15,000 in credit.  Your new Debt/Credit Ratio is now  32% (nearly 3 times worse then before).  Your credit score will be adjusted to reflect this.\n\nThat's why it's not wise to cancel your cards.  If you must do it,,cancel them 1 at a time over a long period of time.\n\nGo to the link below and study how your FICO scores are calculated.  This is the site of the people who designed the system.
787669
www.experian.com\nCheck your credit reports, like Experian, and they will show you your defaulted loan.  Also, call the company you have the loan with and they should mail you the information or refer you to the collection agency that is now handling your loan.
660755
Again, many wrong answers.  Wish you folks would take the time to read the Fair Credit Reporting Act and get your facts straight.\n\nYou have two dates to worry about.\n\nThe credit agencies report your debt for 7 years, beginning on the day of default.  NOT the date of charge off, date the collection agency reports it, or the date it's sent to a new collection agency!  If you owed a bill on Jan 1, 1999, and missed that payment, THAT is your default date, and it will not change!  There is even a position paper issued by the Federal Trade Commission that states this fact very clearly.  I do not understand why collection agencies tell you otherwise, other then the fact they are lying!  \n\nMany times, when a collection agency gets the account, they may not know the deliquency date, or they will bump the date up for whatever reason.  This is called "aging the debt" and it's illegal!  \n\nYour other concern is the Statute of Limitations.  This date varies from state to state from 4-10 years.  So you need to check what your state's SOL is...see the link below for that info.\n\nThat date begins on the last recorded transaction.  Again, using the above example, of you made a late payment on March 1, 1999, that is the beginning of your SOL.  There are a few other examples, but they get legally involved, so I won't go into it now.\n\nAfter the SOL has run out, you no longer have a legal obligation to pay the debt.  If they attempt to sue you, you simply file a motion to dismiss based on the expiration of the SOL, and it will be quickly dismissed by the judge.\n\nSo....do you pay?\n\nThat's where you gamble.  If the debt is large, it may be worth the effort of a collector to sue you.  If that collector is in the same area/state, that makes it even easier and more likely they will sue.  \n\nIf you want to try and hide out for another year, it's up to you.  but once they find you, and if they win a judgement, that will be on your credit report for 7 years, and they can continue to try and collect for a long time.
503522
Consumer Credit Counseling Service or "CCCS".  They are a non-profit organization who will assist you in managing and paying off debt. They will contact all creditors on your behalf to negotiate lower interest rates. You make one payment to CCCS and they dispurse to the creditors. Their requirements are that you close your credit card accounts and attend a debt management counseling session. It was very helpful to me!