Business & Finance Bankruptcy

Florida Debt Rights

    Credit Reporting Time Frames

    • If you do not pay your bills as promised, negative credit reporting results. In Florida, missed payments, late payments and unpaid collection accounts reflect on credit reports for seven years from the date of the original delinquency. The same time frame applies to Chapter 13 bankruptcies. Chapter 7 bankruptcies and tax liens negatively impact credit ratings for 10 years from the date of the incident.

    Credit Report Privacy

    • Under the Fair Credit Reporting Act, only certain parties can access a Florida resident's private financial information. Lenders processing credit applications, collection agencies pursuing an unpaid account, potential employers, landlords and insurance companies can legally view credit reports. When a creditor views a report, that information reflects on credit reports for two years.

    Credit Report Access

    • Since 2005, every Florida resident can obtain at least one free copy of their credit reports each year from the agencies Equifax, Experian and TransUnion. This rule also applies to bad check writing databases such as ChexSystems. People must contact each major credit bureau online, through mail or over the telephone to obtain their free reports. Representatives of the credit reporting agencies can legally demand proof of identity through a multiple choice quiz about past accounts and addresses, or a copy of a government-issued photo ID. If a Florida resident is denied credit, housing or a job, he can request additional free credit reports.

    Debt Statute of Limitations

    • Under Florida state laws, creditors are held to a statute of limitations when it comes to filing lawsuits against delinquent customers. The statute of limitations for a written contract, such as credit card agreement, is five years, while the statute for an oral contract is four years. But this does not impact credit reporting; creditors can report the debt for up to seven years and try to collect upon it for as long as they wish.

      (Reference 5)



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