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Are creditors obligated to default an account after so long?
Hi guys,
I was wondering if anyone can help?
… long story short. I have an account in default from 5ish years ago. I noticed that the creditor allowed me to miss two payments then allowed me to pay the normal amount to keep it out of the 3 missed payment range, all the wile charging late fees every month for the two missed payments.
In this circumstance, should the creditor have register a default earlier (3-6 month range) or is there not obligation for creditors to issue a default.
I ask as the creditor allowed this to go on for over a year and if they issued a default within that range, it would have been due to drop off my credit file this year. And also would have stopped late fees.
Any help would be much appreciated!
I was wondering if anyone can help?
… long story short. I have an account in default from 5ish years ago. I noticed that the creditor allowed me to miss two payments then allowed me to pay the normal amount to keep it out of the 3 missed payment range, all the wile charging late fees every month for the two missed payments.
In this circumstance, should the creditor have register a default earlier (3-6 month range) or is there not obligation for creditors to issue a default.
I ask as the creditor allowed this to go on for over a year and if they issued a default within that range, it would have been due to drop off my credit file this year. And also would have stopped late fees.
Any help would be much appreciated!
