I am assuming you are referring to the debtors CR. In which case the answer is No! The time limit for a debt to be removed from a CR, generally begins six months after the date of last activity on the account.
No. When an original creditor sells a charged off accounts to another company. I asked the Credit bureau to investgate. However, the creditor is unable to remove it from my credit report. does this start the 7 year clock ticking all over again from the date the credit bureau investigate?
You can see the actual wording of the code at this site. It boils down to 7 years from the first day the account was placed for collection for the last delinquent payment. Sound confusing? Say you paid Jan 1, 1997 and didn't pay for 4 months. The account went into collection. You paid on May 1, 1997 and then never made another payment. If the account went into collection on June 1 1997, that's where the clock starts ticking. Even if the creditor sells the debt, the clock still ticks from the June 1 date. As long as you have not made a payment, the date stays the same. I still have one outstanding question. Say you made a payment on Oct 1, 1997. The account was still in collection because you were still delinquent. Does that restart the clock 180 days after Oct 1? The answer depends on whether the account achieved collection/charged off status prior to the additional payment. Once an account becomes a collection account, its' status changes. The standard amount of time for this is 180 days, but certain factors may shorten or lengthen that period. Once the account becomes a collection/charge off, the complete balance is due in full. The consumer no longer has any rights to make payments, and the original amortization terms no longer apply. The FCRA 15 USC 1681c Section 605(c)(1) states that: "The 7 year period...shall begin...upon the expiration of the 180 day period BEGINNING ON THE DATE OF THE COMMENCEMENT of the delinquency, which immediately preceeded the collection activity, charge to profit and loss, or similar action." So, once the account becomes a collection, or charge off, nothing can legally restart or change the DLA. If however, the consumer makes an additional payment prior to the account becoming a collection or charge off, then that month/year is established as the correct DLA.
It MAY. The practice of re-inserting derogatory information, like collection accounts, onto consumer's credit files is one of the reasons the Fair Credit Reporting Act was amended last year. That amendment, the Fair and Accurate Credit Transactions Act (FACT) set firm rules for establishing the DLA (date of last activity) on accounts. This date establishes when the 7-year clock begins ticking. Technically, FACT only applies to accounts that were generated after December 1977. But if a sleazy collection agency attempted to re-insert a collection account past its statute of limitations; a consumer would certainly have grounds upon which to dispute that listing. Gather your evidence and assume that it will show up on your credit report. Fore-warned is fore-armed.
They can but usually they leave it open but make it inacessable because they can keep it on your credit until its resolved. It is in your best intrest to close the account as soon as possible to allow the seven years it can be on your credit clock start ticking.
This 7 Deadly Mistakes are design for business debt collection, this summary contains the main idea (Resource link)Mistake #1: Failure to Pre-Screen the Customer Properly"Obviously, the best way to avoid a collections mistake is to correct it before it happens" Mistake #2: Bending the Rules on the Credit Application"A good ongoing best practice is to closely monitor the rules you adhere to credit applications"Mistake #3: Failure to Review and Update Internal Collection Processes"Collection process management should never follow a "set it and forget it" mentality." Mistake #4: Not Following State and Federal Collection Laws (and Applicable State Precedents)"Not only are you out the money that needs to be collected but ---surprise--- now you've got a lawsuit dropped right in your lap." Mistake #5: Lack of a Consistent Follow-up Processon Past Due Accounts"if those individuals leave or aren't available, your company is already playing from behind and not nearly as effective as it could be." Mistake #6: Waiting Too Long to Pull the Collections "Trigger""The sad fact is the moment accounts receivables get past 30 days; the clock starts ticking on the likelihood of collecting on the debt" Mistake #7: Working With a Collections Company That's Collecting the Wrong Kind of Attention"Conversely, maybe this company is attracting negative publicity because of their business practices or lack thereof."
No. When an original creditor sells a charged off accounts to another company. I asked the Credit bureau to investgate. However, the creditor is unable to remove it from my credit report. does this start the 7 year clock ticking all over again from the date the credit bureau investigate?
No. The word ticking is a verb form, or a noun, or an adjective (ticking clock). But it is not used as an adverb.
the ticking is the blinkers
Time Is Ticking Out was created in 2001.
If the ticking sounds like a "normal" ticking, it is probably the fuel injectors.
Ticking Clock was created on 2011-01-04.
The most likely cause of a ticking sound in a motor is a bad timing belt. A valve out of time can also cause a ticking sound.
Please describe where the ticking is coming from, and what you're doing (if anything) when it happens. Please describe where the ticking is coming from, and what you're doing (if anything) when it happens.
The wrist watch stopped ticking because the battery ran out.
Yes, 6 years is the SOL on credit card debt in Michigan. It is not only the last payment made on the card. If you made a charge on the card after the payment then it would be after that. Basically the SOL clock starts ticking when the last activity was made on the card by YOU - not the credit card company. Once that period is up, you can no longer legally be sued for the debt. Although some collection agencies will try it. Learn your debt collection rights by reading up on the FDCPA.
Ticking is the correct name. It is sometimes also known as flecking.
Get your brakes tested. I do not know what a ticking sound means.