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Does a collection agency have to provide information about the original creditor in a timely manner?
Wiki User
∙ 8y ago
Yes. They have 30 days from the first time they contact you to get you something in writing. See the Fair Debt Collection Practices Act. If they do not, they are in violation of this Act and can get in a lot of trouble.
Wiki User
∙ 8y ago
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What do you do if an account was turned over to a collection agency but the original creditor accepted your payment in full?
Contact the original creditor. Provide proof of your payment. They need to retract the account from the collection agency. The account could have been sold to the collection agency or simply assigned to them. For your purposes, it does not matter which situation applies. You paid the original creditor and your credit report needs to reflect this. After they do what they need to do to get the account back; you then dispute the entries with all three credit bureaus. The original account should show as a paid collection and the other collection account should be removed from your credit report entirely.
Can you be sued by a collection agency for fees if you settled the debt with the original creditor?
Yes. If a debt is defaulted on, there are several penalties that can be assesed by the collector. They can sue andmaybe received a judgment. Collecting on any judgment, however, is a different matter. Proof of payment to the original creditor would provide an affirmative defense to a lawsuit from a collection agency.
How can you remove a medical collection that is no longer listed with the collection agency but has been returned to the original creditor?
I assume this means removing it from the CR. In which case you can't. It may eventually be updated to show the original creditor has reassumed the account. However, it is still a debt owed and still reportable. If a collection account has "been returned" to the original creditor, then the collection agency would not be able to provide verfification of the debt should this be requested. You could write a letter of dispute to both the credit bureaus and to the collection agency requesting a verification of debt. If this were provided despite the fact that the account is no longer theirs to verify, that would constitute a violation of law. This is often the first step many consumers take in gathering evidence of willful non-compliance for lawsuits against collection agencies. So, even though it may happen, it would put the CA in a precarious situation.
Can debt collectors locate someone if they request a credit report?
No. A collection agency does not have access to your credit report. They use contact information supplied by the original creditor. They are required to adhere to the FDCPA, not all of them do, however. Generally a consumer who requests their own credit file has to provide proof of their current address. This information (if new) then becomes part of that consumers' credit file. Any company subsequently performing an inquiry would get the current contact information. If a collection agency pulled a consumers' credit, they would get all the information showing in that persons' file at the time of the inquiry. If that data contained accurate contact information, then the collector would have it. This is an ordinary method of obtaining location information on debtors and monitoring for activity such as new loans/accounts which indicate ability to pay (past due debts).
If you owed money on a student credit card but have now settled it will that affect your credit in the future?
You did not provide enough information for a specific answer to your question. In general: Settled debts show as (now) paid derogatory items. No creditor wants to take a loss after wanting longer than the original term of your loan to get their money back. So a derogatory loan that is settled for less than full balance is shown with that type of notation, and continues on your credit report until its' governing statute of limitations expires.
What do you do if an account was turned over to a collection agency but the original creditor accepted your payment in full?
Contact the original creditor. Provide proof of your payment. They need to retract the account from the collection agency. The account could have been sold to the collection agency or simply assigned to them. For your purposes, it does not matter which situation applies. You paid the original creditor and your credit report needs to reflect this. After they do what they need to do to get the account back; you then dispute the entries with all three credit bureaus. The original account should show as a paid collection and the other collection account should be removed from your credit report entirely.
Can you be sued by a collection agency for fees if you settled the debt with the original creditor?
Yes. If a debt is defaulted on, there are several penalties that can be assesed by the collector. They can sue andmaybe received a judgment. Collecting on any judgment, however, is a different matter. Proof of payment to the original creditor would provide an affirmative defense to a lawsuit from a collection agency.
If Company A sends your acct to a collection agency but you decide to pay off Company A do you still owe the collection agency money?
Nope. Advise the collection agencey that this was settled with the original creditor. You may have to provide them with a copy of a canceled check or money order. You can also have the creditor call the agency. Some will, some won't.
How can you remove a medical collection that is no longer listed with the collection agency but has been returned to the original creditor?
I assume this means removing it from the CR. In which case you can't. It may eventually be updated to show the original creditor has reassumed the account. However, it is still a debt owed and still reportable. If a collection account has "been returned" to the original creditor, then the collection agency would not be able to provide verfification of the debt should this be requested. You could write a letter of dispute to both the credit bureaus and to the collection agency requesting a verification of debt. If this were provided despite the fact that the account is no longer theirs to verify, that would constitute a violation of law. This is often the first step many consumers take in gathering evidence of willful non-compliance for lawsuits against collection agencies. So, even though it may happen, it would put the CA in a precarious situation.
I did a volunteered Repo on a car and a collection agency is trying to collect difference of 5200?
And it is your responsibility to pay this. You should however contact the original loan holder and request in writing a complete statement of all charges and balances owed, with reconcilliation of all amounts paid or applied toward the original balance. Do it in writing, otherwise there is no obligation by the original creditor to provide this information. contactthe collection agency atthe same time, also in writing, and inform them that you are negotiating with their client, and that they should cease and desist all collection efforts. Remember, do it all in writing. Send the letters registered, return receipt so you have proof of service, and keep copies of everything.
What is the importance of flow chart?
To provide a cohesive collection of information at a glance.
Can a debt after 6 years of no notices from a company bought from another still be collected?
One answerYour original debt was with the original creditor. Research the Fair Debt Collections Act. It will protect you against these creditors and 3rd party collectors or if not call me and I will provide you information on a weekly conference call where you can find out your rights and ask questions from professionals. More inputYour description is not complete. A few things that matter are:1. Was 1st company your original creditor?2. Which state do you live in?FDCPA (Fair Debt Collection Practices Act) would help you, but before that you need to check your state statute. Please check for your state's statute, as there is a limited time line till when creditors or collection companies can sue you to get the pay checks garnished.If the 2nd company has intimated you recently, most probably they are 2-3 months away from the dead line. This is the general practice of collection companies.Please search for your state statute and then, you can take a call on the same.
Can a third party debt collector collect on a debt over 9 yrs old if 1 small payment was made?
Your original debt was with the original creditor. Research the Fair Debt Collections Act. It will protect you against these creditors or if not call me and I will provide you information on a weekly conference call where you can find out your rights and ask questions.
The most problematic sources are those that?
are those that provide the least information about the author and their original source of information.
How do you find the collection agency's contact information if the reference on your credit report says only 'medical collection account'?
Contact the credit reporting agency from where you got the report. They have the contact information and can provide that to you upon request.
What scale factor was applied to the original figure to create the new figure?
It might have been possible to answer the question had you provided some relevant information about the original and new figures. But since you have not bothered to provide that information, I cannot provide a sensible answer.
Is it legal to reissue a warrant after you sell it to a collection agency?
In general, once a creditor sells a debt to a collection agency, they transfer the rights and ownership of that debt to the agency. As a result, the collection agency becomes responsible for attempting to collect the debt. In most cases, the original creditor no longer has the authority to reissue a warrant or take direct legal action against you for that specific debt. However, laws regarding debt collection can vary by jurisdiction, and there may be specific rules or regulations that could impact the ability to reissue a warrant in certain circumstances. It's essential to consult with a legal professional who is knowledgeable about debt collection laws in your area if you have concerns or questions about your specific situation. They can provide guidance tailored to your circumstances and the applicable laws in your jurisdiction.
