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Are you still liable for a balance that appears on a credit card that was charged off even if you paid the collection agency?

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2005-12-11 05:11:18
2005-12-11 05:11:18

No. You can take the paperwork with the collection and send a certified copy to all 3 credit bur., and it will or should be taken off.

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Related Questions


Yes, unfortunately a collection agency can charge interest and other fees when they obtain a debt.


In Part: No it has to be updated if the balance is revolving and going up or down monthly.


No, as they are the legal agent of the original Creditor and the arrangements made with the collection agency are binding on the original Creditor.


You have to pay the collection agency. The original company has a signed contract with the collection agency and they pay the collection agency a % of what they collect from you. That's how they make their $$. The original company did not want to have the outstanding balance on their books.



A Commercial Collection Agency is and agency that collects debt on behalf of their clients, same as a consumer collection agency, but a commercial collection agency collects business to business.


It goes to a collection agency, prepare to get annoyed and harassing phone calls


Original creditors sale their accounts to collection agencies when the account has been past due and they have not effectively collected. At that time, the original creditor will charge off the balance from their accounts receivable and turn the account over to a collection agency. When the collection agency collects the debt, a portion of the amount received is paid the the collection agency and the remainder is returned to the original creditor as profit.


It is unlikely that the account was "sold" to a collection agency. Rather, the agency was contracted to recover the debt. The "charge off" of the account only affects the original creditor, and represents a loss reported against the company's taxes. If the collection agency has attempted to recover the debt and has been unable to, the original creditor will likely pull back the account and refer it to another agency in hopes of greater success.


If the original creditor charged interest then the collection agency will continue to accrue interest at either your states legal rate or whatever you agreed to in the original contract until the debt is either paid or sold to another collection agency or placed with an attorneys firm for legal litigation.


Absolutely not. You, as a debtor, do not get to set the terms of repayment. By the time the collection agency gets a case, typically, the entire balance is due at that point. The good news, however, is that when a collection agency sues you, a good consumer attorney can likely defend your rights with great success. For more answers to collection agency questions, please visit my website at www.gregartim.com


no.This is in violation of The Fair Credit Act and The Fair Debt Collection Act.Report this to the FTC and your state attorney office.then look for a lawyer to sue them.


if a collection agency has not bought out my debt from the original company can the collection agency look up my credit report?


Yes, the term "charge off" does not indicate that the debt is uncollectible.


I recieved a call from a collection agency but not able to find any info on the company. How do I know its legit? Company is Action Collects. Company was very rude with a customer that is willing to pay balance in full.


A collection agency can charge you fees on top of your original debt. They can charge you a fee for their collection.


Collection agencies can't add charges. Fees and interest charged to your account are per the terms of your contract with the creditor.


The commercial collection agency is used in debt collection in the event a debtor fails to.


you "satisfy" a judgment by paying balance in full or settlement. but understand that once a judgment has been issued by a court then there can be no one else that does this.


No! The only obligation of the collection agency regarding a debt is to accurately report the debt...i.e. balance outstanding, current status, and payment history. However, if you are paying or contemplating paying a collection agency, it would be wise to negotiate a positive outcome...i.e. the total removal of the account from your credit profile in exchange for payment. This should be negotiated prior to paying the collection agency and the agreement should be in writing.



Norwegian National Collection Agency was created in 1990.


if a collection agency isn't paid, the debt can be put on a persons credit report. The collection agency can also choose to garnish a persons paycheck.


Yes, Collection agency can do that. But contact a good collection agency like Guardian Credit Services, they know will how to deal with customers to get money


If the bill was late enough to be sent to a collection agency, the collection of that bill has been turned over to that collection agency as well.



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