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Can a charge off be sold to another collection company for nonpayment and placed back on your credit after seven years?
Wiki User
∙ 8y ago
The thing to remember is: Anything is possible.
A more appropriate question would be: Is it legal for a charge off to be sold after 3 years, and for the new company to restart the 7 years (re-aging)? This tactic was one of the reasons behind an amendment to the Fair Credit Reporting Act in 2003. The law was changed to specifically establish the "date of last activity" (that's THE date that triggers the 7 year countdown)and prevent collection agencies or junk debt buyers from re-aging.
Unfortunately, the law covers only debts that originated after December 1997. Also, just because there is a law out there doesn't mean it will always be followed (speed limit, anyone?) A consumer may have to sue to enforce their rights under the law. I've also come across a disturbing trend. Collection agencies frequently place collection accounts on a consumers credit report without specifying the DLA. How can they be accountable for a date they are not identifying/reporting? Tricky, huh?
Wiki User
∙ 8y ago
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How do collection agencies work re rates they charge the collectee and the collector?
Generally a collection agency will charge the company they are collecting for a percent off what they collect. They do not charge the person they are collecting from.
Why would a collection agency not give you the balance of your charge off in writing?
Only the company can answer that question.
Is a charge off or judgment worse on a credit report?
They are or will be the same. All institutions who do a charge off sell the paper to a collection company so they are or will be the same.
If a company is no longer operating what will happen if you dispute a charge off that is with a collection agency?
Whether the company is opertaing or not, does not make any difference. Proof of your account is still there.
Can a collection agency report and collect a debt that is shown as a charge off from another creditor?
Yes. When creditors charge off accounts they send them (or sell) to a collection agency. The collector can request the debtor's credit report show that the account has been turned over for collection procedures.
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Account set up for transactions between companies to charge back expenses occured by one company but relate to another company, which you charge back to. BM
What is the difference between charge off and collection?
collection i believe is a company that sets you on a payment plan to make it easier for you to pay. charge off you will never beable to get credit it is paid off but you will never be able to get a loan To my knowledge, charge off means the business charged it off as a loss and collection means they are pursuing the person for the money or paying an agency to pursue the person for the money.
Can collection agencies request additional money on interest charges after the debt is paid in full?
No, a debt collection company purchases a debt from a creditor. They can try to collect on that debt but may not charge interest on it as they have no contract with you outlining interest charges. If a company is attempting to do that, cite the Fair Debt Collection Practices Act, a federal law, and complain to the Federal trade Commission, which oversees debt collection practices.
Can a debt collection company charge you to pay with credit card?
its unusual, from the ones ive known, no most use an internet site to process credit cards.
If a debt is sold to another company for collection does it take another 7 years from the transfer of debt for it to come off your credit report in California?
The date of first delinquency should be the date that starts the clock for the 7 years. Meaning if you went 30 days late in April 2005, on a credit card, and then 60, 90 then 120, then the account would go to charge off status but the date of first delinquency would be April 2005. In CA, 4 years from the date of first delinquency is within the statute of limitations is in effect that a creditor or collection agency can sue you for the amount owed. This will vary from state to state, If the collection agency sells the collection to another collection company, the start date is the date of first delinquency, April 2005. If the collection agency changes the date, that is called re-aging and is illegal unless you set up new terms with collection agency
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