No, once a collection agency relinquishes their claim to the account by selling it they must remove all negative trade lines related to that account from your credit reports.
Hope this helps
ST
No. A collection agency can not freeze your bank account. Only a judge could do that.
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.
The original account with a normal credit company went to a third party collection agency. Only after it went to the collection agency was the debt paid and then the account closed.
No, it is illegal for a collection agency to garnish or freeze your account for any reason. The only way your account can be garnishes is if you owe taxes or child support. If a collection agency threatens to do this, tell them that you are aware of the Credit Reporting Laws on this matter (there is legal ground for this matter).
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.
Yes.
The agency will continue attempts to collect the amount owed plus any applicable fees. If a settlement cannot be made, the collector may decide to refer the account to a collections attorney for legal action.
No. A collection agency can not freeze your bank account. Only a judge could do that.
Well in Canada they cannot, unless it is a joint bank account or the family member co-signed for the loan.
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.
Is the doctor going to turn the account over to a collection agency? A collection account would hurt your credit. Is the collection agency going to sell the account to another agency, thus extending the time period it shows on your credit report? If they do, it could hurt your credit for an even longer period of time.
The original account with a normal credit company went to a third party collection agency. Only after it went to the collection agency was the debt paid and then the account closed.
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.
No, it is illegal for a collection agency to garnish or freeze your account for any reason. The only way your account can be garnishes is if you owe taxes or child support. If a collection agency threatens to do this, tell them that you are aware of the Credit Reporting Laws on this matter (there is legal ground for this matter).
It is possible for the collection agency to put a lien on your bank account. Before they can do this, they must go through the proper procedures first.
When a collection agency sells your debt they no longer have any claim to your debt. It's like selling a car, once it is gone it is gone.
== == A Deragatory record is an account that has had a history of late payments. A collection account is an account that was not paid on time or at all, and was closed by the creditor and sold to a collection agency.