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Can a credit union list an account on your credit as a charge off and then a collection agency list the same account as a bad debt so that it appears to be two different items?
Wiki User
∙ 16y ago
It happens all the time - but it shouldn't. More people should look at their credit reports so they will know what's on them. Check the Fair Credit Reporting Act. By law, only one creditor can list a given debt. Typically it's the original creditor (the subscriber reporting to the credit bureaus), that reports the information. While I don't want to advise you (I'm not an attorney) I would challenge anything on my credit report that I believe is incorrect. I would demand validation of any debt that I believe is incorrectly reported. One of the two institutions will be unable to validate because they cannot simultaneously report the same delinquency. With that said, remember: many people believe that whatever they do, they're not REALLY guilty as long as they don't get caught. The credit reporting agencies are no different. Until you challenge the lie on your CBR, your credit score will suffer. Pay your bills on time and these things will be less a concern over time.
Wiki User
∙ 16y ago
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Can a collection agency continue to report a collection account to the credit bureau after the account is sold to another collection agency?
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
Can the collection agency freeze your bank acct in Fla?
No. A collection agency can not freeze your bank account. Only a judge could do that.
What does it mean when your credit report states that you have a paid closed collection account on you credit report?
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.
Can a collection agency freeze your bank account in NC?
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).
Can collection agency take money out of joint account in ct?
Yes they can.
Can a collection agency continue to report a collection account to the credit bureau after the account is sold to another collection agency?
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
Can my account be sold to another collection agency?
Yes.
Can the collection agency freeze your bank acct in Fla?
No. A collection agency can not freeze your bank account. Only a judge could do that.
What does it mean when your credit report states that you have a paid closed collection account on you credit report?
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.
Can a collection agency freeze your bank account in NC?
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).
Can collection agency put a lien on your bank account in sc?
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.
What is a Derogatory public record or collection?
== == 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.
Can a collection agency pull your credit?
No! ###### Yes if they have permissable perpose to do so (ie: Collection On Your Account)
Can a collection agency increase interest on a charged off account?
Yes.
Can collection agency take money out of joint account in ct?
Yes they can.
Why original creditors sale accounts to a collection agency?
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.
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.
