It would seem not. However it depends on what type of account it is. If it is a credit card then the SOL has probably expired and the debt is no longer valid. There are accounts that have a longer SOL in some states. It would be beneficial to check the Statute Of Limitations for your state of residency. Send a certified letter requesting information and validation of the debt. Some collection agencies function with the idea that most consumers are not informed of their rights. And will find a way to pay, even when they are no longer obligated.
Absolutely not. Any derogatory information can only be reported for seven years from the original status date. This is the date that the account originally went delinquent. If an account is reported nine years after status date, it is re-aging, and is a violation of FCRA and FDCPA.
Yes, all the factors that are used to determine your credit score are important. When any credit account is delinquent, the amount of the delinquency is not AS significant as the fact that it was not paid as agreed, but it is a factor.
If you are having creditworthiness in the market, the seller will offer you credit against your purchase. The period of credit depends on volume of purchase and your worthiness. The same principle is applied to company to company transactions.
You can close a credit card account at any time, regardles of whether there's a balance left on the account. If it's not past due, you simply make regular monthly payments. If it's delinquent and the creditor hasn't already closed the account for you, you'll probably also make monthly payments on the balance. In some cases of severely delinquent accounts, you can agree to pay one final lump sum, usually less than the total amount owed. However, this will appear unfavorably on your credit reports, as will "account closed by credit grantor". Regardless, it's probably a good idea to close the account, particularly if it's delinquent.
Becasue if you are delinquent the creidt card company fears it won't get its money. They will then settle to get soemthing as opposed to nothing. If you are apying something, they will just continue to add on the interest.
Bring delinquent accounts current, pay revolving account balances down below 30% of the available credit, and let time pass since the last delinquency.
So long as there's a balance on the account - the file will remain open.
Yes, all the factors that are used to determine your credit score are important. When any credit account is delinquent, the amount of the delinquency is not AS significant as the fact that it was not paid as agreed, but it is a factor.
Purchase Credit Journal Entry is the journal entry passed by the company in the purchase journal of the date when the company purchases any inventory from the third party on the terms of credit. The purchases account will be debited. The creditor’s account or account payable account will be credited to the company’s books of accounts. visit our page : ieqsgroup .com/about-us
Purchase on account means purchases from vendors on credit while sales on account means selling to customers on credit.
It depends on the terms and conditions of the credit card company. Ask them to send you a copy if you do not have the one that came with your credit card.
A debt will stay on your credit report for seven years after the date that you were originally delinquent on the account. After seven years, this debt is taken off of the account.
A debit to the vendor's subsidiary account.
A cash account will always be decreased by a credit, but a credit will not always decrease a cash account. The only time a credit decreases cash is when the company pays out cash, whether it's to purchase supplies, inventory, or pay wages etc. Here is two examples of a credit in a transaction, one will decrease cash, the other will not. Company X buys $1,000 in inventory from Company Y and pays CASH. The debit for this transaction will increase inventory, the credit will decrease cash since company X is paying cash for this transaction. Using the same transaction however, changing Company X wants to purchase this inventory on "credit" the debit in this transaction as above will still increase inventory, however, since Company X has chosen to purchase this inventory on credit and not use cash and accounts payable will be set up and the credit will "increase" accounts payable. Remember, Assets will "always" increase with a debit and decrease with a credit. Liabilities will "always" decrease with a debit and increase with a credit.
credit card
You can't MAKE a credit card company reopen an account. You can call the credit bureau and request that they change the status to indicate that is was closed by you and not the credit grantor. Or, you can simply put a notation in your credit report stating that the account was closed by you and not the card company.
If you are having creditworthiness in the market, the seller will offer you credit against your purchase. The period of credit depends on volume of purchase and your worthiness. The same principle is applied to company to company transactions.
Usually it means that you have a credit balance and the credit card company owes you money. This occurs when you pay more than you owe or you receive a refund from a previous purchase.