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Can collection agency collect or report if charge off accounts are deleted after 7 yrs?
Wiki User
∙ 15y ago
Attempt to collect: yes they can attempt to collect long after the 7yr tradeline expiration date.
Report: no since the very first account default triggers the 7yr deletion timer not when the collection agency receives it from the original creditor.
Wiki User
∙ 15y ago
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What are derogatory accounts?
Accounts that are past due or collection agency accounts.
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.
Can a creditor or debt collection agency access your business bank accounts for debt collection?
With a judgment and execution, the sheriff can. Without it no. But the collection agency can never legally access it. However, there are ways to do it illegally. Can the creditor do it... ? If you have a citizens acct and a debt with them, then yes, they can legally access whatever accounts you have with them. But a creditor can't just get access to you bank accounts. (I own a collection agency)
What businesses use debt collection companies?
There is no special rule that says why should businesses use collection agencies. One of the most essential activities of a business is dealing with the accounts payable and there is going to be other business or consumers that will not pay on time, for business accounts that are delinquent 60, 90, 120 or more days, represent a tremendous lost. When a business goes after their delinquent account (past due accounts) may represent an enormous effort and resources to collect that account, some times business have in-house collection department, some business mix in-house with a third party collection agency. When collecting business debt a commercial collection agency usually is needed. So, this is up to the business, if they want to collect themselves or via a third party collection agency
Can a collection agency combine two different accounts that were with the same company and try to collect the total using one of the account numbers?
No. They would have to take separate action on each account owed.
Can a collection agency collect from a trust?
no
What are derogatory accounts?
Accounts that are past due or collection agency accounts.
Can collection agency collect on vetrans?
yes
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.
Can a collection agency collect late fees interest?
No.
What does selling debt mean?
A company, usually a collection agency, will buy past due accounts from businesses for pennies on the dollar. They make a profit when they collect on the debts.
Can a collection agency collect interest on your debt?
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
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.
Can a collection agency collect for medical bills from a juvenile?
Yes, they can collect from the parents or legal guardian.
Can a creditor or debt collection agency access your business bank accounts for debt collection?
With a judgment and execution, the sheriff can. Without it no. But the collection agency can never legally access it. However, there are ways to do it illegally. Can the creditor do it... ? If you have a citizens acct and a debt with them, then yes, they can legally access whatever accounts you have with them. But a creditor can't just get access to you bank accounts. (I own a collection agency)
Can an out of state collection agency collect in Wyoming?
Yes if they are licensed to do so
What are collection agencys?
A Collection Agency pursues payments of debts on behalf of their clients. It can be categorized by Collection Agencies for Consumer and Commercial.Consumer is when a Lender provides credit for services or products to a Consumer, and when this accounts fail to pay, then the lender may use to collect the debt through a Collection Agency.Commercial is the same concept but collecting debt from business to another business, this is known as Commercial Collection Agency
