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No, all negative information will remain on a CR for the required amount of time. Generally 7 years for charge-offs, judgments, dismissed BK's, etc. 10 years for discharged bankruptcies.

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โˆ™ 2006-02-09 02:34:03
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Q: Can sold accounts be removed from your credit report?
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I have a collection for a doctor's bill from 2003 on my credit report I just noticed that they reposted the same bill on my credit report and changed the date to 2008. Can they do that?

sounds like might have sold the account to another collection agency--dispute it after the 7 years is up to get it removed


Your credit report has two creditors with the same credit card number?

usually this is because the original lender sold the account to a new lender which takes on the loan/debt, but the paper trail is still left on a persons credit report. If a company goes out of business they also liquidate their assets/accounts to another creditor. It also can be because the person did not pay on the account and it was sold to another creditor or a collection company. The most rare case would be that there is a mistake on a persons credit file and should contact the credit report company.


What type of transaction give rise to Accounts Receivable?

generally the transactions including credit sales gives rises to accounts receivable.


When a sale of merchandise is made for credit what three accounts are increased?

Accounts Recievable, Cost of Goods Sold, and Sales Revenue.


Can a credit card debt that was charged off and sold to a collection agency be reported on your credit report?

Yes.


What happens to charged off credit cards?

They are sold to collection agencies and negatively impact your credit report.


How can you find out what the vehicle was sold for you were told that if they sold the vehicle for more than what you owe they have to report that to the credit bureau as paid in full?

how can you find the vehicle that the owner sold?


What is the Journal entry for goods sold?

debit accounts receivablecredit sales revenue


What is Journal entry for sold goods?

debit accounts receivablecredit sales revenue


What would the journal entry be for payment received for goods previously sold on credit?

debit cash / bankcredit accounts receivable


What would the adjusted entry be for product sold on credit?

When product sold:[Debit] Accounts receivable[Credit] Sales revenueAdjusted Entry:[Debit] Cash / bank[Credit] Accounts receivable


If you sold 1000.00 of inventory for 2000.00 on account where would you post these transactions in quiken?

Debit Accounts Receivable 2000 Debit Cost of Goods Sold 1000 Credit Sales 2000 Credit Inventory 1000


Can you report people to the credit bureau if you hold their mortagages or contracts?

yes. contact the credit bureaus and learn how to set up an account and do the reporting. You can help us all. You should have done this before you rented or sold and gotten a credit report then.


If old Credit card debt is sold can it be relisted on credit report?

Yes it can be relisted under the same name or under the new collector's name on your credit report. It is best to make payments or pay it off if you don't wish for it to appear.


If your car loan statement says the bank closed the account in 1999 can you have this repossession removed from your credit report?

Chances are good the bank sold the account to a collection agancy. Contact a local attorney for state specific info.


If you were in foreclosure but sold the property before the bank took over and should your credit report state foreclosure on it if the loan was paid off in escrow?

If You Paid The Bank All Moneys Owed, And At Present Are Credit Wise Clear With The Bank. Take Your Report To A Loan Officer Then File A Report With The Credit Reporting Company, This Should Clear This From Your Credit Records.


If several debts listed on a credit report are sold to a new collection agency and then paid in full can the debts from the old agency be disputed and removed from a credit report?

Yes and no. What the original credit agency should be reporting is that the debt was transferred to a new collector. Once you have proof that the debt was paid in full, you should be able to provide all creditors that are reporting negative info regarding that debt that this is the case and they should mark your records accordingly with a zero balance. It is really entirely up to them as to whether or not they totally remove the entry from your credit report.


What is the difference between Accounts Payable and Accounts Receivable?

Accounts payable are amounts a company owes because it purchased goods or services on credit from a supplier or vendor. Accounts receivable are amounts a company has a right to collect because it sold goods or services on credit to a customer. Accounts payable are liabilities. Accounts receivable are assets.


Does decreasing accounts receivable increase cash flow?

Decrease in accounts receivable increases cash flow as company receives cash from customers to whom goods sold on credit.


If a loan was in foreclosure when property was sold how will it report to credit bureaus?

It reports that it was previously in foreclosure and is now paid-in-full.


You have a judgment through the court system how can you place this on the person's credit report?

The individual does not report a judgment award to the credit bureaus. This type of information is collected by operators who specialize in researching and retrieving public records and storing them in databanks. The records are then sold to various agencies, such as credit bureaus.


How do you rebuild bad credit?

Bro the best way is to have your poor accounts disputed and removed. I had a law firm write a letter for me and all my disputed accounts were removed. This is the link to the cousin that sold me the pre-paid legal assistance. A lawyer can cost about 250 an hour but I did it pre paided for 20 a month. Here is the link. Good luck. https://sites.legalshield.com/aasites/Multisite?site=hub&assoc=ejasminejones


If your debt with a judgment against you has been sold can the judgment still be on your credit report from the original creditor effecting your credit report twice?

No, it's the same account and the new creditor is simply taking over the same rights as the original creditor.


You had foreclosure proceedings started but you sold the home and paid off the bank in full Can the foreclosure proceeding started be remove from your credit report?

If foreclosure proceedings were initiated, and that is all that is claimed on the credit report, then the bank cannot change the report. If the credit report shows that the foreclosure took place, however, the bank would have to correct that. Similarly, a credit card company won't take back any delinquent payments reporting just because the card was paid off. They are legally obligated to report accurately.


How long does it take for an unpaid bill take to be taken off your credit report after it has been paid?

items will remain on your credit report 7 years from the date of last activity. What that means is if the account was already 6 years on your report but it was sold to another company it could remain on your report for another 7 years based on activity