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Can sold accounts be removed from your credit report?

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2006-02-09 02:34:03
2006-02-09 02:34:03

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

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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.

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

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Goods sold to customers on credit give rise to accounts receivable.

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

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debit accounts receivablecredit sales revenue

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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.

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

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Assume we are selling a dress on credit for $100; the dress has a cost of $80. Accounts receivable: debit 100 Sales: credit 100 Cost of goods sold: debit 80 Inventory: credit 80 The rationale is as follows: Inventory is an asset (normal debit balance), which is reduced (hence a credit) Accounts receivable is an asset (normal debit balance), which increases (hence a credit) A profit is made of 20, hence equity increases. Instead of applying a credit on retained earnings, temporary T-accounts are used (sales and cost of goods sold) Sales has a normal credit balance, hence it is credited Cost of goods sold has a normal debit balance, hence it is debited Notice that the two temporary T-accounts together are credited for 20, which is the profit margin

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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.

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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.

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Accrual income: Sales incurred but amount is not received is accrued income Accounts receivable: When goods sold on credit to customers is cause of accounts receivable.

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

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

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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.

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

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debit accounts receivablecredit sales

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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.

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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

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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.

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

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Account Recieveable: It is the person to whom you sale goods on credit and amount is recieveble to some future timeAccount Payable: It is the person from which you purchased goods on credit and agreed to pay in future.Accounting Entries:Account Recieveable:When good sold on creditAccounts recieveableSalesWhen receive the amountCash/Cash EquivalentAccounts RecieveableAccounts Payable:When goods purchased on creditPurchasesAccounts paybleWhen payment madeAccounts payblecash/cash equivalent


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