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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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∙ 18y ago
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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 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.
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.
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.
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
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?
Goods sold to customers on credit give rise 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.
What happens to charged off credit cards?
They are sold to collection agencies and negatively impact your credit report.
Can a credit card debt that was charged off and sold to a collection agency be reported on your credit report?
Yes.
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.
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?
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 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
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.
