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Does a credit card debt that has been passed to a debt collection agency need to be paid the original debt is from 1978?
Wiki User
∙ 15y ago
Hello,
Please search in Google for State Statute of limitation.
I could have answered that, if i knew which type of debt it is and which type of contract you have along with your state.
You should get the answer, there are a lot of websites that have State Statute of limitation.
Thanks!
Wiki User
∙ 15y ago
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Does transferring a debt to another collection agency exend the time it appears on credit report?
Transferring a debt to another collection agency does not extend the time it appears on your credit report. The time a debt stays on your credit report is determined by the date of the original delinquency, and this date doesn't change when a debt is sold or transferred to a different collection agency. Here's a clearer picture: Seven-Year Rule: Generally, a debt can stay on your credit report for up to seven years from the date of the first missed payment that led to the account's delinquency. This is a guideline set by the Fair Credit Reporting Act (FCRA). Date of Original Delinquency: This is the date from which the seven-year period is calculated. Even if the debt is sold or transferred to another collection agency, this original delinquency date remains the same and doesn't reset. Collection Accounts: If a debt goes into collections, the seven-year period applies to the collection account as well. The collection account will fall off your credit report seven years from the date of your first missed payment on the original account. Multiple Collection Agencies: If the debt is passed between multiple collection agencies, it might appear multiple times on your credit report. However, it should still be removed seven years from the original delinquency date, regardless of how many times it's been sold. Credit Report Accuracy: It's important to regularly review your credit reports for accuracy. If a debt is re-aged (incorrectly updating the date of delinquency) or if a collection account stays on your report longer than seven years, you have the right to dispute it with the credit bureaus. Remember, while transferring the debt doesn’t extend the time it stays on your credit report, it can restart the statute of limitations for how long the debt is legally enforceable, which varies by state. This is a different timeframe that determines how long a creditor or collector can take legal action to collect the debt. It's important to distinguish between the two. If you’re interested in more information on managing debt and understanding credit reports, my video “7 Proven Strategies to Eliminate Financial Anxiety” might be helpful. It covers strategies for tackling debt and improving your financial situation, which can have a positive impact on your credit health.
Can you pay your debt to the original company if the debt has been passed to a credit company?
No because the original company has 'sold' the debt to the credit company or in other words the credit company has bought the debt account from the original company for less than what you owe. That is why credit companies keep chasing you to pay them.
How do you negotiate with a collection agency for the best deal?
The best thing you can do is put a little time between when the collection agency first contacted you and when you plan to pay. Don't do anything fast. Slow it down. They will get tired of calling and be willing to settle after 30 to 60 days have passed.
Is there a statute of limitations on how long creditors can collect on charged-off accounts?
Statute of limitations is a term that applies to how long a consumer can be sued to recover a defaulted debt. It has no bearing on collection activity. There is a separate time period for how long a charge off can show on your credit report. A creditor can attempt collection on an unpaid debt forever. It's just that after these two time frames have passed, their collection efforts have no "teeth".
Does changing the open date of a collection from old to new hurt your credit?
Yes, it is legal. Dirty, but legal. What happened is the old debt was bought by a collector that buys old debt from companies. Now, the sticking point here is if you make a deal to pay off the debt with the new collection agency your time clock starts over and it will several more years before it will go off your report. They have 7 years to collect. That's why it was off and on your report because the 7 years had passed the first time. These guys who now have your debt can be quite nasty, but there are credit rules they have to follow. They can't call you at work, can't call before 8 AM or after 9 PM. You have consumer protections, so go on a consumer web site for tools to help you.
Can a debt be passed from one debt collection agency to another?
Yes - absolutely a debt can be passed from one debt collection agency to another.
Can collection agencies take you to the court?
Absolutely they can ! The only reason a person needs to deal with a collection agency, is because they defaulted on payments to the original company. That company passed the account to a debt-recovery agency, who paid the sum YOU owe to the original company. If you simply refuse to pay the collection agency, they have the legal right to take you to court to recover the debt !
How do you find out who the original creditor is after your account has been sold to a collection agency and 30 days have passed since they first contacted you?
Either you can ask what collection agency the company you originally owed deals with or you will have to obtain your own credit report. * If the debtor did not respond to the 30 day clarification notice, the collection agency has no legal obligation to inform the debtor of the creditor, amount owed, etc. unless litigation is initiated. The debtor's credit report may or may not indicate which account has been sent to collections, as credit bureaus are very lax in keeping timely data on consumer's.
Can a collection agency receive a judgment if the statute of limitation has passed?
No, C.A'a have no form of legal recourse if the SOL date has passed
How do you dispute items on your credit report?
1. Get a copy of your current credit report. (I have used www.freecreditreport.com which can provide all reports from all 3 credit agencies for around $40.) 2. Write up letters to each collection agency asking why each account was opened along with the account balance. 3. Get the letter certified, copied and send them to the collection agency. 4. (Read both of these steps) If the collection agency replies: you can "Ask For Forgiveness" from them and offer a different ammount than the full balance and barter, be sure that the letter of forgiveness stats that even though you did not pay the shown balance that they close the account and say it was paid in full. If after 30 days the collection agencies do not reply you can contact the collection reporting agencies in which the negative note was placed and provide them with the copied documents showing that 30 days has passed and the collection agency has not replied. The mark will be then be removed.
Does transferring a debt to another collection agency exend the time it appears on credit report?
Transferring a debt to another collection agency does not extend the time it appears on your credit report. The time a debt stays on your credit report is determined by the date of the original delinquency, and this date doesn't change when a debt is sold or transferred to a different collection agency. Here's a clearer picture: Seven-Year Rule: Generally, a debt can stay on your credit report for up to seven years from the date of the first missed payment that led to the account's delinquency. This is a guideline set by the Fair Credit Reporting Act (FCRA). Date of Original Delinquency: This is the date from which the seven-year period is calculated. Even if the debt is sold or transferred to another collection agency, this original delinquency date remains the same and doesn't reset. Collection Accounts: If a debt goes into collections, the seven-year period applies to the collection account as well. The collection account will fall off your credit report seven years from the date of your first missed payment on the original account. Multiple Collection Agencies: If the debt is passed between multiple collection agencies, it might appear multiple times on your credit report. However, it should still be removed seven years from the original delinquency date, regardless of how many times it's been sold. Credit Report Accuracy: It's important to regularly review your credit reports for accuracy. If a debt is re-aged (incorrectly updating the date of delinquency) or if a collection account stays on your report longer than seven years, you have the right to dispute it with the credit bureaus. Remember, while transferring the debt doesn’t extend the time it stays on your credit report, it can restart the statute of limitations for how long the debt is legally enforceable, which varies by state. This is a different timeframe that determines how long a creditor or collector can take legal action to collect the debt. It's important to distinguish between the two. If you’re interested in more information on managing debt and understanding credit reports, my video “7 Proven Strategies to Eliminate Financial Anxiety” might be helpful. It covers strategies for tackling debt and improving your financial situation, which can have a positive impact on your credit health.
Does a lender keep a record of debts passed on for collection?
It is considered a "write off"; which benefits the original creditor due to financial loss. Some creditors will keep your original information, and others simply give up those rights to third party collection agency. Once a payment is made, they notify the original creditor that your account was paid off in full in order to update this informaiton with the bureaus that they are reporting with.
Can you have a debt removed from a collection company if it is due to an error on the original creditor's part such as not updating your address correctly you never received a bill?
I am in the middle of a dispute at this time over the same question. I did not know that our insurance company had not paid a service provider 100% of the charge. Two years later I receive a notice from a collection agency. The collection agency stated the company mailed 11 statements and after the last statement was returned and another 7 months they turned it over to a collection agency. All they had to do was call the insurance company they had received payment from to verify our address or the referring physician. Now because of their handling, the appeal period for the insurance claim has passed and my credit is being adversely effected. If a bureau is supposed to be an accurate presentation of a consumer's payment history, this should not be included..not to mention the rudeness of the collection agency in their communication. I have contacted the Attorney General's office of our state...they keep referring me to a private attorney. My next step is a formal complaint to the FTC.
Can you pay your debt to the original company if the debt has been passed to a credit company?
No because the original company has 'sold' the debt to the credit company or in other words the credit company has bought the debt account from the original company for less than what you owe. That is why credit companies keep chasing you to pay them.
How do you negotiate with a collection agency for the best deal?
The best thing you can do is put a little time between when the collection agency first contacted you and when you plan to pay. Don't do anything fast. Slow it down. They will get tired of calling and be willing to settle after 30 to 60 days have passed.
How remove name from collection agency It has been more than 10 years since someone stole my identity and ruined my credit. But collection agency keep on sending me bill even though its over 10 year?
Next contact tell them that this was an identity theft issue that was more than 10 years ago and any further attempt to collect this debt from you will be considered illegal. It has also run passed the statue of limmitation for collection. So say it, write it, do what you have to but make sure to tell them.
Can a collection agency charge you their attorney fees in a garnishment?
Yes, any and all expenses that the lender incurs can be passed to the customer when they are attempting to collect a debt.
