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Does the date of last activity on a credit card debt collection mean the last time the card was used or the last payment that was made on the account?
Misserkel
Which ever is the most recent would be the date of last activity.
Wiki User
∙ 16y ago
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What do you do if an account was turned over to a collection agency but the original creditor accepted your payment in full?
Contact the original creditor. Provide proof of your payment. They need to retract the account from the collection agency. The account could have been sold to the collection agency or simply assigned to them. For your purposes, it does not matter which situation applies. You paid the original creditor and your credit report needs to reflect this. After they do what they need to do to get the account back; you then dispute the entries with all three credit bureaus. The original account should show as a paid collection and the other collection account should be removed from your credit report entirely.
If something stays on your credit for 7 years from the 'last activity ' does this mean the last payment you made or the last collection attempt?
It means the first day the account became delinquent. Say your payment was due Jan 1, 1997 and your contract stated the account would be delinquent if payment was not received by Jan 15, 1997 and you made no payments on the account after that date. The date of last activity should be reported as Jan 15, 1997. If it is not then dispute the account with the CRA's.
Can a credit collection agency pursue payment on an account that has been closed for 10 years?
Yes, there is no statute of limitations on debt.
Can a collection agency for a non-credit card-type bill hurt your credit rating?
Yes Once a collection account is reported to your credit history, its origin no longer matters. If money is owed and it gets listed with a credit reporting agency as a collection account, it affects the main factor in your credit score: Payment history. See www.myfico.com/CreditEducation/WhatsInYourScore.aspx for details of a FICO score.
How many points does your credit score drop after a collection?
While there's no definitive answer with respect to how many points your credit score may drop after a collection, a collection account is a clear indication that a loan, credit card or retail card was not repaid and payment history is one major contributing factor to your credit score. This can have a negative impact on your credit score.
If the statute of limitation in Michigan is 6 years-is it 6 years from the last payment you have made on a credit card.?
The statute of limitations on debt in Michigan is typically measured from the date of the last activity on the account, such as a payment. So, if you made a payment on your credit card account, the 6-year period would likely start from that date. Just keep in mind that consulting with a legal professional for specifics on your situation is recommended.
When does the seven year mark to remove negative history from your credit report start?
It begins from the time a late payment was made or when the account is remanded to a collection agency. Some collection agencies will update the reporting status on an account, thereby keeping an account active and extending the expiration date. This is not legal and the consumer should always challenge any such activity shown on their CR and insist the data be corrected.
How do you determine the date of last activity on your credit report?
The last activity is usually viewed as the last payment made. The rule of thumb is that the SOL begins six months after the account was defaulted on.
Longest time you can have a repo?
A repossesion will remain on your credit report for 7 years from the date of last payment or activity. Remember, that when you have a collection account like this it will continue to be resold to a third party collection agency; which in turn renews the date of last activity. So, if you are interested in having this debt no longer affect your credit and score, negotiate a settlement. Pay this settlement that day once you get the agreement in writing. If you need professional help feel free to look at my profile, and call us for further assistance. A repossesion will remain on your credit report for 7 years from the date of last payment or activity. Remember, that when you have a collection account like this it will continue to be resold to a third party collection agency; which in turn renews the date of last activity. So, if you are interested in having this debt no longer affect your credit and score, negotiate a settlement. Pay this settlement that day once you get the agreement in writing. If you need professional help feel free to look at my profile, and call us for further assistance.
What does it mean when your credit report states that you have a paid closed collection account on you credit report?
The original account with a normal credit company went to a third party collection agency. Only after it went to the collection agency was the debt paid and then the account closed.
How do collection accounts affect your credit score?
== == Collection account are 20% of the total credit score module.
If the original creditor is not reporting a debt to your credit report but their collection agency is can the original creditor instruct the agency to have the item removed in return for full payment?
YES, THE CREDITOR WILL REQUEST FOR EITHER PARTIAL PAYMENT OR FULL PAYMENT. ASK FOR A LETTER STATING THAT THIS COLLECTION WAS PAID IN FULL AND THAT YOU HAVE A ZERO BALANCE. ALSO; REQUEST THAT THIS LETTER STATES THAT THIS ACCOUNT NEEDS TO BE DELETED IN ERROR, SO THAT YOU COULD SEND THIS LETTER TO THE BUREAUS AND HAVE THEM DELETE THIS ACCOUNT OFF YOUR CREDIT REPORT AND RAISE YOUR CREDIT RATING.
