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How long does a collector have to report that a collection account has been closed and or settled?
Wiki User
∙ 14y ago
Typically these types of actions can be seen on your credit within 30-60 days. There are no laws or rules that requires a credit reporter to immediately post "closed" or "settled" to an individuals credit. Most just report data to the credit bureaus once monthly.
Wiki User
∙ 14y ago
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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.
What is a closed account permanently mean?
A account that has closed permanently is when a account has been closed forever basically.
What does Account closed by consumer mean?
The wording "Account closed by consumer" means that "you", and not the lender, closed the account. It usually indicates that there was no problem on "your" behalf with the account.
When does a credit card issuer charge off an account after the account has been closed?
Usually 180 days after DLA. Be advised a charge off does not indicate that the debt is not valid and subject to collection procedures.
Can a bank keep a direct deposit if account is closed?
No, they have to send it back to where it came from...that is, unless the closed account was negative.
What does settled mean on your credit report?
A credit report will show that an account is either active or settled. If the account is settled, it means that it has been paid and is closed.
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.
What is a Derogatory public record or collection?
== == A Deragatory record is an account that has had a history of late payments. A collection account is an account that was not paid on time or at all, and was closed by the creditor and sold to a collection agency.
What legal actions can you take if a company that sent your account to a collection agency even though you paid in full and closed it 8 months ago?
None if it is indeed your account. However, your credit report should indicate that the account is paid and closed.
Can you have money direct deposited into your closed account in order to reopen it?
If your account was closed by you going into the bank and withdrawing the balance of the funds to close account, no. This account has been officially closed and is no longer active. However, if your bank account was closed due to lack of funds and put into the overdraft mode; yes. In fact you need to deposit funds as soon as possible to bring the account into the positive and to avoid any further charges or collection issues. NO
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.
What is a closed account permanently mean?
A account that has closed permanently is when a account has been closed forever basically.
What does Account closed by consumer mean?
The wording "Account closed by consumer" means that "you", and not the lender, closed the account. It usually indicates that there was no problem on "your" behalf with the account.
When does a credit card issuer charge off an account after the account has been closed?
Usually 180 days after DLA. Be advised a charge off does not indicate that the debt is not valid and subject to collection procedures.
What is the difference between 'paid' and 'closed' on a credit report?
The general rule is "paid" means the account has been, well, "paid." Closed means the account has been closed or written off by the original creditor. This could mean they gave it up as being uncollectable or they have sent it to a collection agency or sold it to a third party creditor.
Can you deposit a personal check into a bank account that is closed?
No, the account is closed.
What point can you request a settlement on credit card debt?
Settlement usually occurs when the account is past due and has been closed. You can either try to settle with the credit card company, or the debt collector that the credit company sold the account to.
