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If a credit card company shows an account as charged off every month does this keep it from every having a date of last activity reported?
Wiki User
∙ 8y ago
Updating the status, or reporting, of a charged off account is NOT SUPPOSED TO have any bearing on the DLA, or how long an account shows on your credit report. (although it does cause this account to affect your credit score)
If the account in question originated prior to December 1997, there is no set way to establish the DLA. For any account originated after that time, the Fair Credit Reporting Act sets out a method by which the DLA is established.
FCRA 15 USC 1681c(c)(1) "...the 7-year period...shall begin...upon the expiration of the 180-day period beginning on the date of the commencement of the delinquency, which immediately preceded the...charge to profit and loss..."
According to this law, the DLA is the last time the account was paid as agreed immediately before it becomes delinquent and gets charged off, plus 180 days (standard in the credit industry for "in-house" collection efforts), plus 7 years. This is the date of last activity on any account, so nothing changes that date. If this date DOES get changed, (re-aging) that would be a violation and grounds for a lawsuit. Once again, this would not apply for accounts that orignated prior to Dec. 1997.
Wiki User
∙ 8y ago
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Can a credit card company reopen an investigation on a fraudulent account if it was charged off and then was disputed and now has been deleted from your credit file?
If they have reason to believe the account was reported or disputed fraudulently or that new information has been discovered, they can investigate further.
Can a credit card company reopen a charged off account?
No, a credit card company will not reopen a charged off account. They may choose to grant you a new line of credit, but this would be rare.
Can a sold credit card account be collected on if the account is reported as charged off with a zero balance?
It may be zeroed out w/ the orig company because they sold it to the collection people. DO NOT PAY COLLECTION AGENCIES ANYTHING!! google "fair credit act". lots of info
If you received a collection notice and the company stated they reported your account to the credit bureau on Monday if you pay it this week since it is the same week will your score remain the same?
If they reported your account to the credit bureau, your score will decrease whether you paid it or not.
Do I legally owe the company that purchased my charged off account from the original lender who has closed the account and it no longer appears on my credit report?
Yes. Your signature for the first debt obligation transfers to the second when it was assumed by the second creditor. It may not be on your credit report because you may not be late. Their policies may also be different than the first. But you will eventually be reported to whatever credit agency(agencies) they report to.
Can a credit card company reopen an investigation on a fraudulent account if it was charged off and then was disputed and now has been deleted from your credit file?
If they have reason to believe the account was reported or disputed fraudulently or that new information has been discovered, they can investigate further.
Can a credit card company reopen a charged off account?
No, a credit card company will not reopen a charged off account. They may choose to grant you a new line of credit, but this would be rare.
Can a company who bought a charged off account try to collect interest on the account?
Yes, interest and fees are still charged when an account is sent to collections or purchased by a third pary collector.
Can a sold credit card account be collected on if the account is reported as charged off with a zero balance?
It may be zeroed out w/ the orig company because they sold it to the collection people. DO NOT PAY COLLECTION AGENCIES ANYTHING!! google "fair credit act". lots of info
Credit line closed-grantor request-reported by subscriber?
Company Closed account
Where do you pay collection accounts that are reported on your credit report when the company is out of business or no longer handles the account that was reported for collection?
You pay the collection agency.
If you received a collection notice and the company stated they reported your account to the credit bureau on Monday if you pay it this week since it is the same week will your score remain the same?
If they reported your account to the credit bureau, your score will decrease whether you paid it or not.
Can you go to jail for closing your bank account on a payday loan company?
Can I be charged with bank fraud or any other criminal offense for closing an account on a payday loan?
Who does phishing involve?
The activity of defrauding an online account holder of financial information by acting like a legitimate company.
Does bank report a check deposit of 98k into your account to IRS It is from a reputable finance company-a partial cash-in on a deffered annuity account?
Yes. Anything over $9,999 gets reported...
What is gl account-?
GL stands for general ledger. This is where all the financial activity of a company is recorded. Within the GL, there are accounts. Each account houses a certain type of activity or category of assets (e.g. cash) or liabilities (e.g accounts payable).
Can a collection agency charge interest of 1030 to a charge off account that has been paid down to 700 from 4514 but you missed two months?
The collection company has probably charged interest sincethe day they received the account. The interest rate can differ from state to state on a charged off account. So yes, they can but that amount is not just for two months. You need to ask for a total breakdown on the account and see if the interest charged is correct.
