Top Answer
User Avatar
Wiki User
Answered 2009-10-13 04:22:31

Yes, it does. When it is sold, or they talk to you or a payment/s are made it starts the 7 yrs over again. Also it depends on the State you live in as to how long is the statute of limitations.

It seems that there is a lot of money to be made on old collections. We will be seeing more and more people complain about this as more and more collections appear on their reports.

The best thing to do is to try and settle on an amount that is agreeable to you and to the collection agency. Get it in writing with a signature from the person authorizing the settlement. The letter should also have your name or the name on the account, and the account number that is being settled. When you get that letter--DON'T EVER THROW IT AWAY. Send your check with a COPY of the letter registered mail. Your proof that you sent it.

Follow up in a few days to make sure they got your letter--once you get confirmation--Keep that too. You need to play "collector" and call until you have in your hand that they accepted the settlement and will be submitting that information to the 3 credit repositories. You may have to call several times before you get such a letter. ( You can have them fax it first but always get the original).

Keep your "cool" during your conversation no matter what happens--this does tend to aggravate the collector. Just as when they call you and you get aggravated.

When you have that letter, you can do one of two things--wait and see in 2 months that your credit refects that no balance is owing OR you send a copy of the letter to all 3 repositories and get it corrected right away instead of waiting.

You will keep all your originals -- "my opinion" -- for several years. Unfortunately sometimes, these things keep popping up on the credit--may times because the accounts get sold over and over.

I disagree. Once an original creditor sells the account to collections they do not have another 7 yrs of reporting.

They can only report from, basically the date of last activity on the ORIGINAL debt. yes you will get collectors that try to re-age the account but it is illegal and you should call them on it. If the original answer was true, you could never, ever "turn over a new leaf" Hope that helped... btw, NEVER pay an old bill without an agreement to delete the tradeline. IF, and I stress, IF you pay them then that becomes the date of last activity and they CAN report for 7 yrs from the last payment. DO NOT PAY WITHOUT an agreement to delete the tradelines. NEVER agree to them marking as "settled" its almost as bad as not paying for your score. Please read other credit sites before you do anything.

User Avatar

Your Answer


Still have questions?

Related Questions

How would one define a credit card balance transfer?

A credit card balance transfer means one can transfer the balance of one credit card into another. One can transfer either all the funds or only a portion. For further information, one can contact the credit card company.

What are the journal entries when you want to transfer stock from one company to another separate company?

debit stock in other companycredit stock inventory

What is a balance transfer with regards to credit cards?

A balance transfer is when an amount owing on one credit card is transferred to another credit card. This is usually done to take advantage of lower interest charges. A credit card company usually specifies a minimum/maximum amount you can transfer.

What does chase balance transfer stand for?

A balance transfer is the transfer of balance in an account or a credit card to another account.It also refers to transfer of outstanding balance from one credit card to another credit card.

How do you raise your credit score after paying a collection company?


What is a balance transfer?

A balance transfer is when you have money in one bank and transfer that money to another bank. It is also when you have a balance on one credit card and transfer the balance to another credit card.

Where may one balance transfer credit?

If one wants to transfer a balance from one credit card to another credit card, the gaining credit card will arrange the transfer. There is a transfer fee involved with the transaction.

Can a collection company pull your credit without your consent?


Can you call your credit card company and pay off the balance by giving them the number for another credit card and charging the balance onto that card?

No, they have to offer you the balance transfer.

How can transfer credit from one mobile to another?

To transfer credit from one mobile phone to another, both phones have to be from the same company. When setting up the new phone, tell the operator that there are credits to transfer from an old mobile phone to the new mobile phone. TracFone is one of the only phones that let a person transfer credits this way.

Do most credit card companies allow one to transfer their balance from one card to another?

Yes, most credit card companies will allow one to transfer their balance form one card to another. However, this is not always a wise decision since the transaction will appear on the statement to the credit card company.

How do you get rid of a credit card without it hurting your credit?

Transfer your money to another credit card.

Collection agency laws?

if a collection agency has not bought out my debt from the original company can the collection agency look up my credit report?

Can an unpaid ambulance bill hurt your credit?

Yep! If the ambulance company turns your account over to a collection agency that agency might report the collection on your credit. Medical collections are the most common type of collection on a credit report.

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.

What is a balance transfer credit card?

A credit card balance transfer happens when on person opens a new credit account in a different company and use it to pay off the debt in his or her old credit card.

How do I transfer the balance on my credit cards?

You will have to talk to you credit card company. They will be able to assist you in transferring your balance on your credit cards.

Who is able to do balance transfer?

A balance transfer is done by the credit card company. If you want to transfer all of your balances to one card, you must apply for it, and once approved the credit card company will contact the companies of the cards you want transferred.

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.

Why does a person keep transfer credit card balance to another before it catches up with him?

To transfer from a high interest credit card to a lower interest credit card

Should payment be sent to the credit card company or the collection agency?

If you have a collection agency working for the credit card company then it is them you need to make payments too as it is now too late to pay the credit card company. They have sold the debt to the collection company and you will have to pay any charges on top of the debt now also. Try not to let it get that far in future, but that's easier said than done.

Who do i have to contact if i have to accounts in collection i was not aware of?

If you have accounts in collection that you were not aware of, you need to contact the collection company. You can also contact the credit bureaus for more information.

What is a balance transfer on a credit card?

A balance transfer is when you payoff what you own on one credit card, with another credit card or loan.A "balance" is what you owe.Usually balance transfers are done when another credit card company offers you a lower interest rate.Before you do a balance transfer, make sure there are NO FEES associated with it.Answer:Most of the companies offer balance transfer from old card to new that they offer to attract the customer to their product. they even provide the grace period to pay back the balance to the lender.

Can a credit card company go after the car of a deceased person to satisfy unsecured debt?

A credit card company can sue someone for defaulting on debt. When they do this, they can be awarded a judgment. If the debtor has assets, such as a car or checking account, then they can be awarded those things. For property, usually the items are auctioned so that the collection agency (credit card company) can get the cash. If the person is deceased, you may be able to transfer ownership of the car before the credit card company tries to take it. Unless you are listed on the debt as a joint account owner, you are not liable for it. the FDCPA spells out your rights in terms of debt collection.

Can you transfer credit card balance to another carholders card?

Yes, you can transfer a balance from one person to another, preferably WITH their permission..