0
If a debt is sold to another company for collection does it take another 7 years from the transfer of the debt for it to come off your credit report?
Wiki User
∙ 14y ago
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. http://www.bankrate.com/brm/news/cc/20040116b1.asp?print=on
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.
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
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 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?
No
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.
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 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?
No
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.
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.
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?
Yes
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.
What exactly is a credit transfer?
A credit transfer can have a few meanings. A credit transfer can refer to funds being transferred from one account to another, or it could relate to granting credits to a student who has completed studies at another school.
How do you get rid of a credit card without it hurting your credit?
Transfer your money to another credit card.
