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If an account is charged off and then sold to another company can both companies report on your CR?
Wiki User
∙ 8y ago
Yes, both accounts can show on your credit report and this is typical.
The first listing should show the history while the account was with the original creditor, including the charged off notation, a zero balance and some statement indicating that it was sold or transferred.
The second listing should show the dates relating to that purchase or transfer and the current balance.
The date of last activity should remain consistant on both accounts. This is the date you last paid on the account immediately prior to it becoming delinquent. This date triggers the (7 year plus 180 days) countdown for how long both listings are supposed to show on your credit report.
If you get sued over this debt and a judgment is granted against you, that would constitute a third listing of this same account. A judgment would be in the "public records" portion of your credit report. It would have its' own beginning date and 7 year reporting time period.
Wiki User
∙ 8y ago
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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.
What does it mean when a company writes off a loan and sells your account to some other company?
When a company writes off your loan, from an income and accounting standpoint, they are saying that your loan will not be paid. When this occurs, they will send a transaction line to one or more credit bureaus indicating that they had to charge off your account as a result of non-payment. When your account is sold to another company, the current organization either believes that they have gotten the most value out of the account or does not believe that it is cost effective to waste any more money working on the account. Either way, companies sell loans to other companies all the time. When an account is sold off AFTER being charged off, the buyer is usually a distressed debt (collections) organization that specializes in the collection of that type of debt. Usually these buyers pay very little for the loan because the likelihood of collection is quite low.
If your bank charged off your bank account and was bought out by another company do you still have to pay?
yes the debt does not go away, the bank simply sold the debt to an outside collection agency.
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?
When an original creditor sells a charged off account to another company does this start the 7 year clock ticking all over again?
No. When an original creditor sells a charged off accounts to another company. I asked the Credit bureau to investgate. However, the creditor is unable to remove it from my credit report. does this start the 7 year clock ticking all over again from the date the credit bureau investigate?
If you settled a charged off account with a collections agency for less than the full amount can they resell the difference to another agency?
Yes unfortunately they can. Companies today want the charged off account money and will sell it to another agency in order to get this. It will show up on your credit report under another company...so you have 2 listings on your credit report for the original account.
What is inter-company account?
Account set up for transactions between companies to charge back expenses occured by one company but relate to another company, which you charge back to. BM
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.
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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.
What is account payable and receivable?
Account payable is a record of money your company owes to another company/person. Account receivable is a record of money owed to your company by another company/person.
How do you recognize account payable?
Account payable is an account that is a Liability (current). When a person or company owes another company money on account, that is an account payable.
What does it mean when a company writes off a loan and sells your account to some other company?
When a company writes off your loan, from an income and accounting standpoint, they are saying that your loan will not be paid. When this occurs, they will send a transaction line to one or more credit bureaus indicating that they had to charge off your account as a result of non-payment. When your account is sold to another company, the current organization either believes that they have gotten the most value out of the account or does not believe that it is cost effective to waste any more money working on the account. Either way, companies sell loans to other companies all the time. When an account is sold off AFTER being charged off, the buyer is usually a distressed debt (collections) organization that specializes in the collection of that type of debt. Usually these buyers pay very little for the loan because the likelihood of collection is quite low.
If your bank charged off your bank account and was bought out by another company do you still have to pay?
yes the debt does not go away, the bank simply sold the debt to an outside collection agency.
Why one Company accquires another Company.?
Mergers are two or more companies joining together. Acquisitions are when one company buys another company.
What is the essential purpose that differentiates one company from another?
Mission. The companies mission differentiates one company for another.
How are credit accounts affected when another company buys them out?
When often another company buys a credit card company, they have purchased your account. Most often, it is business as usual, and payments are directed to the new owner of the account.
