no.This is in violation of The Fair Credit Act and The Fair Debt Collection Act.Report this to the FTC and your state attorney office.then look for a lawyer to sue them.
No, as they are the legal agent of the original Creditor and the arrangements made with the collection agency are binding on the original Creditor.
If the original creditor charged interest then the collection agency will continue to accrue interest at either your states legal rate or whatever you agreed to in the original contract until the debt is either paid or sold to another collection agency or placed with an attorneys firm for legal litigation.
It means the original creditor has given up the account and sold it to a collection agency. It does not mean the debtor is relieved of the debt. Someone wants the money and they will get it, somehow.
If the debt has been cancelled, no; if the debt has been charged off, yes.
It is unlikely that the account was "sold" to a collection agency. Rather, the agency was contracted to recover the debt. The "charge off" of the account only affects the original creditor, and represents a loss reported against the company's taxes. If the collection agency has attempted to recover the debt and has been unable to, the original creditor will likely pull back the account and refer it to another agency in hopes of greater success.
No, as they are the legal agent of the original Creditor and the arrangements made with the collection agency are binding on the original Creditor.
Yes, the term is used to indicate a debt being written off as uncollectible by the original creditor. The debt however remains valid and subject to collection by a collection agency working for the original creditor or a third party that buys the account.
Yes.
If the original creditor charged interest then the collection agency will continue to accrue interest at either your states legal rate or whatever you agreed to in the original contract until the debt is either paid or sold to another collection agency or placed with an attorneys firm for legal litigation.
It means the original creditor has given up the account and sold it to a collection agency. It does not mean the debtor is relieved of the debt. Someone wants the money and they will get it, somehow.
You can go back to the original creditor, but they may not offer you a line of credit. Usually they will not extend any more credit after it is charged off, but this is an individual company or individual decision.
Collection agencies can't add charges. Fees and interest charged to your account are per the terms of your contract with the creditor.
If the debt has been cancelled, no; if the debt has been charged off, yes.
It is unlikely that the account was "sold" to a collection agency. Rather, the agency was contracted to recover the debt. The "charge off" of the account only affects the original creditor, and represents a loss reported against the company's taxes. If the collection agency has attempted to recover the debt and has been unable to, the original creditor will likely pull back the account and refer it to another agency in hopes of greater success.
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?
Until they find it. If it is charged off on your credit report then the creditor sold the note to a collection agency who will hire a repo-man to track down the car so they can recover it and sell it to make the money back that they paid to creditor for it.
A debt being designated as a "charge off" does not mean the debt is not valid and collectible. Collection of the debt will still be pursued either through an agency contracted by the original creditor or a third party purchaser. The creditor/collector has the option of filing a lawsuit against the debtor to recover monies owed as well as using common collection practices such as telephone and written correspondence.