Nothing can legally change or start over the 7 year reporting time period. That time period is set by the Fair Credit Reporting Act. Certain actions can re-set the statute of limitations (SOL) which is the time period established by state law that determines how long a consumer may be sued to recover a debt.
There is no "minimum payment" really. Any payment you send will be applied to your balance, however, most collection agencies will only agree to a payment arrangement if it meets their schedule to be paid within a certain time frame. If you are paying less collection activity would continue on your account.
when they are talking about the deficit or surplus they are usually only talking about the current account. The balance of payments will balance because the other accounts in it (Capital, financial and erros and ommissions) will account for the other parts eg if current account has defiecit of 100m the capital, financial and erros and ommisions will have a surplus of 100m
No, you don 't have to have a balance in your PayPal account. If you have added your bank (or checking) account details and/or your card details to your PayPal account, you can make an "instant payment" for an item that you buy from eBay. With an "instant payment" money is automatically taken from your bank or card, paid into your PayPal account and then paid out immediately to the seller. All of this happens within seconds of you agreeing to make the payment.
Contact the original creditor. Provide proof of your payment. They need to retract the account from the collection agency. The account could have been sold to the collection agency or simply assigned to them. For your purposes, it does not matter which situation applies. You paid the original creditor and your credit report needs to reflect this. After they do what they need to do to get the account back; you then dispute the entries with all three credit bureaus. The original account should show as a paid collection and the other collection account should be removed from your credit report entirely.
YES, THE CREDITOR WILL REQUEST FOR EITHER PARTIAL PAYMENT OR FULL PAYMENT. ASK FOR A LETTER STATING THAT THIS COLLECTION WAS PAID IN FULL AND THAT YOU HAVE A ZERO BALANCE. ALSO; REQUEST THAT THIS LETTER STATES THAT THIS ACCOUNT NEEDS TO BE DELETED IN ERROR, SO THAT YOU COULD SEND THIS LETTER TO THE BUREAUS AND HAVE THEM DELETE THIS ACCOUNT OFF YOUR CREDIT REPORT AND RAISE YOUR CREDIT RATING.
No! The only obligation of the collection agency regarding a debt is to accurately report the debt...i.e. balance outstanding, current status, and payment history. However, if you are paying or contemplating paying a collection agency, it would be wise to negotiate a positive outcome...i.e. the total removal of the account from your credit profile in exchange for payment. This should be negotiated prior to paying the collection agency and the agreement should be in writing.
They are two different issues. A derogatory (negative) trade line is a record of a consumer's past and current buying and payment activities. A collection account is generally an account that has been defaulted on. It some cases it refers to the original creditor or the OC collection representative. Or it can be in referance to a third party that has purchased the account.
I presume your question is "how did your debt wind-up at a collection agency". There are 2 methods: (1) the original creditor sold your account to an agency for a price that is a fraction of the outstanding balance on the account (so the collection agency now is your creditor legally), (2) the original creditor contracted with a collection agency to get you to make more payment on the debt than you have while interacting with the original creditor only. In either case, a collection agency is a company that makes a profit by getting debtors to make a payment of sufficiently greater amount (than they had been making to the original creditor) such that a greater return can be realized from this continued effort to collect the debt, and collection agencies usually are profitable companies. In my personal opinion, the first method (# 1 above) is used in the vast majority of delinquent debt collection situations. Any creditor organization of at least medium business size has enough staff to attempt to coax the debtor to make more payment, so there would be no reason to contract a collection agency to try again. That latter point being understood, collection agencies sometimes resell a debt account to another collection agency when they give-up on trying to get more payment from the debtor (and the account has not been settled).
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