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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.

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โˆ™ 2006-02-18 22:53:35
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Q: If you ask a collection agency for zero balance for a full payment on a 5 year old account and they decline will this start the 7 year clock over?
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Related questions

What is the mininmum payment for collections?

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.


What does a payment on account effect?

Your bank balance.


What is the balance of payment formula?

current account + capital account =0


What is a payment on account by a customer?

A payment on account by a customer happens when a customer pays a bill. For example, if a person had an account at a furniture store, each month, he or she would make a payment on their account to pay down their balance.


What is Payment on account by a customer?

A payment on account by a customer happens when a customer pays a bill. For example, if a person had an account at a furniture store, each month, he or she would make a payment on their account to pay down their balance.


If the Balance of payment always always balances then why you have deficit in the balance of payment What measure can be government take to address an in-balance in the Balance of payment?

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


What is meant by a current account deficit on balance of payment?

it is down


How do you pay a collection account?

Have the collection agency send a written agreement accepting the settlement or payment amount agreed upon BEFORE rendering any payment(s).


What is a Minimum balance fee?

A Minimum Balance Fee is a payment made to your bank for not having enough money in your savings account, checkings account, ETC.


Can your friend transfer balance from her account to pay off your credit card account?

yes anyone can make a payment on someones account if they know the account #


If you pay a collection account will it stay on your report for 7 more years after the payment?

Yes. And it stays on 7 years from the date of payment.


What do you do if an account was turned over to a collection agency but the original creditor accepted your payment in full?

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.


What is balance of payment?

What is balance of payment deficit


Do you have to have a balance on PayPal to buy on eBay?

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.


If the original creditor is not reporting a debt to your credit report but their collection agency is can the original creditor instruct the agency to have the item removed in return for full payment?

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.


What happens if the exports of a country are less than its imports?

There will be a current account deficit in the balance of payment.


If any time passes between the time of sale and the collection of payment?

An account receivable is always created


What is the relationship between the balance of payments BOP and interest rates?

If the interest rate is lower and balance of payment is large then the currant account will be deficit


Why did your credit card payment reflect in your outstanding balance but not show up in your available balance?

Because you may have changed the account to a savings :L


Advantages and disadvantages of balance of payment?

advantages of balance of payment


Advantages and disadvantage of balance of payment?

advantages of balance of payment


How does a derogotory tradeline become a collection account and what is the difference?

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.


Is a collection agency obligated to remove debt from your credit report?

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.


Can you close your checking account if you have a balance left on your VISA card?

Yes. Closing a checking account when a credit card has outstanding balance shouldn't be a problem. The bank would expect payment on their card promptly on the due date irrespective of whether you have an account with them or not.


If you transfer your account balance to another credit card does that action act as a payment to the credit card it was tranfered from?

Yes. You've moved the debt from one account to another, so the first account would recognize the transfer as a payment and the second account would treat it as a new debt.