If the main creditor shows as transferred--but paid as agreed prior--leave it alone. It is not hurting your credit. If it shows a past due balance or just a balance still unpd but transferred then by all means call the lender and ask for a letter stating that this is being corrected. Make sure you have the person's name and ext so you can reach them later-- make sure the letter has your name and account number--and is signed or the repositories won't use it. You can send a copy of this letter to all 3 credit repositories (although there are 4 now)-- YOU keep the original for yourself. Don't throw it away as you may find that you will need it later--6 months, or even 2 yrs from now.
yes, unless the original creditor has been disputed.
Yes, a creditor can remove a charge off from your account and your credit reports. Credit bureaus can also delete charge offs from your credit report if they are disputed and not verified.
The original creditor does not remove your information. What is should say in the notes section is that the account has been transfered or sold to a third party collection agency. This information will remain on your account until the 7 year clock expires.
THE ORIGINAL CREDITOR WILL BE ABLE TO HELP WITH REMOVING AN ACCOUNT BY REPORTING THIS TO THE BUREAUS. DO FIND OUT IF THEIR IS A NECESSARY STEP IN CONTACTING THE COLLECTION AGENCY FOR THESE SERVICES TO BE TAKEN CARE OF.
Yes, reporting to your credit by a collections agency does not effect the reporting originally made by your creditor. It most normal cases you would see the original creditor having reporting the account as a "charge off" regardless of any reporting made by a collections agency afterwords.
At any time, unless indicated in your credit agreement or contract a limiting term. Genreally most effective receivable management departments will submit the account into collections between 90-120 days past due. Lack of communications being the accelerator, since when they do no have contact with the account holder they move the process faster into more serious collections.
A pre-charge off is when the creditor is giving the debtor notice that the account is in default and will be sent to collections if a payment agreement is not made by a specified date. Post-charge off is when the account has been sent to collections, sold to a third party creditor or referred to a legal firm for further action.
can you keep a creditor from finding your account
A creditor can put an attachment on a joint savings or checking account in NY. When an account is held jointly with another individual, the creditor does not know who contributes more to the account and secures the account as an asset.
Legally, yes. But it is unlikely that a creditor would take such action.
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.
There is no law that restriction how long a creditor or business must hold a bad debt before forwarding it to a debt collections agency.
This will depend on where you live.Where I live the Creditor can put the debit into collections as many times as he likes as long as:It is being pursued by only one collection agency at a timeIt has not expired under the lawIt has not been "Satisfied" under the law. Bankruptcy is an example. So is a valid payment plan as long as the payments are made on time.
yes, i creditor can garnish a bank account to $0 regardless of where the funds in the account came from
YES, THIS COLLECTION ACCOUNT CAN BE DISPUTED; WHICH MEANS THAT AFTER THIS IS DISPUTED YOU CAN ALSO REQUEST FOR THIS ACCOUNT TO BE REMOVED FOR GOOD WITHOUT HAVING TO WAIT FOR THE SEVEN YEAR PERIOD. THIS WILL ALLOW YOU TO HAVE A CLEAN CREDIT HISTORY WHICH IN TURN INCREASE YOUR CREDIT RATING.
Interest continues to accrue. Eventually the account will go into default. The collections department of the credit card company will attempt to collect the debt. The default and payment history will appear on your credit reports. Finally, if no recovery is accomplished, the account may be referred to a collections agency who will recover the debt voluntarily, or refer it for legal action and the creditor will try to obtain a judgement. If a judgment is obtained, the creditor will recover the debt by attaching your assets.
They can if he/she is on the collections account.
This begs curiosity as to why you would be aware that the creditor attempted to garnish an account where you have no accounts. Prior to serving garnishment of an account, the creditor will need to know that you do have an account or accounts at the bank. This is typically verified by the legal department or a skip tracer. If no account exists, or if there are no funds available to attach, the creditor will be notified, but there is no reason for a bank to notify you if no account exists. If you have no account at a bank, for all intents, you do not exist to the bank.
Yes. A creditor can not just simply walk into a bank and demand your money. Only a court can have a creditor take money from your bank account. Actually, the court would probably order the bank to pay a certain amount to the creditor from your account rather than give the creditor the right to take money out of your account. A supreme court decision stopped that racket in Arizona.
It depends. If:you have a monthly loan repayment agreement with the creditor wherein the creditor automatically deducts your monthly payments from your savings account oryou have defaulted on your loan payments for more than 2 or 3 months and haven't contacted the creditor reg. the sameThen, the creditor can withdraw money from your account (if there is any cash available) towards your loan repayment. Otherwise the creditor cannot deduct any money from your account without intimating you.
can any creditor freeze my checking account after I get a automatic stay from the court.
It's entirely possible to work out a payment agreement with your creditor, or even a collections agent. However, this is considered a charge-off and will remain on your credit regardless of whether you pay it off. Once an account has gone late, there's really nothing you can do but wait the seven years it will take to drop from your record.
The agency will continue attempts to collect the amount owed plus any applicable fees. If a settlement cannot be made, the collector may decide to refer the account to a collections attorney for legal action.
Include the original account number if you are including the original creditor. Include the account number for the collection agency if you do not have the orignal creditor information and are including them as "Care Of" for service.
Yes. In the event a creditor has secured a judgment against you for a bad debt, that creitor may secure by garnishment any account on which you appear. By legal definition any account on which you appear is your account. It is an old trick, and not very successfully done in past years, for debtors to try to hide their finances behind their children's names. Collections agencies and many creditors now have people on staff called skip tracers who specialize in locating the assets of debtors. If it is out there, they will find it.