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If you had a balance of 189 dollars on your Ford account that was paid to a collection agency when it was discovered 2 years later then Ford went and reported it as a repo to the credit bureaus is this legal?
Wiki User
∙ 8y ago
Jose. DID they repo the car?? If not, I dont see how it could be correct.
Was this vehicle a repo at the time and were you paying the remaining balance to the collection agency or was the account a charge off? I am assuming that you are refering to Ford Motor Creit which I used to collect for. In most cases a 3rd party collection agency will purchase the account at pennies on the dollar or the account will be placed with a fee once the account is collected. It is the collection agency responsiblity to update the creditor of payments and in some cases update credit reports. Also it is a good idea to get a confirmed paid in full letter and to send it to the original creditor to make sure they update your credit report correctly.
Wiki User
∙ 8y ago
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Can a sold credit card account be collected on if the account is reported as charged off with a zero balance?
It may be zeroed out w/ the orig company because they sold it to the collection people. DO NOT PAY COLLECTION AGENCIES ANYTHING!! google "fair credit act". lots of info
What is the balance of p woodsley capital account as reported on the post closing trial balance?
A. 6,766.54
When an account balance is written -off what happens to the account balance?
It goes to a collection agency, prepare to get annoyed and harassing phone calls
WHEN AN ACCOUNT BALANCE IS WRITTEN OFF WHAT HAPPENS TO THE ACCOUNT BALANCE?
It goes to a collection agency, prepare to get annoyed and harassing phone calls
When the account balance is written off what happen to the account balance?
It goes to a collection agency, prepare to get annoyed and harassing phone calls
When an account balance is written-off what happens to the account balance?
It goes to a collection agency, prepare to get annoyed and harassing phone calls
Do you have to pay the original balance on account that has been sold to collection agency?
yes
You had a credit card account which they charged off and sold to a collection agency ca Now you have that charge off which carries a balance and a CA collecting on the same debt What could you do?
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.
Does transferring balances effect your credit score or is it reported?
== == Yes, when you transfer a balance you are required to close that account. Closing an account decreases your score up to 20 points. You then increase the balance of a new account. Opening a new account decreases your score up 20 points. If you have a balance on an account that is already open and your transfer more money into that account you are increasing your balance; which will decrease your score up to 20 points. So, be careful with this process, and be aware of the affects.
What type of account is asset account?
An asset account is a "balance sheet" account. That is, when financial reports are created, the balances in asset accounts are reported on the balance sheet*, together with the balances in liability accounts and shareholders' equity accounts, and not on the income statement (which reports only revenues and expenses for the period of time ending on the balance sheet date.) *Another name for the balance sheet is the Statement of Financial Position.
What are the parts of balance of payments?
Balance of payments is a collection of accounts conventionally grouped into three main categories, with subdivisions in each. The three main categories are: 1) Current Account 2) Capital Account and 3) Reserve Account
Prepaid insurance is reported on the balance sheet as a?
Prepaid insurance is reported on the balance sheet as a
