If you have an account that went to a collection agency however you paid it in full how long does it take for that collection account to be removed from your credit report?
It sticks for 7 years. The fact that it was turned over to a collections agency will make it to your credit report. When it is paid in full, it will say "settled" on your credit report so other creditors know you took care of the debt. Even so, it still haunts your credit report for 7 years.
Can a collection agency continue to report a collection account to the credit bureau after the account is sold to another collection agency?
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…
Can the original creditor direct their collections agency to have an account removed from a credit report?
Only the credit bureaus the collection agency can remove a collection from your credit report. The collection agency won't do it now since it is paid and they have no reason to. You can dispute it to the credit bureaus and ask for verification on the account. They will have 30 days to verify the items or it must be removed from your credit report.
What does it mean when your credit report states that you have a paid closed collection account on you credit report?
No, it is illegal for a collection agency to garnish or freeze your account for any reason. The only way your account can be garnishes is if you owe taxes or child support. If a collection agency threatens to do this, tell them that you are aware of the Credit Reporting Laws on this matter (there is legal ground for this matter).
If a debt is reflected on your credit report by a collection agency can the original creditor recall their collection allowing you to dispute the debt with the credit bureaus and have it removed?
If a Payday Loan company hires a collection agency to collect on your account they can send your account to an attorney to collect the amount of the loan and any NSF fees that you have accumulated. However, it is stated at the bottom of your contract that if you close your checking account that the loan is made from, that you can be charged with fraud.
Original creditors sale their accounts to collection agencies when the account has been past due and they have not effectively collected. At that time, the original creditor will charge off the balance from their accounts receivable and turn the account over to a collection agency. When the collection agency collects the debt, a portion of the amount received is paid the the collection agency and the remainder is returned to the original creditor as profit.
Asking If you pay the collection agency can you have the derogatory item removed from your credit file?
Once the delinquent account has been turned over to a collection agency the physicians office should do what?
Collection agencies do not and cannot freeze accounts in any state. Only the courts can do this. However, if a lender has a valid judgment against you for a bad debt, any collection agency they hire to recover it can serve your bank with an order of garnishee and attach the assets in the accounts you have there.
If your account is sold to a collection agency how to do you find out when it was sold and how old the account is?
When the collection agency contacts you, they have to give you the opportunity to request information concerning the debt. You will have thirty days to send a written request to dispute the debt. And to ask for confirmation of the original creditor, the amount owed, when the account was remanded to the agency, etc.
Do you need to include account numbers for both the collection agency and the original creditor on your bankruptcy form?
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.
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…
Looking for a Collection Agency, involves to know what type of debt collection service is need it. For Commercial Collections or Consumer Collections it can be found on sites that regulate the collection industry like: The Commercial Law League of America ('CLLA'), ACA International Also is very important when you choose a Collection Agency look for an agency that is familiar with the collection laws on the state that apply the bad account.
Only the collection agency or the credit bureaus can remove a collection off a credit report. You can negotiate the removal of the collection off the credit report upon final payment of the debt owed. Some collection agencies have policies against this, some don't. You can also redispute it to the credit bureaus as many times as they will let you. It has a higher chance of being removed if it is paid off and…
If a debt has been paid to the original creditor and they recall it from their collection agency will a dispute succeed in having it removed from the credit report?
What legal actions can you take if a company that sent your account to a collection agency even though you paid in full and closed it 8 months ago?
This depends on the collection agency, but the age of the account, the location of the debt (that regulate collection laws by the state), play a big role. The older the account the higher the percentage that goes to the collection agency the percentage is negotiated between the agency and the client(this is a fact, part of a previous job).ive seen between 10% and some as high as 40%. which if you have a bill…
A collection agency cannot file a lawsuit against a debtor. The agency can refer the account to a collections attorney who is licensed to practice in the state where the debtor resides, and that attorney can file a suit against the debtor. Some collection attorneys or firms are also licensed to arbitrate accounts, which means the account is sent to the National Arbitration Board rather than the use of standard civil lawsuit procedures. Actually…
If your original creditor was removed from your credit report can you dispute the collection agencies still showing the debt and have them removed also?
No, the original crditor was removed because the account was sold to a third party collector. The entry will remain on the report for the required 7 years from the DLA. You can dispute the collection agency entries as well. Often times if you have paid the debt, the collection agency will no longer keep records, thus be unable to prove the debt when you dispute it. They more than likely won't even respond, as…
You have a valid debt that was purchased by another collection agency however the original date that the debt was opened was 2003 The new collection agency has it listed as 2005 is this legal?
Is it better to pay original creditor who still owns account or debt collection agency who is collecting for original creditor?
Paying the collection agency will clear up your account much quicker and some creditors will return the payment to you if you send it directly to them. Most creditors sign a contract with a collection agency and cannot discuss the debt with the debtor once they place it with the agency, they must refer all correspondence, communications and payments to the agency for the life of that contract.
I have a collection for a doctor's bill from 2003 on my credit report I just noticed that they reposted the same bill on my credit report and changed the date to 2008. Can they do that?
If you refuse to pay a doctor referred by a 'if we do not win you do not pay' lawyer who took a car accident case will it hurt your credit?
Is the doctor going to turn the account over to a collection agency? A collection account would hurt your credit. Is the collection agency going to sell the account to another agency, thus extending the time period it shows on your credit report? If they do, it could hurt your credit for an even longer period of time.
It is there because they have purchased the account from the original creditor and are proceeding with their prescribed collection procedures. It is a legitimate entry on a credit report, and cannot be removed until the seven year expiration date. Even if the account is paid it will remain on the report marked as such, until the time limit expires.
Is it legal for a creditor to send an account to a collection agency after one and a half years without ever notifying the customer that they think a bill is owed?
Collection agencies are usually retained by the establishment that you owe the defaulted debt to, if the borrower ( person in debt) does not want to work with the collection agency handling their debt, the collection agency will then document the account as a refusal then send the account back to the original lender then they will garnish your wages until the life of the loan is paid off.
A collection that is removed from your credit report be gone off the report but the collection agency said you still owe on account?
Well, check your states statute of limitations. If the SOL is up then tell the company to stop contacting you are you will sue them for harassment based on the fact that they have no claim under your state's SOL. The collection agency will try to say you still "owe" and I guess you do if it is your debt but you no longer have any legal obligation to pay.
1. Get a copy of your current credit report. (I have used www.freecreditreport.com which can provide all reports from all 3 credit agencies for around $40.) 2. Write up letters to each collection agency asking why each account was opened along with the account balance. 3. Get the letter certified, copied and send them to the collection agency. 4. (Read both of these steps) If the collection agency replies: you can "Ask For Forgiveness" from…
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…