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.
no... once the 7 years has been achieved on a collection account. The account is no longer valid and must be removed if disputed by a consumer.
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.
No, once a collection agency relinquishes their claim to the account by selling it they must remove all negative trade lines related to that account from your credit reports. Hope this helps ST
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.
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.
No. A collection agency can not freeze your bank account. Only a judge could do that.
The original account with a normal credit company went to a third party collection agency. Only after it went to the collection agency was the debt paid and then the account closed.
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).
== == A Deragatory record is an account that has had a history of late payments. A collection account is an account that was not paid on time or at all, and was closed by the creditor and sold to a collection agency.
It is possible for the collection agency to put a lien on your bank account. Before they can do this, they must go through the proper procedures first.
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.
yes, unless the original creditor has been disputed.
No, the collection agency is now the rightful owner of the debt in question and the original creditor has removed the account from their books.
No the collection will not be removed from the credit report. They will show it paid in full.
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.
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.
Once a collection agency has gone through the procedure to garnish your bank account, they can do so as many times as necessary until the debt is paid.
pay the collection agency, then check what their report is about you, if not good threaten to get a attorney and bring suit
Yes they can.
A collection agency in any state would need to notify you first.
Once a delinquent account has been turned over to a collection agency, the physician's office should stop billing.
Once a collection agency sues a person they may have to get an attorney and go to court to settle this. The agency wants you to pay the money you owe them however they can get you to do it.
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.