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If you opened a credit card account seven years ago but another company buys the delinquent account does the 7 years start all over again?
Wiki User
∙ 18y ago
When you OPENED the account is not relevant. The date of first delinquency determines the start of the reporting period and that date cannot be changed by anyone. The re-selling of a debt does NOT restart the reporting period.
Wiki User
∙ 18y ago
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How long does a credit card company keep open a delinquent account?
So long as there's a balance on the account - the file will remain open.
When do you debit and when do you credit an account?
Another account will receive a "credit" entry, meaning the amount will be (You can refer to the company's chart of accounts to select the proper accounts}.
How can you make the credit card company reopen an account and remove 'closed by credit grantor' from your credit report?
You can't MAKE a credit card company reopen an account. You can call the credit bureau and request that they change the status to indicate that is was closed by you and not the credit grantor. Or, you can simply put a notation in your credit report stating that the account was closed by you and not the card company.
What account is debited when a company returns merchandise to a vendor on credit?
credit
Can a a credit company file the same account twice on your credit report?
It happens and can be disputed. Call you credit card company or credit agencies.
How long does a credit card company keep open a delinquent account?
So long as there's a balance on the account - the file will remain open.
How are credit accounts affected when another company buys them out?
When often another company buys a credit card company, they have purchased your account. Most often, it is business as usual, and payments are directed to the new owner of the account.
If an account is reported as delinquent does it matter what the amount is?
Yes, all the factors that are used to determine your credit score are important. When any credit account is delinquent, the amount of the delinquency is not AS significant as the fact that it was not paid as agreed, but it is a factor.
When do you debit and when do you credit an account?
Another account will receive a "credit" entry, meaning the amount will be (You can refer to the company's chart of accounts to select the proper accounts}.
The accounts payable account in the general ledge is?
What the business owes another company (on credit)
Can a credit card company deny you purchases if someone else at your address is delinquent with the same company?
It depends on the terms and conditions of the credit card company. Ask them to send you a copy if you do not have the one that came with your credit card.
How long does a debt stay on your credit if the amount is not paid?
A debt will stay on your credit report for seven years after the date that you were originally delinquent on the account. After seven years, this debt is taken off of the account.
If you pay off a delinquent credit account to one agency but another agency also buys the account while you are still paying the first agency do you have to pay both agencies now?
Usually when one agency buys out another, they also buy all assets and assume all liabilities (debts). If your account was paid in full at the time of the buy out, then you owe nothing more. If it wasn't, then you would owe only the balance to the second company.
How can you make the credit card company reopen an account and remove 'closed by credit grantor' from your credit report?
You can't MAKE a credit card company reopen an account. You can call the credit bureau and request that they change the status to indicate that is was closed by you and not the credit grantor. Or, you can simply put a notation in your credit report stating that the account was closed by you and not the card company.
What account is debited when a company returns merchandise to a vendor on credit?
credit
Can a a credit company file the same account twice on your credit report?
It happens and can be disputed. Call you credit card company or credit agencies.
What will happen if you close a credit card that has an outstanding balance?
You can close a credit card account at any time, regardles of whether there's a balance left on the account. If it's not past due, you simply make regular monthly payments. If it's delinquent and the creditor hasn't already closed the account for you, you'll probably also make monthly payments on the balance. In some cases of severely delinquent accounts, you can agree to pay one final lump sum, usually less than the total amount owed. However, this will appear unfavorably on your credit reports, as will "account closed by credit grantor". Regardless, it's probably a good idea to close the account, particularly if it's delinquent.
