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In order to pay off your collection accounts who do you contact?
Wiki User
∙ 15y ago
Whomever is sending you the bills ... if the collection agency is sending notices, then contact them. You can also contact a debt counseling agency who will offer (for a fee) to intercede on your behalf and possibly get a lower percentage rate and a lower monthly payment. You then pay them the monthly amount due, then they distribute the funds to where they need to go.
Wiki User
∙ 15y ago
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Why original creditors sale accounts to a collection agency?
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.
How do you get closed accounts off your credit report?
They don't fall off if they were closed satisfactory by either you or the creditor. If they are negative they typically fall off around 7-10 years. There is not a way to get them taken off outside of these guidelines unless you feel that they are fraudulent accounts, in which case you need to contact the credit reporting agencies...
What is a charge-off on your credit report?
Charge off is a shortened version of "charged off to profit and loss". This is an internal accounting term for activity creditors take on defaulted accounts. For a consumer's purposes charge off = collection account. This is a defaulted debt that shows as a derogatory account on your credit file.
What is an open collection account?
A collection account that has not been paid off.
If you pay on charged off accounts are you throwing money away since no one is trying to collect on them?
Just because an account is charge-off does NOT mean the debt is not being collected upon or that the debt is expunged. Charge-off accounts are often sold to collectin agencies or junk debt buyers who will subsequently try to collect on it. Paying a charged-off debt will not help your credit scores. A status of 'paid charge-off' or 'paid collection' is still a negative. A mortgage lender may look more favorably upon accounts like these, but paying won't remove the tradelines or increase your scores.
Do you have to pay collection accounts dropped off credit reports?
no you do not
What is the accounting entry for collection of an Accounts receivable written off?
writtenoff A/C Dr. To Accounts Receivable Cr. (or) (To sundry Debtors A/c ) Cr.
Why original creditors sale accounts to a collection agency?
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.
Can a collection agency report and collect a debt that is shown as a charge off from another creditor?
Yes. When creditors charge off accounts they send them (or sell) to a collection agency. The collector can request the debtor's credit report show that the account has been turned over for collection procedures.
You had a few collection accounts paid off yesterday and the collection agency does not send you any documents stating you have brought the balance to zero before 30 days?
So, what is the question here?
What happens to your lower credit rating after you've paid off your collection accounts?
Nothing, a paid collection reporting on your credit report is just the same as if it was reporting unpaid, they both are negative entries.
Is it illegal to start collections on charged off accounts?
is it against the law to start collections on charged off accounts.I beg to differ but you can also look this up. It is not illegal to start collection proceedings on charged off accounts, most businesses will write debts off to bad debt BEFORE placing them with a 3rd party collector such as an attorney or collection agency.Once payment is made the money is posted to bad debt recovered to offset the write off. This is done to remove the bad debt from their books and also for tax purposes.
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How do you get closed accounts off your credit report?
They don't fall off if they were closed satisfactory by either you or the creditor. If they are negative they typically fall off around 7-10 years. There is not a way to get them taken off outside of these guidelines unless you feel that they are fraudulent accounts, in which case you need to contact the credit reporting agencies...
Why Yahoo email accounts are attacked by match.com?
What do you mean. I herd that the accounts on yahoo are having a problem a couple of women were looking into my friends webcam even though my friends webcam was off. People I suggest you cancel Yahoo accounts or contact Yahoo about the problem if you have it.
What date determines how long charge off and collection accounts will stay on your CR?
The date that begins the reporting period for derogatory information is the "date of last activity". For accounts that originated after December 1997, that date is established by law as "...the expiration of the 180-day period beginning on the date of the commencement of the delinquency which immediately preceded the collection activity, charge off, or similar action". So the last time the account was late in being paid, plus 180 days (which is industry standard for how long a company deals with delinquent accounts before sending them to collection or charging them off) plus 7 years. FYI: This is not the date that determines how much of an impact derogatory information has on your credit score.
If an account was charged off can you still be hounded to pay by collection agencys?
Yes, Charged off accounts are sold many times for collection .It also depends on many things as to what can be done . One is the statute of limitation for the state its in.There is a wealth of inf. on the PC about debt collections and may laws that apply.
