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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?
Wiki User
∙ 18y ago
Yes, the original creditor is not bound by the FDCPA. The collection agency must however inform the debtor that they have thirty days to request confirmation of the debt or to dispute same.
Wiki User
∙ 18y ago
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Do you need to include account numbers for both the collection agency and the original creditor on your bankruptcy form?
Include the original account number if you are including the original creditor. Include the account number for the collection agency if you do not have the orignal creditor information and are including them as "Care Of" for service.
What is a Derogatory public record or collection?
== == 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.
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 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.
In Colorado does a collection agency have the authority to levy my bank account without notifying me first?
A collection agency in any state would need to notify you first.
What is the journal entry for collected on account 1200?
Debit cash / bank 1200Credit accounts receivable 1200If it is a collection from customer's account, thenDEBIT: Cash 1200CREDIT: Accounts Receivable 1200Collection from customer's account
What is the normal time before a creditor can use a collection agengy to collect a debt?
Generally a Creditor will wait 180 days from the date of the last payment before passing the account to a Collection Agency
Can you pay an original creditor after the debt is sold to a collector?
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.
Is it legal for a creditor or debt collection agency to access a bank account for debt collection?
To access to bank account as such, no. But if the debtor agrees to have ACH for payments, then the creditor or collection agencies can withdraw funds, or depending on the state laws a Judge can authorize to garnish wages from the bank. Find laws that apply to the debt in the resources box
Can a creditor or collection agency levy your spouses account if it was before we were married and I'm not on Her account?
I believe so - When you get married you assume all the debts.
Can collection agencies tap a personal bank account?
Yes! Creditors can garnish a personal checking account. As long as the creditor has the checking account info they can garnish a checking account.
Advances from customers appear in the accouting?
If you are the seller and recieve an advance payment from a customer, it means you are owing the customer and as much a creditor. Your cash is debited and the customer ( Customer's deposit account) credited;
When does a debtors account have a credit balance?
goods in transit a debtor(customer) could also be a supplier(creditor)
