Credit and Debit Cards
What can you do if you have a closed electric account with a balance and you have made monthly payments but it has been sent to a new collection agency and they are requiring larger payments?
And the question is what? You created the large bill, you need to be responsible enough to pay it off. You can't expect to pay a dollar a month and think that they'll be happy about it.
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. ...
Asked in Economics
Explain the various components balance of payments?
Balance of payments is a collection of accounts conventionally grouped into three main categories, with subdivisions in each. The three main categories are: 1) Current Account 2) Capital Account and 3) Reserve Account ...
Can medical bills effect your credit while making payments on them?
Yes, this is only reported on your credit report if it is a collection account. ...
Asked in Home Electricity
Do you pay an electric bill online through the electric company or through your bank account?
You can pay an electric bill online through the electric company or through your bank depending on the electric company and if they allow online payments through their website. You can also set up an online payment through your own bank account as well. ...
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 ...
What happens in Florida if you quit making credit card payments?
after 180 days of non payment your account will be charged off and turned over to collection agency ...
Asked in Credit Reports, Credit
If a collection account was sold to another collection agency is it correct that they should both show up on your credit report as late payments?
When a collection agency sells your debt they no longer have any claim to your debt. It's like selling a car, once it is gone it is gone. ...
Asked in eBay, Credit and Debit Cards, Economics
What is usually the largest single account in the overall balance of payments?
The largest single account in the overall balance of payments is, for most countries, the current account. ...
Asked in Debt Collection
What does it mean if the original creditor recalls your account from the debt collection agency?
Same thing happened to me..... what does this mean? I have not heard anything back from original creditor and was making timely montly payments to collection agency... I am confused and a little scared ...
Asked in Credit and Debit Cards, Credit Reports, Debt Collection, Banking, Money Management, Commercial Bank and Checking Accounts
What can a collection agency do if your checking account has been overdrafted and you haven't been able to make any payments?
First off, you never give a collection agency your banking or credit card info, they will wipe you clean, if you have done this, I would clear up the overdraft with the bank so they won't report you to Chex Systems and close the account and open another account at a new bank. ...
Can a collection agency continue to report a collection account to the credit bureau after the account is sold to another collection agency?
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 ...
Is it better to settle an account in collections or pay it in full via monthly payments?
Personally speaking, it is better to settle with a collection agency rather than making monthly payments. Theres only one ceveat....you must pay the collection agency in full. Example, lets say you owe $1000 to a credit card company. A collection agency will say, pay $600 NOW and this will settle the balance. So, if you dont have $600, its a 'catch-22'. You are better off making the monthly payments until the $1000 is paid. ...
Asked in PayPal
How can you receive online payments without a bank account?
Online payments must go to a bank account. Using a routing number for the bank being used and the account for which it is being placed. ...
How long paid delinquencies remain on your credit?
A delinquency usually refers to an account with late payments. The late payments report on the account for 7 years. ...
Difference between income and expenditure account and p and l account?
Differences Between Receipts And Payments Account And Income And Expenditure Account The following are the main differences between receipts and payments account and income and expenditure account: 1. Nature Receipts and payments account is a summary of cash transactions for a period and it is a real account. Income and expenditure account is a summary of expenditure and income like trading and profit and loss account and it is a nominal account. 2. Objective Receipts and payments account is prepared to show cash and bank receipts...
Asked in Debt and Bankruptcy
Can a creditor and the collection agency who purchases your account from the creditor both report the same debt in separate instances to a CRA?
Yes, they can and it's customary for them to. The original account should have all the history, including late payments you made and the status (collection or charge off), the DLA, and date the account was opened. It should not be showing a balance due once sold or assigned to a collection agency. It may have a statement about being sold or transferred, but not always. The CA account should have the date they received, or were assigned, the account and the...
Can collection agencies freeze your savings account?
No, collection agencies do not have any right to freeze your savings account. Only banks have the right to freeze your account but depends on the nature of the default. ...
Asked in Debt Consolidation
What is considered an active a collection account?
An active collection account is a debt that a company is attempting to collect. This continues until all avenues are exhausted. ...
Asked in Personal Finance
How much will removal of incorrect collection account increase fico score?
How much will removal of incorrect collection account increase fico score? ...
What happens after six months of failing to make any further credit card payments?
After 180 days of non payment they will close and charge off the account and most likely farm it out to a collection agency ...
Can you make payments to a creditor who froze your bank account?
Payments can be made from out of the frozen accounts simply by authorizing the bank to transfer the money in the frozen account directly to the creditor. ...