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What does it mean when a collection agency closes your account?
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What does it mean when your credit report states that you have a paid closed collection account on you credit report?
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.
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
What does 'Transferred Account charged off' mean?
It means the original creditor has given up the account and sold it to a collection agency. It does not mean the debtor is relieved of the debt. Someone wants the money and they will get it, somehow.
Can a collection agency seize you assets?
No. A collection agency can apply for a court order to recover a debt which may mean seizing assets.
If you are advised not to give your bank account information to a collection agency does that mean you should not pay by personal check?
It is in the best interest of the debtor to not allow access to his or her financial information and most particularly not to agree to an automatic withdrawal from a bank account by a collection agency. The safest method is to pay other means, such as a USP money order with return receipt.
Do you have to pat a collection agency?
Assuming you mean "pay" instead of "pat," the answer is no. However, if the debt is yours - you can be sued for it. And if the collection agency wins, you can have your wages garnished or your checking account. Keep in mind that each state has a different statute of limitations (SOL) for debt, and collection agencies often try to collect on debt that is past the SOL. Once it is past the SOL, you cannot be sued for it.
What does 'account reaffirmed' mean?
Account reaffirmed means that a creditor or collection agency has violated the FCRA by manipulating the dates of your debt to effect your credit more negatively. For example you may have a debt that is 6 years old, but a collection agency will attempt to make it look like you just got into more debt recently by changing the open date or past due date to something more recent.
If you paid a collection agency in 2004 for a hospital bill you never received in 2000 in Florida and the hospital has resold the same debt to another collection agency in 2007 what can you do?
You get a letter from the paid collection agency and send it as proof of payment to the new agency. In the mean time, you call the new agency and dispute the claim of debt. If they receive the letter and still harrass you, then you have the right to sue and turn their neames over to the BBB. This is only if you paid in full. If you settled, then the next agency can try to get the unpaid amount. Remember, there is a 4 year period on medical bills. After that, they can't collect, unless the hospital revitalized your account.
What does the word or name CIA mean?
CIA stands for Central Intelligence Agency; an American government agency responsible for the collection of intelligence.
What does it mean when a credit card company closes your account?
It means they have deemed your account "inactive". Or maybe they don't want your business anymore. The easiest way to find out is to contact them.
You just received a notice on a credit card indicating that it was in the process of being charged off and was urged to make payment arrangements-- What exactly does this mean?
Within a 180 days of default a creditor must charge off the account. After which the account is sent to a collections agency who then follows established collection procedures. These are generally implemented in the form of letters and/or phone calls to the debtor. Collection agencies are obligated to conform to FDCPA regulations whereas original creditors are not. If suitable payment arrangements are not made, the agency that "buys" the account may decide to pursue legal alternatives.
Can a company who closes your account try to collect interest three years after closing the account?
Yes, if you still owed a balance at the time the account was closed. Just because a company closes an account does not mean that any balances that are owed to them disappear. If your account was closed and there was still a balance outstanding and you did not pay that balance, the company has every right to collect the balance and any interest outstanding.
