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An active collection account is a debt that a company is attempting to collect. This continues until all avenues are exhausted.
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∙ 9y ago
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What is the definition of an active bank account?
An Active bank account is one that is being used actively or regularly by the account holder (Customer). Any account that has transactions (Credit or Debit) atleast once every 90 days can be considered an active account. After 90 days of inactivity accounts are usually made inactive.
What is an open collection account?
A collection account that has not been paid off.
How do you know my account in BPI if active or not?
In order to determine if your account in BPI is active or not, try logging into the account. If you cannot log in, then the account is no longer active.
When does the statute of limitation start on a credit card?
The SOL begins when an account is considered in default. SOL's only apply to lawsuits, they do not halt collection procedures by the OC or an assigned collection agency.
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
What is the definition of an active bank account?
An Active bank account is one that is being used actively or regularly by the account holder (Customer). Any account that has transactions (Credit or Debit) atleast once every 90 days can be considered an active account. After 90 days of inactivity accounts are usually made inactive.
What is an open collection account?
A collection account that has not been paid off.
How do you know my account in BPI if active or not?
In order to determine if your account in BPI is active or not, try logging into the account. If you cannot log in, then the account is no longer active.
When does the statute of limitation start on a credit card?
The SOL begins when an account is considered in default. SOL's only apply to lawsuits, they do not halt collection procedures by the OC or an assigned collection agency.
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.
How do you active account on hi5?
i would like to active my hi5 account. my yvonne
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
Can An Account that has been sent or sold to A collections agency still be considered an open account?
NO....... Collection Accounts are NOT open accounts feel free to stop by www.debtorboards.com and do a search on OPEN it will explain alot
When an old account is sold to another collection agency does the account become new again?
No. The state SOL begins approximately 6 months after the debt is defaulted upon. (Usually the last activity on the account). If any money is paid on the account, the debt is considered to be reaffirmed.
When does an account become uncollectible?
"Bad debt expense, or noncollectable accounts expense, or doubtful accounts expense. When does an account or a note become noncollectable? There is no general rule for determining when an account is noncollectable. once a receivable is past due, a company should first notify the customer and try to collect the account. if after repeated attempts the customer doesn't pay, the company may turn the account over to a collection agency. After the collection agency attempts collection, any remaining balance in the account is considered worthless." -Principals of Accounting book, page 394-
When does the seven year mark to remove negative history from your credit report start?
It begins from the time a late payment was made or when the account is remanded to a collection agency. Some collection agencies will update the reporting status on an account, thereby keeping an account active and extending the expiration date. This is not legal and the consumer should always challenge any such activity shown on their CR and insist the data be corrected.
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.
