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When an original creditor sells a charged off account to another company does this start the 7 year clock ticking all over again?
Wiki User
∙ 8y ago
No.
When an original creditor sells a charged off accounts to another company. I asked the Credit bureau to investgate. However, the creditor is unable to remove it from my credit report. does this start the 7 year clock ticking all over again from the date the credit bureau investigate?
Wiki User
∙ 8y ago
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Can you be sued for a charged off credit debt by the original creditor?
Yes.
Can you ever go back to the original creditor if the debt has been charged off?
You can go back to the original creditor, but they may not offer you a line of credit. Usually they will not extend any more credit after it is charged off, but this is an individual company or individual decision.
Can a debt collector in the state of Michigan collect on a debt if they have already charged it off?
Yes, the term is used to indicate a debt being written off as uncollectible by the original creditor. The debt however remains valid and subject to collection by a collection agency working for the original creditor or a third party that buys the account.
Can a company that purchased your charged off account from the original lender file a suit against you?
YES, they purchased a debt contract. The original creditor does not forgive / eliminate a debt by selling it to a collector -- they simply gave-up on collecting a worthwhile settlement from you.
Debit card and credit card?
A debit card is connected directly to a bank account. The money being charged must be present in the account. A credit card is used with a promise to pay the creditor in the future.
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 you be sued for a charged off credit debt by the original creditor?
Yes.
Can you ever go back to the original creditor if the debt has been charged off?
You can go back to the original creditor, but they may not offer you a line of credit. Usually they will not extend any more credit after it is charged off, but this is an individual company or individual decision.
Do you still need to pay a company if you are paying a collection agency for the charged off debt?
No, as they are the legal agent of the original Creditor and the arrangements made with the collection agency are binding on the original Creditor.
You had a credit card account which they charged off and sold to a collection agency ca Now you have that charge off which carries a balance and a CA collecting on the same debt What could you do?
It is unlikely that the account was "sold" to a collection agency. Rather, the agency was contracted to recover the debt. The "charge off" of the account only affects the original creditor, and represents a loss reported against the company's taxes. If the collection agency has attempted to recover the debt and has been unable to, the original creditor will likely pull back the account and refer it to another agency in hopes of greater success.
Can a debt collector in the state of Michigan collect on a debt if they have already charged it off?
Yes, the term is used to indicate a debt being written off as uncollectible by the original creditor. The debt however remains valid and subject to collection by a collection agency working for the original creditor or a third party that buys the account.
Can a company that purchased your charged off account from the original lender file a suit against you?
YES, they purchased a debt contract. The original creditor does not forgive / eliminate a debt by selling it to a collector -- they simply gave-up on collecting a worthwhile settlement from you.
If you settled a charged off account with a collections agency for less than the full amount can they resell the difference to another agency?
Yes unfortunately they can. Companies today want the charged off account money and will sell it to another agency in order to get this. It will show up on your credit report under another company...so you have 2 listings on your credit report for the original account.
Can a creditor keep reporting a charged off account?
That is perfectly legal. The term "charge off" does not mean that the debt is not still valid and fully collectible.
How do you remove charged off from your report?
Only the original creditor or the credit bureaus can remove a charge off from a credit report. You can negotiate to have them removed with the original creditor if they will let you. You can also dispute it to the credit bureaus and they will have 30 days to verify the listing or it must be removed from your credit report.
Debit card and credit card?
A debit card is connected directly to a bank account. The money being charged must be present in the account. A credit card is used with a promise to pay the creditor in the future.
Can a creditor continue to report delinquency to a charged off account?
Once an account is settled, as with a charge off, the creditor must refelct that the account is settled. Failure to do so is a violation of the Fair Credit Reporting Act, a federal law. Dispute the bad reporting first with the credit bureau (Equifax, TransUnion or Experian). If they fail to change it within 30 days, file a formal complaint with the Federal Trade Commission (FTC) who is their regulatory agency. * Yes. A charge off does not indicate a debt is settled or not fully collectible. A charge off simply indicates that the original creditor is clearing the account of the books and referring it to a collection agency.
