0
When collection companies sell the debt to a different collection company does the seven years on credit report automatically restart?
Wiki User
∙ 15y ago
Legally the date of last activity is not suppose to re-start. But, I have been noticing that the date of last activity renews itself once the account is sold to another third party collection agency. Here's the thing - the seven year clock is a "Myth". I know this is shocking when it comes to debts, but it's true. What you should be concerned about is the "Statue of Limitation" for your state or the state that you opened that account. The date of last payment is the date you should calculate the number of years from the Statue of Limitation. Example: If an account/credit card was openend in the state of North Carolina, they have a four year "Statue of Limitation" for "Open Accounts". This means that there was a written or verbal contract. The date of last payment was 12/2004, which means that the statue of limitation expires on 12/2008. This means that the collector or creditor can no longer try to collect on this debt. On the credit report, the bureaus usually have something that potrays this: This account will remain until 11/2011. This means that by 11/2011, you as the consumer, can dispute this account and ask for a permenant removal. Good Luck!!
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
What companies help with debt recovery?
National debt collection company, Collection agency, Rapid recovery solutions, National asset management are the companies that help with data recovery.
How long is it before debt collection will be sent if someone does not pay off their credit card?
The length of time a debt collection is sent really depends on the credit card company. If they have attempted to make contact on various occasions with no resolve then the companies will often send out a debt collection notification, and also the companies will notify the credit bureaus.
If you owe a company money and it is placed in collections can you pay the original company or do u have to pay the collection agencies?
You have to pay the collection agency. The original company has a signed contract with the collection agency and they pay the collection agency a % of what they collect from you. That's how they make their $$. The original company did not want to have the outstanding balance on their books.
How can you write a application to replace your damage credit card?
simply contact the company how to do so, because it varies from different different companies
Can you use a debt consolidation company if the credit card companies have already sold your accounts to collection agencies?
Yes, but neither a collection agency nor the original creditor has any legal obligation to communicate or accept the terms offered by a debt consolidation agency.
What companies help with debt recovery?
National debt collection company, Collection agency, Rapid recovery solutions, National asset management are the companies that help with data recovery.
What type of services do collection companies offer?
Debt collection companies offer services such as collecting the amount of money that a company or individual owes. Debt collection companies also provide the service of working out long- or short-term repayment plans for those who owe repayment.
How is Southwest Airlines company different from other companies?
Southwest airlines company is different from other airline companies because it offers lower prices for most flights compared to most other companies.
What is the starting salary for medical representative?
1.It is based upon where the company H.O is situated. For example, new delhi and mumbai base companies gives above 12,000. 2.QUALIFICATION 3.COMPANY IN THE MARKET Different companies gives different salaries. All these conditions affect the salary structure. First you understand the trade then you will automatically get good company. ALL THE BEST... SharmaRKD...SYSTOPIC,M.R.,KAKINADA.
What companies provide debt collection software?
E-collections is a great leading company in the debt collection software industry. Pamar systems also provides a great debt collection software program.
Is Hyundai and Kia the same company?
No. They are both different companies.
Which companies provide flags and banners?
There are several different companies that provide flags and banners. Some of these companies include American Flag and Banner Company Inc., Conder Flags Company, and Flag World Company.
What services are provided by the company named Hara?
Hara is a software and computer technology company. They offer data collection and interpretation services to companies. This helps the companies better determine what is needed to create a higher quality product or service.
What is the difference between an accounting associate and accounting assistant?
Different companies use different terminology. They could be the same job duties at two different companies or two different jobs at the same company. You would have to talk to the company using the term.
What is forest and domain?
A domain is a logical grouping of devices in a single name and can be administered as a group. Domains are assigned to companies or subdivisions within companies. A forest is a collection of domain trees. A forest could contain domains from multiple sites, such as a parent company maintaining control over several acquired companies with different domain names.
Is Usana a cosmetics and health company?
USANA is a cosmetics and health company. There are different cosmetic and health companies located in different areas of the world.
How long is it before debt collection will be sent if someone does not pay off their credit card?
The length of time a debt collection is sent really depends on the credit card company. If they have attempted to make contact on various occasions with no resolve then the companies will often send out a debt collection notification, and also the companies will notify the credit bureaus.
