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You received a letter from a collection agency NCO requesting payment on an account that is over five years old what should you do?
Wiki User
∙ 16y ago
There is a 2 year statute of limitations. This collection agency bought this debt for pennies on the dollar and are taking a chance that they will be able to collect. Write them back and tell them that the debt is old and is past the time allowed to collect. Tell them that they are to not contact you again and that they are not to report this to the credit beaureau. Make a copy for yourself and send a copy to them certified mail. This way they can't say that they never received it.
Wiki User
∙ 16y ago
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What happens when cash is received in payment of an account?
Received cash from a customer as payment on account
What accounts affected in received payment on account?
"what accounts are affected and how when a payment on account is received from a customer
How do you find out who you owe if the collection agencies keep selling the account?
When a consumer receives a notice from a collection agency requesting payment of a debt, the consumer should always present to the agency a written request for confirmation of the debt owed.
How do you pay a collection account?
Have the collection agency send a written agreement accepting the settlement or payment amount agreed upon BEFORE rendering any payment(s).
What account is credited when a payment is received from a customer?
Accounts receivable
How does one collect their accrued interest?
Accrued interest is obtained when the payment is received to the borrower. When the payment is received, interest is then realized and deposited into your account.
If you pay a collection account will it stay on your report for 7 more years after the payment?
Yes. And it stays on 7 years from the date of payment.
What do you do if an account was turned over to a collection agency but the original creditor accepted your payment in full?
Contact the original creditor. Provide proof of your payment. They need to retract the account from the collection agency. The account could have been sold to the collection agency or simply assigned to them. For your purposes, it does not matter which situation applies. You paid the original creditor and your credit report needs to reflect this. After they do what they need to do to get the account back; you then dispute the entries with all three credit bureaus. The original account should show as a paid collection and the other collection account should be removed from your credit report entirely.
If something stays on your credit for 7 years from the 'last activity ' does this mean the last payment you made or the last collection attempt?
It means the first day the account became delinquent. Say your payment was due Jan 1, 1997 and your contract stated the account would be delinquent if payment was not received by Jan 15, 1997 and you made no payments on the account after that date. The date of last activity should be reported as Jan 15, 1997. If it is not then dispute the account with the CRA's.
When services are rendered but payment is not made which account would be increased?
Accounts payable
If any time passes between the time of sale and the collection of payment?
An account receivable is always created
If any time passes between the time of sale and the collection of payment...?
An account receivable is always created
