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Can a creditor and the collection agency who purchases your account from the creditor both report the same debt in separate instances to a CRA?
Yes, they can and it's customary for them to. The original account should have all the history, including late payments you made and the status (collection or charge off), the DLA, and date the account was opened. It should not be showing a balance due once sold or assigned to a collection agency. It may have a statement about being sold or transferred, but not always. The CA account should have the date they received, or were assigned, the account and the current balance (often with interest added in). The DLA should not have changed.
What else can I help you with?
Can a debt be listed on your credit report by the collection agency as two separate entries with one as a charge off and the other as a collection fee?
Yes, the charge off is entered by the original creditor, and the collection fee is a separate debt.
What is a purchase book?
To record the credit purchases of goods dealt in or materials and stores used in the factory, a separate register called the Purchases book or the Purchase Journal, is usually maintained by firms.
Explain Petty Cash Transactions?
Petty cash transactions are small, miscellaneous purchases or expenses. In business, there is usually a separate cash fund for this type of transaction.
Why is the use of a Purchases Returns and Allowances account preferred to crediting these transactions to Purchases?
Using a Purchases Returns and Allowances account is preferred because it provides clearer financial reporting and better tracking of inventory and expenses. It allows businesses to separate returns and allowances from total purchases, making it easier to analyze purchasing patterns and assess the impact on profitability. This distinction also enhances the accuracy of financial statements, giving stakeholders a clearer view of operational performance.
Does cost of goods sold account have a debit balance or a credit balance?
Expense accounts should always be debit balances. The only exception is when you are recording discounts received on purchases in a separate account than the COGS account used for purchases. Discounts should be shown as a COGS account so that it is netted against purchases, and will have a credit balance. But even in this case, the total of all COGS accounts should be a debit balance.
Can a debt be listed on your credit report by the collection agency as two separate entries with one as a charge off and the other as a collection fee?
Yes, the charge off is entered by the original creditor, and the collection fee is a separate debt.
Is there a statute of limitations on how long creditors can collect on charged-off accounts?
Statute of limitations is a term that applies to how long a consumer can be sued to recover a defaulted debt. It has no bearing on collection activity. There is a separate time period for how long a charge off can show on your credit report. A creditor can attempt collection on an unpaid debt forever. It's just that after these two time frames have passed, their collection efforts have no "teeth".
Which creation theory has two separate instances of creative activity by God?
Gap theory
Is a collection of many separate network?
bicth
How do i find out who the original debt is owed to if two colection agencies are trying to collect?
Ask the collection agencies. They have to reveal who the debt was incurred through, The real question is why are there TWO agencies collecting the same debt? Be sure that there aren't two separate amounts owed to the original creditor.
What is a purchase book?
To record the credit purchases of goods dealt in or materials and stores used in the factory, a separate register called the Purchases book or the Purchase Journal, is usually maintained by firms.
What allows you to run one or more separate instances of an OS within a single host OS?
Virtualization
Do jellyfish have ganglia?
no, just a nerve net which is a collection of separate neurons
What is a collection of material from various sources to form a separate work?
It's an anthology.
Why is the Bible also known as a library?
The Bible is a collection of 66 separate books.
A collection of matter made of substances that stay separate and keep their properties is a?
A physical change, and a chemical change.
A box contains a collection of metal objects from a tomb How do you separate iron objects from metal objects?
You could use a magnet to separate a collection of metal objects from a tomb. Iron object and other ferrous metals will stick to the magnet while some other types of metals will not.
