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What else can I help you with?
How many times and how often can a collection agency post an account to your credit report as a charge off?
A collection agency cannot charge-off an already charged-off account. The reporting of the STATUS of the account AS a charge-off can be reported every time they update with the credit bureaus. The 'date of status' must be the date of the ORIGINAL charge-off.
Why original creditors sale accounts to a collection agency?
Original creditors sale their accounts to collection agencies when the account has been past due and they have not effectively collected. At that time, the original creditor will charge off the balance from their accounts receivable and turn the account over to a collection agency. When the collection agency collects the debt, a portion of the amount received is paid the the collection agency and the remainder is returned to the original creditor as profit.
If something has been sent to collection can the collection agency charge you interest?
If the original creditor charged interest then the collection agency will continue to accrue interest at either your states legal rate or whatever you agreed to in the original contract until the debt is either paid or sold to another collection agency or placed with an attorneys firm for legal litigation.
Can a collection agency sue for a 'charged off' debt?
Yes, the term "charge off" does not render the debt invalid or uncollectible.
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 you be charged interest on medical bills by a collection agency?
Yes, unfortunately a collection agency can charge interest and other fees when they obtain a debt.
Can a collection agency charge interest on a debt?
In some situations interest and accompanying collection fees can be assessed.
How do collection agencies work re rates they charge the collectee and the collector?
Generally a collection agency will charge the company they are collecting for a percent off what they collect. They do not charge the person they are collecting from.
If a collection agency sends a letter to an employer asking for personal information should the employer answer it?
If the employment agency will charge a fee
Can a collection agency report and collect a debt that is shown as a charge off from another creditor?
Yes. When creditors charge off accounts they send them (or sell) to a collection agency. The collector can request the debtor's credit report show that the account has been turned over for collection procedures.
Can a landlord send an ex-tentant to a collection agency for a disputed charge?
Yes, and the tenant can tell the collection agency the charge is disputed, and that could be the last you hear from them. If not, you need to research, follow and educate them on the rules of the Fair Debt Collection Practices Act, such as filing written notice of dispute, etc.
Why would a collection agency not give you the balance of your charge off in writing?
Only the company can answer that question.
How many times and how often can a collection agency post an account to your credit report as a charge off?
A collection agency cannot charge-off an already charged-off account. The reporting of the STATUS of the account AS a charge-off can be reported every time they update with the credit bureaus. The 'date of status' must be the date of the ORIGINAL charge-off.
Why original creditors sale accounts to a collection agency?
Original creditors sale their accounts to collection agencies when the account has been past due and they have not effectively collected. At that time, the original creditor will charge off the balance from their accounts receivable and turn the account over to a collection agency. When the collection agency collects the debt, a portion of the amount received is paid the the collection agency and the remainder is returned to the original creditor as profit.
If something has been sent to collection can the collection agency charge you interest?
If the original creditor charged interest then the collection agency will continue to accrue interest at either your states legal rate or whatever you agreed to in the original contract until the debt is either paid or sold to another collection agency or placed with an attorneys firm for legal litigation.
How do banks get their money back when they repossess an auto?
They sell the vehicle for what they can, then charge the remainder to you. They usually sell that debt to a collection agency, and the agency starts calling you for that money.
If a credit card does a charge-off and sends it to a collection agency can the original creditor still try to collect?
yes
