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If your account is sold to another collector does it stay on your credit report another 7 years?
In a word: No, the account will not stay on for another 7 years. All negative information regarding the account must be removed 7 years from the date of the ORIGIONAL delinquincy. For example, if you were late on a credit card in January, 2002, and was delequint every month after to the point that it was turned over to collections, ALL derrogatory information must be deleted seven years after January, 2002.
On occassion, companies will sell an account for the sake of keeping it active on a consumer's credit report beyond the 7 year statute of limitations. Be aware that this practice IS illegal, and you may successfully dispute such items off your credit report.
The seven years is from the original date. It cannot be reported again, even if another collection agency buys that debt. (But I guess they get away with it if we don't monitor our credit reports!)
What else can I help you with?
How long can something stay on your credit report after another creditor bought the account?
Seven years begining six months after payment the account ended. Not when it was bought by a third party collector.
Why is the same creditor on my credit report twice?
Is it for the same account or do you have another account with them?
If an account was charged off and removed from your credit report after 7 years can another company buy the account and place it back on your credit report?
No, it is illegal, and if you are a victim of this, you can have it removed from your credit report by disputing it with the bureaus. After the statute of limitations is up on any trade line, it can not be placed back on your credit report.
How do small businesses report clients to the credit bureau?
Consult with a debt collector. They have the legal qualifications to report to credit reporting agencies.
How long does a collector have to report that a collection account has been closed and or settled?
Typically these types of actions can be seen on your credit within 30-60 days. There are no laws or rules that requires a credit reporter to immediately post "closed" or "settled" to an individuals credit. Most just report data to the credit bureaus once monthly.
How long can something stay on your credit report after another creditor bought the account?
Seven years begining six months after payment the account ended. Not when it was bought by a third party collector.
Why is the same creditor on my credit report twice?
Is it for the same account or do you have another account with them?
Can a debt collector remove negative information from my credit report?
No, a debt collector cannot remove negative information from your credit report. Only the credit reporting agencies or the original creditor can remove or update information on your credit report.
If an account was charged off and removed from your credit report after 7 years can another company buy the account and place it back on your credit report?
No, it is illegal, and if you are a victim of this, you can have it removed from your credit report by disputing it with the bureaus. After the statute of limitations is up on any trade line, it can not be placed back on your credit report.
Collector effect credit report?
if you owe bank and is in the processes of paying them back but they have not yet sent a notice to the collector debt. Does it show up on your credit report
Can you request a debt collector to remove an entry from your credit report?
Yes, you can request a debt collector to remove an entry from your credit report, but they are not obligated to do so. You can try negotiating with them or disputing the entry with the credit bureaus.
How can I remove a debt collector from my credit report?
To remove a debt collector from your credit report, you can dispute the debt with the credit bureaus if you believe it is inaccurate or outdated. You can also negotiate a pay-for-delete agreement with the debt collector to have the negative information removed in exchange for payment.
Can a third party collector make a credit inquiry to see your credit report without consent?
In most cases yes. When you get a credit card theres about 3 pages of fine print, With most CC companies there is a disclaimer that if the account becomes delinquent your credit account may be sold to a 3rd party collector. You agree to the terms and conditions therefore have already given consent.
How do small businesses report clients to the credit bureau?
Consult with a debt collector. They have the legal qualifications to report to credit reporting agencies.
How will settling credit card debt affect your credit score?
It will raise your score slightly. If you don't settle a delinquent account, the verbage on your credit report may read: "collection account", or "unpaid collection account". However, if you settle, the report may read "settled". By settling with the debt collector, you have made an attempt to fulfill your financial obligation. Therefore, your score will raise slightly.
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.
Have you recently opened an account that is now showing on your credit report?
Yes, have you recently opened a new account that is now appearing on your credit report?
