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Can a third party company purchase your 9 years delinquent account that has been in your credit report for 7 years and put it back in?
It would seem not. However it depends on what type of account it is. If it is a credit card then the SOL has probably expired and the debt is no longer valid. There are accounts that have a longer SOL in some states. It would be beneficial to check the Statute Of Limitations for your state of residency. Send a certified letter requesting information and validation of the debt. Some collection agencies function with the idea that most consumers are not informed of their rights. And will find a way to pay, even when they are no longer obligated.
Absolutely not. Any derogatory information can only be reported for seven years from the original status date. This is the date that the account originally went delinquent. If an account is reported nine years after status date, it is re-aging, and is a violation of FCRA and FDCPA.
What else can I help you with?
If an account is reported as delinquent does it matter what the amount is?
Yes, all the factors that are used to determine your credit score are important. When any credit account is delinquent, the amount of the delinquency is not AS significant as the fact that it was not paid as agreed, but it is a factor.
How can I make a purchase using my running debit card as credit if I have no money in my account?
If you have no money in your account, you cannot make a purchase using your debit card as credit.
How is a purchase made on credit?
If you are having creditworthiness in the market, the seller will offer you credit against your purchase. The period of credit depends on volume of purchase and your worthiness. The same principle is applied to company to company transactions.
What will happen if you close a credit card that has an outstanding balance?
You can close a credit card account at any time, regardles of whether there's a balance left on the account. If it's not past due, you simply make regular monthly payments. If it's delinquent and the creditor hasn't already closed the account for you, you'll probably also make monthly payments on the balance. In some cases of severely delinquent accounts, you can agree to pay one final lump sum, usually less than the total amount owed. However, this will appear unfavorably on your credit reports, as will "account closed by credit grantor". Regardless, it's probably a good idea to close the account, particularly if it's delinquent.
Why do you have to be delinquent on a credit card to get a settlement?
Becasue if you are delinquent the creidt card company fears it won't get its money. They will then settle to get soemthing as opposed to nothing. If you are apying something, they will just continue to add on the interest.
How long does a credit card company keep open a delinquent account?
So long as there's a balance on the account - the file will remain open.
If an account is reported as delinquent does it matter what the amount is?
Yes, all the factors that are used to determine your credit score are important. When any credit account is delinquent, the amount of the delinquency is not AS significant as the fact that it was not paid as agreed, but it is a factor.
What is the difference between a purchase on account and a sale on account?
Purchase on account means purchases from vendors on credit while sales on account means selling to customers on credit.
Can a credit card company deny you purchases if someone else at your address is delinquent with the same company?
It depends on the terms and conditions of the credit card company. Ask them to send you a copy if you do not have the one that came with your credit card.
How would you define delinquent account?
A delinquent account is a financial account that is overdue on payments, typically for loans, credit cards, or other financial obligations. It occurs when a borrower fails to make a scheduled payment by the due date, leading to potential penalties, interest charges, or negative impacts on credit scores. Accounts are usually classified as delinquent after 30 days of missed payments, and the severity may increase with the length of delinquency.
How long does a debt stay on your credit if the amount is not paid?
A debt will stay on your credit report for seven years after the date that you were originally delinquent on the account. After seven years, this debt is taken off of the account.
When a purchase on account is made the invoice becomes debit or credit?
A debit to the vendor's subsidiary account.
How much time passes for AR account to be delinquent?
Accounts receivable (AR) typically become delinquent after 30 days past the due date. However, this timeframe can vary based on the company's credit policy and the terms agreed upon with the customer. Some businesses may consider an account delinquent after 15 or 45 days, depending on their specific practices. It's important for companies to clearly communicate their payment terms to avoid confusion.
Will a credit always decrease a cash account?
A cash account will always be decreased by a credit, but a credit will not always decrease a cash account. The only time a credit decreases cash is when the company pays out cash, whether it's to purchase supplies, inventory, or pay wages etc. Here is two examples of a credit in a transaction, one will decrease cash, the other will not. Company X buys $1,000 in inventory from Company Y and pays CASH. The debit for this transaction will increase inventory, the credit will decrease cash since company X is paying cash for this transaction. Using the same transaction however, changing Company X wants to purchase this inventory on "credit" the debit in this transaction as above will still increase inventory, however, since Company X has chosen to purchase this inventory on credit and not use cash and accounts payable will be set up and the credit will "increase" accounts payable. Remember, Assets will "always" increase with a debit and decrease with a credit. Liabilities will "always" decrease with a debit and increase with a credit.
How can I make a purchase using my running debit card as credit if I have no money in my account?
If you have no money in your account, you cannot make a purchase using your debit card as credit.
How is a purchase made on credit?
If you are having creditworthiness in the market, the seller will offer you credit against your purchase. The period of credit depends on volume of purchase and your worthiness. The same principle is applied to company to company transactions.
What type of account is purchase returns?
credit card
