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Can collection agencies sell your bad debt to have it extend the lengtht of time it will be on your credit report?
The proper answer is...
The best way to relieve your burden is to find a way to responsibly pay off your debts. This will not only immediately improve your creditability, but it will also provide less stress for yourself.
But, yes, there is a statute of limitation to any debt. To find out the precise application of the law it is most advisable to speak with an lawyer. The statute varies according to your location and the type of agreement that was made (verbal , written, etc.).
Also, there are ways that the statute of limitations can be extended by your actions (e.g. making payments, etc.). Again, ask a lawyer how this might apply to you.
The ans above, which was made by someone rudely erasing the prior contributions of others, while a nice comment does not address any portion of the question...and certainly, the SOL has little, if anything to do with credit reporting. (The SOL has to do with how long the debt is collectible using different actions. A debt that has run past the SOL can still be reported on your credit report as one you did not pay).
But, start with the premise of your question being wierd...a collection agency wouldn't sell you debt to extesnd how long it is reported as delinquent...it really makes no difference to them if it's reported...they know about it. In some ways, they would want you to get credit, obviously from someone else...and then you could pay them...or the judgment they could get to collect you would use the credit to pay them.
You know, it sounds like your trying to find reasons to blame others to excuse why it's OK for you to not paying your debt as you agreed you would?
Just like anything you own...others including a company, collection company or otherwise, can sell their interest in something they own to anyone at just about any time, for whatever amount they agree to accept. The right to collect the debt in this case. It is of no concern to you nor does it change in any way that you owe the debt.
Whether the debt appears on credit report or not, (either because the creditor doesn't report it, or the debt is older than credit agencies report or potential creditors care to see), it does not change your obligation to pay it.
Your credit report is really not of any concern to the collection agency and doesn't enter into their decision process (other than when issuing new credit). They really have no reason to do anything just to make your report look worse longer - and certainly by the reporting guidelines, selling it doesn't do so anyway.
Again, seen on your report or not, the debt is owed and they may use all legal means to collect it. In fact, if anything, a collection agency would like for your credit to be better...hoping that you may use it to get funds from someone else they/you can use/access to pay off your debt to them.
What else can I help you with?
Why do companies extend credit?
Companies extend credit to their customers for several reasons. One reason is financial. Companies make money from charging customers interest on their credit lines.
Does transferring a debt to another collection agency exend the time it appears on credit report?
No! You need to be careful if considering paying the collection agency. At that point it will start the 7 years entry. Bad credit remains on a credit report 7 years from the last date of activity, in other words, the date you make a payment. Make sure you negotiate a deletion prior to paying any collection account. Source: Credit Bible by Phil Turner.
If a credit card is not activated does it still reflect on your credit report?
Yes. If they extend the line of credit to you, and you do not activate it, it will still show up on your credit report.
What are some companies that will extend a line of credit to a small business?
There are several companies that will extend a line of credit to a small business. These include but are not limited to Business Cash Advance, Funding Knight and Loans Pronto.
What is the difference between a credit line and a credit limit?
A credit line is the maximum amount of credit a lender is willing to extend to a borrower, while a credit limit is the maximum amount a borrower can borrow on a credit card or line of credit.
Do you have to supply ssn to credit card companies?
No, but neither do they HAVE to extend you credit.
Why do companies extend credit?
Companies extend credit to their customers for several reasons. One reason is financial. Companies make money from charging customers interest on their credit lines.
Does transferring a debt to another collection agency exend the time it appears on credit report?
No! You need to be careful if considering paying the collection agency. At that point it will start the 7 years entry. Bad credit remains on a credit report 7 years from the last date of activity, in other words, the date you make a payment. Make sure you negotiate a deletion prior to paying any collection account. Source: Credit Bible by Phil Turner.
Open invoices company who owes money files bankruptcy?
They become claims in the BK, to be settled there. No collection actions may be continued. You can decide if you want to extend any "new" credit" or insist on COD.
Is the accounts receivable clerk responsible to extend credit?
No
Is it wise to do credit sales in a business?
Though risk factory is there in credit sales, you are to extend credit against sales to stay in business. However, to safeguard your interest, you are to extend long term credit to customers only assessing detailed whereabouts ,financial standing, credit worthiness etc.
Is it true that some SSN have restrictions regarding credit cards and what are they?
The question is rather vague, however, if the issue is, does one have to give their SSN when applying for a credit, the answer is no. There are certain agencies which can legally enforce the request for a person's SSN or ITIN or information, the IRS for example. On the other side, the lender or card issuer does not have to extend credit to a person who chooses not to submit their SSN.
If a credit card is not activated does it still reflect on your credit report?
Yes. If they extend the line of credit to you, and you do not activate it, it will still show up on your credit report.
Requesting Your Free Credit Reports and Credit Scores?
If you are looking to get free credit reports and credit score, there are a number of agencies that provide these reports online. Free credit reports and credit score companies arm you with the tools you need to have a clear picture of your financial health. Your free scores from the major credit bureaus will allow you to see exactly what lenders will see when they decided to extend credit to you. This is also the report and score that potential landlords and employers will see. Access your free credit report and credit score every year to make sure the information is correct.
How long should you wait to pay off your auto loan to positvely affect your credit score?
The sooner you pay it off, the better. Credit agencies rate you based on the amount of debt you can handle, among other things. This mainly pertains to revolving credit, i.e. credit cards, however. The sooner you can get debt into your name and then rid of it may extend the amount of credit a creditor will lend you in the future. This is just a possibility, as all three 3 major credit bureaus are different.
If your cosigner's credit is good but yours is not so good will you be denied an apartment?
The company extending the credit is the judge of that. they have guidelines to determine who that extend credit to.
If you own a scooter in California that has a mechanic's lien on it will it affect your credit?
If it shows on your CR, it will effect how lenders extend credit to you.
