after 180 days of non payment your account will be charged off and turned over to collection agency
Contact the original creditor. Provide proof of your payment. They need to retract the account from the collection agency. The account could have been sold to the collection agency or simply assigned to them. For your purposes, it does not matter which situation applies. You paid the original creditor and your credit report needs to reflect this. After they do what they need to do to get the account back; you then dispute the entries with all three credit bureaus. The original account should show as a paid collection and the other collection account should be removed from your credit report entirely.
When the collection agency contacts you, they have to give you the opportunity to request information concerning the debt. You will have thirty days to send a written request to dispute the debt. And to ask for confirmation of the original creditor, the amount owed, when the account was remanded to the agency, etc.
They stop collecting
Collection agencies are usually retained by the establishment that you owe the defaulted debt to, if the borrower ( person in debt) does not want to work with the collection agency handling their debt, the collection agency will then document the account as a refusal then send the account back to the original lender then they will garnish your wages until the life of the loan is paid off.
It goes to a collection agency, prepare to get annoyed and harassing phone calls
It goes to a collection agency, prepare to get annoyed and harassing phone calls
It goes to a collection agency, prepare to get annoyed and harassing phone calls
No, once a collection agency relinquishes their claim to the account by selling it they must remove all negative trade lines related to that account from your credit reports. Hope this helps ST
It means the original creditor has given up the account and sold it to a collection agency. It does not mean the debtor is relieved of the debt. Someone wants the money and they will get it, somehow.
Yes.
No. A collection agency can not freeze your bank account. Only a judge could do that.
The original account with a normal credit company went to a third party collection agency. Only after it went to the collection agency was the debt paid and then the account closed.
if a collection agency isn't paid, the debt can be put on a persons credit report. The collection agency can also choose to garnish a persons paycheck.
No, it is illegal for a collection agency to garnish or freeze your account for any reason. The only way your account can be garnishes is if you owe taxes or child support. If a collection agency threatens to do this, tell them that you are aware of the Credit Reporting Laws on this matter (there is legal ground for this matter).
It is possible for the collection agency to put a lien on your bank account. Before they can do this, they must go through the proper procedures first.
== == A Deragatory record is an account that has had a history of late payments. A collection account is an account that was not paid on time or at all, and was closed by the creditor and sold to a collection agency.