Will collection agency sell back my account to another agency?

Question

I have a collection on my credit report. In 5 months the SOL for my state is up. I owe them 350 and now it's like 700 including interested. Do you think they will sell my account back to another collection agency before the SOL is up? I'm afraid they if they sell back I have to deal with the second collection agency all over again for 7 years.

I know Studly ( yahoo user ) could help me on this . I have tried emailing you a couple time but no reply. Please studly reply with your email address thanks.

The statue of limitation of California is 4 years. In 5 months it will be 4 years. I read somewhere that collection agency will sell your account to another collection agency to start the 7 years process again. Is that true?? I really want to pay them off, but the guy is being an ***. I ask him to take the collection account off my credit report. He claim that there is no way he could do it. Straight of lie.. what's the point of paying it off if I still have bad credit after paying 700 dollars.

Answer 1

It will be up in 5 months unless you have made a payment on it since it charged off. At that point, the clock restarts if you will. They can still try to collect from you forever but they can only pursue you legally while they are within statute.

Answer 2

No! The 7 year clock is set in stone, it starts with the date of 1st delinquency. If the debt is resold, all you need to do is write the collection agency and tell them the debt is 'time barred' by the FCRA. That's it.

By the way, the date of 1st delinquency MUST be provided whenever a debt is sent to a credit reporting agency so that they know when the 7 year clock starts and stops. If an attempt is made to re-age a debt for a longer time period you can sue.

Keep in mind the 7 year clock is different from the SOL. Just because the SOL is up doesn't mean they can't list it on your reports.

Answer 3

Unfortunately, yes they do sell your account if you are not current with that agency or paying on the account in general or have not made payment arrangements with them. My thoughts are to just make a payment arrangement plan with the original creditor and pay them to avoid any communication/interference from the collection agency. You can also make a payment plan with them (the collection agency) and tell them that you are willing to pay only the amount owed and if they decline, then you might want to go to your local city/state self-help legal library and see what your rights are. You stated the "SOL for your state is up" is that to mean the "statute of limits"...if so, that really doesn't matter because as you can see they still are finding you and expecting payment. This is why I suggest finding out your legal rights. Good luck and be Safe...(smiles)

Answer 4

Yep, I don't understand why people let things get this far to begin with. You should always try to solve these problems before they become collections, and definitely before they become charge-offs.

A charge-off is a terrible mark on your credit, and will crush your credit score and raise the interest on all your credit cards.

Always deal with the original creditor to solve these issues before they hit your credit. $350 might seem like a lot, but once your credit score hits the fan, you'll end up paying more than that in higher interest each month.

Learn more at http://www.thetruthaboutcreditcards.com