After they sell the account dont they have to remove it from your credi file since its no longer their account?
2007-05-07 15:57:05 · 6 answers · asked by Luckys Charm 4 in Business & Finance ➔ Credit
The original creditor can legally report the account even if they sell it.
If they sell it and the collection agency also reports it, the original creditor must show a zero balance.
If that collection agency sells it to another collection agency, then the first collector must remove their trade line whether the second collector reports it or not.
2007-05-07 16:16:24 · answer #1 · answered by echo 7 · 1⤊ 0⤋
A creditor can report the account for up to 7 years from time of the credit occurrence.
Sometimes the creditor and the collection account are the same company.
I don't know what state you live in. You need to ask your consumer affairs department what the statute of limitations is?
Or check out Credit Repair by Nolo Press at your local library.
Has the account been paid thru the collection agency? If so you need to send a letter to the original creditor using US Mail return receipt. The letter should show how, when and the amount paid. The creditor should then notify the collection agency.
If this doesn't get a positive response, send the same letter to all three bureaus requesting your account be updated. The bureaus have 30 days to do an inquiry and change the information.
Sometimes this has to be done more than once because of updates by bureaus.
Chris C
2007-05-07 23:11:59 · answer #2 · answered by Chris C 2 · 0⤊ 0⤋
No, it will show up as either Sold/Transfered/Charge-Off. This is totally legal to do, but it has to show as a 0 balance.
Now, you can not have more than one company attempt to collect the debt at any one time. When the company sold your account they gave the right to collect to the company they sold it to. Now the original company can get the right to collect back, and if they do sell it to another company again the first Collection Agency will remove their listing.
2007-05-07 23:17:47 · answer #3 · answered by OC1999 7 · 0⤊ 0⤋
It is not removed from your credit report. It simply states that its in collection or charged off.
2007-05-07 23:02:12 · answer #4 · answered by Fun N Sun 4 · 0⤊ 0⤋
Nope. It will not be removed until 1 or 3 things. You pay it off, they give up, or after you pay it off you ask for it to be removed.
2007-05-07 23:05:11 · answer #5 · answered by Athena13 3 · 0⤊ 0⤋
Go to the forum section of http://creditboards.com and READ READ READ
2007-05-08 09:32:45 · answer #6 · answered by starfairy181 2 · 1⤊ 0⤋