2007-10-19 10:05:00 · 10 answers · asked by Anonymous in Business & Finance ➔ Credit
Depends on where you live.... This is the fair credit reporting act... All the info you need is there.
2007-10-19 10:08:14 · answer #1 · answered by rukidden99 3 · 0⤊ 0⤋
They will send you a letter threatening to send the bill to a collection. If you don't want to pay you will have to tell them and write them that you dispute the charges. However once they decide to send the bill to a collection agency they do not have to notify you and when the collection agency call it is usuallly to late. Now a little secret: anything is negotiable with a collection agency because they bought the debt or account receivable at a discount. So anything that the agency makes above the price they pay is their profit not the company who had the debt with you. Tell them you can only pay $X, then negotiate with them. Their argument it that if you do not pay the entire amount they will report to your credit score, which is true but they will report it anyway even if you pay the full amount.
2007-10-19 10:16:06 · answer #2 · answered by crapaudblanc 4 · 0⤊ 0⤋
Have you read all the fine prints when you signed up your credit account? Creditor does not require to ask for your permission when you become delinquent to assign your account to a collection agency. You are financial responsible for the loan or credit you owed. The creditor has their rights to assgn your balance plus collection fees or legal fees. You should paid off the creditor and have them recall your account from the agency.
Good luck!
2007-10-19 10:10:17 · answer #3 · answered by j g 2 · 0⤊ 0⤋
the creditor usually tells you if you dont make arrangements itll go to collections. after that that ca will notify you. nonstop. if you dont pay they will sell it to a ca lower on the ladder. this will go on forever. the farther down the ladder it goes and the more time passes the better off you will be. check the sol in your state. if you can drag it out past that they cant do anything legal against you.
2007-10-19 20:15:16 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Creditors do not require to notify you before they turn account to CA.
2007-10-19 15:11:31 · answer #5 · answered by Dr. Shakar 2 · 0⤊ 0⤋
Yes. You have to be aware of where you need to send the payments to. Be careful if the debt is sent to collections, however, and you intend to pay it as debts are often bought and sold to companies that specialize in collections. It can sometimes be hard to track it down once this has happened.
2007-10-19 10:08:24 · answer #6 · answered by cyn99di 3 · 0⤊ 0⤋
No, but they usually do. They want you to have every opportunity to pay before it goes to collection, because they loose money if they have to pay a collection agency to collect for them.
2007-10-20 05:53:49 · answer #7 · answered by Classy Granny 7 · 0⤊ 0⤋
No, but the collection agency will let you know, continuously
2007-10-19 10:08:10 · answer #8 · answered by Pengy 7 · 2⤊ 0⤋
No, most will because they use it as a threat to get you to pay but there is no law to force them to. Once a debt becomes past due it is up to them what they want to do about it.
2007-10-19 10:09:00 · answer #9 · answered by Space493 3 · 1⤊ 0⤋
No, they assume that all the unpaid bills and past due notices sent to you are notice enough.
2007-10-19 10:12:13 · answer #10 · answered by Anonymous · 0⤊ 0⤋