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Ezra
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What is an agency credit memo?
An agency credit memo is an official notification that a travel agency has overpaid an airline for a ticket.
If a friend refuses to pay a debt and you don't want to sue but want to report it so it appears on his credit report how can you do that and will a collection agency file such a claim?
Not without suing. It's a credit report. You are not a creditor. If you sued and got a jugdment and she didn't pay then that would be on the credit report
How long does it take to reflect on your credit report when you pay off a debt?
Depending on how soon the reporting collectipn agency notifies the credit bureau, and then I think the bureaus update the first of the month
If a debt has been paid to the original creditor and they recall it from their collection agency will a dispute succeed in having it removed from the credit report?
Hard to say. Disputing the collection after you pay off the creditor could still come back as 'verified' from the credit bureaus simply because the collection did happen. If the collection agency does not respond to the credit bureau's query, then the entry will be removed.
What is the time limit imposed on a collection agency to validate a debt?
If you legally incurred the debt then you are responsible for it until it is paid. A company other than the company to which you were originally indebted may purchase the rights to your debt and you are responsible for paying them. There is no time limit on that debt. A collection agency can legally pursue you until the debt is paid in full. However, there is a time limit on the negative consequences of not paying the debt. In most circumstances that limit is seven years. Seven years from the time you became delinquent with your original creditor. Whether or not your debt was purchased by a collection agency, it should not be reported on your credit report or affect your credit score after seven years. The only time the debt could reappear is if you take an action on it. For example: In 1997 you applied for and received a store credit card and charged $1000 in merchandise. You did not pay the bill and after their attempts to collect the debt fail, the store sells your debt to a collection agency in 1998. That agency sells your debt to another agency in 2000. In the meantime, you pay all your bills on time and have an otherwise spotless credit history. In 2004 your $1000 debt will no longer appear on your credit report and your credit score will be higher because the old debt is no longer figured in the calculation. The collection agency is not doing anything illegal by contacting you regarding your debt. But it is no longer affecting your credit rating. In 2007 you pay $500 toward the debt. Your credit report would reflect you have a $500 debt to the collection agency and your credit score would drop. I hope this answered your question.
