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Is there a statute for how long after an account is paid and closed a credit company can wait to report this information to the credit bureaus?
Wiki User
∙ 16y ago
You can always write a letter and attach a copy of your "paid in full" receipt and send it in to the three reporting companies. Also, keep in mind that these companies can be very slow in recording the update, whether it comes from you or the credit company. There are also companies that charge a fee to do the updating on the record, but they are not credit repair companies. Check with your bank for a reputable one.
Wiki User
∙ 16y ago
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If an account was charged off and removed from your credit report after 7 years can another company buy the account and place it back on your credit report?
No, it is illegal, and if you are a victim of this, you can have it removed from your credit report by disputing it with the bureaus. After the statute of limitations is up on any trade line, it can not be placed back on your credit report.
How long can a collection company try to collect on an account?
Until your state's statute of limitations runs out on that debt.
Can a creditor levy your bank account after the statute of limitations have expired?
No
Will a dispute letter renew the date of last activity on a collection debt?
The letter itself will not change a DLA. The Date of Last Activity is SUPPOSED to be the date you last made a charge on the account, the date you acquired service, or 6 months from the date of last delinquency (if there is no other way to establish the DLA). Many collection agencies sidestep the Fair Credit Reporting Acts' statute of limitations by not reporting DLA's at all. How can they be expected to remove an account that is past the statute of limitations if they don't have the DLA? (tricky, huh?) Disputing a collection account will change the date the account was last reported on the bureaus. This date, much more than the DLA will cause the account to affect your credit score.
Can a credit card company collect on a charged off account after 7 years?
Your state's Statute of Limitations law will provide you with the answer to that question. Charging off a debt is essentially just a bookkeeping term, and does not affect the company's ability to collect the debt from you. The seven-year time frame you reference is related only to how long it can be reported on your credit file, and is completely separate from the Statute of Limitations, which can be anywhere from 3 to 10 years or more. Of course, I'm not a lawyer and this should not be construed as legal advice, but rather general information based on my experiences and research. I make no guarentee as to the accuracy of the information.
If an account was charged off and removed from your credit report after 7 years can another company buy the account and place it back on your credit report?
No, it is illegal, and if you are a victim of this, you can have it removed from your credit report by disputing it with the bureaus. After the statute of limitations is up on any trade line, it can not be placed back on your credit report.
How long can a collection company try to collect on an account?
Until your state's statute of limitations runs out on that debt.
What is the statute of limitations once the charged off debt is sold to a 3rd party?
The statute of limitations for how long a consumer may be sued over a bad debt is established by (their) state law and type of account. You can do an internet search: statute+limitations+(your state)for more information.
Is it legal for an original creditor and a collection agency to have a listing each on the same account?
It is legal for this to occur, just as long as the original creditor updates their tradeline showing the account has been "transferred or sold" and the balance is updated to "0". What is NOT legal is for a collection company to place a debt on your credit report that is just about to reach it's statute of limitations for the purpose of keeping it on your credit report beyond the 7 year statute ("resetting the clock" so-to-speak). In other words, even if the debt is transferred to 6 different companies and they each report a trade line to your credit report, once the 7 year statute has expired, the bureaus must remove all tradelines from your history regarding the debt. I hope this is of some assistance!
Can a creditor levy your bank account after the statute of limitations have expired?
No
What is the NJ statute for UTMA bank Accounts?
What is a UJMA account?
Will a dispute letter renew the date of last activity on a collection debt?
The letter itself will not change a DLA. The Date of Last Activity is SUPPOSED to be the date you last made a charge on the account, the date you acquired service, or 6 months from the date of last delinquency (if there is no other way to establish the DLA). Many collection agencies sidestep the Fair Credit Reporting Acts' statute of limitations by not reporting DLA's at all. How can they be expected to remove an account that is past the statute of limitations if they don't have the DLA? (tricky, huh?) Disputing a collection account will change the date the account was last reported on the bureaus. This date, much more than the DLA will cause the account to affect your credit score.
How lon is the statute of limitations in Georgia for possession and sales of marijauna?
if they already have a warrant for your arrest there is no statute of limitations. SoL does not account for a warrant
How long can a insurance company request refunds?
If you received money that you were not entitled to and you deposited the insurance check into your bank account and the money was a payout from an insurance claim, the insurance company can swipe the money out of your account without your prior knowledge for up to 3 years. If you received money as a result of a criminal act, the statute of limitations for that crime would guide the insurance company's timeline.
What are the statute of limitations of debt in India?
what are the statute of limitation of debt in india gujarat for NBFC housing finance company
Can a credit card company collect on a charged off account after 7 years?
Your state's Statute of Limitations law will provide you with the answer to that question. Charging off a debt is essentially just a bookkeeping term, and does not affect the company's ability to collect the debt from you. The seven-year time frame you reference is related only to how long it can be reported on your credit file, and is completely separate from the Statute of Limitations, which can be anywhere from 3 to 10 years or more. Of course, I'm not a lawyer and this should not be construed as legal advice, but rather general information based on my experiences and research. I make no guarentee as to the accuracy of the information.
What is the statute of limitations on filing for palimony?
The statute of limitations on filing for alimony depends on the state. Most generally there are no statute of limitations. There are some factors a judge will take into account such as time of separation and length of the marriage.
