 What is the process of adding someone as an authorized user on an acct to improve their credit? |
| If you were to add a person to another's credit card that is in good standings to improve their credit rating, how would that process work? Do they have to go thru the same approval process (... |
|
 If i used someones credit card on my phone or pc can the cops or bank trace it back to me? |
| if i used someones credit card on my phone or pc can the cops or bank trace it back to me?... |
|
 I have bad credit and need a prepaid credit card? |
| I would like to get a credit card but have bad credit. Does anyone know of any cards that I can get even if it is secured and it gives some sort of rewards, like cash back or anything like that? If ... |
|
 Bad credit..can i change my name and open a new bank account to obtain good credit? |
| Ive heard of stories where people have changed there name...updated driving license and opened a new bank account....in order to obtain a new credit file? stories ive heard of where saying youve ... |
|
 My friend has, unbeknowingly to me, acquired a huge amount of credit card debt. He also has an expensive? |
| car on finance, plus other unknown debts. I know of at least forty thousand pounds of debt. His partner is debt free and also expecting a baby in two weeks, she had no knowledge of the debt until ... |
|
 What is the best option for credit card debt?? |
| What do you think is the best way to clear up Credit Card dept??? Paying each debt individually with minimum payment every month?? Which is all I can afford. Filing bankruptcy??? Settling out??? S... |
|
 I just turned 19, and my credit score is 711. is that good? |
i have a debit card with chase, and a credit card. And i also have an installment plan with Ballys.
Additional Details
i also work @ nordstrom, so that qualifys me for an american ... |
|
 Hello, how long does a debt remain collectable? |
| Is it true that a debt ceases to become collectable after a certain number of years if it is never acknowledged(in the UK)? And if so, how many years? The debt concerned was credit card/overdraft ... |
|
 Child payment??? |
| Does any body know hove much a single, unemployed mother would get paid weekly for her child aged 14?... |
|
 Who can I complain too abut B.T? |
| I recently had my line connected to bt an engineer came round and activated the line I was then told a bill for this charge would be sent out. about a week and a half later the bill had still not ... |
|
 I just paid off my credit cards...now what? |
| I recently paid off all of my credit cards and now I'm wondering if I should close the accounts, since I never plan on using them again, or does it look better on my credit report to have a lot ... |
|
 Is this an option when buying a new car? |
| I would like to buy a new (or at least new to me) car about this time next year. My credit score is not very good, but I have been working very hard to get all of my debts paid off. I will be ... |
|
 For how long does a personal bankruptcy (Chapter 7) stay on your credit report? |
| I think it's either 7 or 10 years. Which is it? And after that time how do you get it removed?... |
|
| How can I fix my credit report? |
| they somehow put my brother credit cards on my line. How do I get it fixed?? call who and etc ... |
|
 Which is better to receive as a payment, a check or a money order? |
| which kind of payment to receive is better? check or money order? any advice or explanations? thanks...... |
|
| How do I begin credit? |
| I have a very low credit score - that's what I've been told. I haven't been approved for any credit card because of this. How can I begin credit if I cannot even get 1 credit card??? ... |
|
 Who do you sue in this situation? Who's to blame? |
| You apply for a credit card and you get declined. You call and find out its because u have old medical bills on your credit report BUT u don't remember one of these visits to the doctor. You ... |
|
|  |
Barbara T | Can a collection agency ask for more than the original debt? |
I am trying to clear up some 'charge off' credit cards on my credit report. Some have $0 under balance due. If I get a notice from a collection agency, how do I know if this is the correct balance due??? |
 |
 
echo
|
A collection agency can only charge interest and fees if it is in the contract that you had with the original creditor (which it usually is) AND if your state allows it. If your state does not allow it, then no matter if it is in the contract, they cannot charge it.
When an original creditor sells a debt and the collector starts to report, the original creditor "must" show a zero balance - so it sounds like the original creditor is following the legal requirments.
There can be two of the same account on your reports, but both accounts cannot show that there is a balance due, one has to show a zero balance.
Send the collection agency a debt validation letter to make sure that they are the legal holders of the debt and that the amount is true and correct. Send it certified mail return receipt.
Also, check the statute of limitations (SOL) for your state to be sure you are still within the legal collection time limits. If you are out of SOL, you are not legally obligated to pay.
After you receive validation, whether you are still within SOL or out of it and you want to pay, send a pay for delete letter.
Request to pay a percentage of the debt as payment in full
Request that after payment they will:
Not continue to collect the debt or the remainder of the debt (if they agree to take a percentage)
That they will not sell the debt or the remainder of the debt.
That they will remove anything they have placed on your reports.
You might check out the site I've linked. Learn your rights. Learn how to deal with a collection agency, and original creditor, in reporting, validating and with pay for delete. |
|
oleurud
|
depends on state you're in.
they make money by "buying" the debt from the previous creditor
in some states they can add on extra usually up to 1/3 of original debt
you can settle with them for less but how less depends on how old the debt is.
the closer to 7 years old the debt is the less they will take on a settlement
never pay any money on the debt unless you plan on paying in full or settling (in exchange for paid in full).
if you do the debt will stay on credit report from last time you made partial payment
if you settle on debt, get agreement in writing on debt collectors letterhead, however make sure you pay within 30 days of aggreement |
|
Sandie
|
Yes, unpaid debts will accrue interest and fees. |
|
liz_milhans
 |
From personal experience, I've had the total sum billed to me.With late charges and interest. I think to add anything but interest, and late payment charges is illegal. But I think only the billing company can make those charges not the collection agency.Unless they have a certain fee, I have had some interest accrued to my total sum of a phone bill years ago. I refused to pay it, due to a disagreement. Later the collection agency cut the total sum in half to resolve the issue, and move on.Maybe you can work something out. For me this did not damage my credit score, it barely came up! Also this might look bad on your credit report. Good luck! |
|
malcy
 |
Yes they can. This is how they make their money. The creditor gets what he is owed and the agency gets paid (by you) for it's services. Answerer one is obviously giving any answer for the points. |
|
pattibcacl
|
No they can,t if they do get a lawyer good luck |
|
raguneel66
|
No. Its illegal. |
|
Silvax
|
The way it works is: the original credit agency from which you borrowed will eventually get tired of spending their resources and energy trying to collect the debt you owe. They can sell that debt to a collection agency, then they zero out the balance. Now you no longer owe them, you owe the collection agency that bought the debt. The collection agency can and will make up for their cost by charging an extremely high interest rate, and extra fees for the trouble. This is all legal, and the best you can do on your own is to talk to them directly and try to work something out. |
|
north79004487
 |
When a company turns a debt over to a collection agency, they are out of it. You now have to deal with the collection agency and they can charge you just about anything they want. Most will make an offer of a lesser amount in the hopes you'll be attracted to pay it. But if you don't go for it, that's when they get pissed and start applying interest, penalties, late fees, etc. |
|
mrmaccnz
|
Yes they can as they are covering the overheads of recovering the debt.
You can ask for a copy of their rates etc. They have to provide these to you in writing so you know what you are paying and why. |
|
virginia o
|
they charge delinquency fees that they set themselves-- and they add interest,
In fact they can pretty well charge you what they like and you have no comeback. Give them what they want because with every request you make you get charged extra
Just get out of there as fast as you can
they are a law unto themselves |
|
Credit Expert
|
They are required by law, specifically the Fair Debt Collection Practices Act to verify the debt upon a written request within 30 days of receipt of your letter. tip: send it return receipt requested certified mail. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
12 | 36 minutes(s) ago
| | | |
12 | 41 minutes(s) ago
| | | |
12 | 1 hour(s) ago
| | | |
12 | 6 hour(s) ago
| | | |
11 | 8 hour(s) ago
| | | |
12 | 1 day(s) ago
| | | |
12 | 4 day(s) ago
| | | |
12 | 1 week(s) ago
| | | |
10 | 2 week(s) ago
| | | |
12 | 1 month(s) ago
| |
|
Homepage 
Financial
Forum 
Credit 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
