Can a collection agency collect money from me that I got from a creditor,but was charged off by the creditor?
Answers: i think they can SELL the debt to ANYone
they may have bought it
if its under 1k
just ignore it
it would cost WAY more to take u to court for that $
in 7 yrs it will expire
yes, just b/c the c/c charged it off doesn't mean you aren't still responsible. the c/c company now hires a collection company to collect as much as possible. the figure some is better than none. only now it is effecting your credit.
~edit~ a poor credit rating can/will effect you when trying to get a job. employer's do a credit check as part of their back round check. do not ignore this. 7 years is a long time to have that on your record. work something out with the collection agency. tell them you can only afford like 10-20 dollars a month. they have to accept what you can do, but than you must keep those payments steady every month, otherwise, if you don't, they can demand full payment.
There are some terrible answers here, so let me give you the RIGHT answer.
Edit: Peasant's answer is definetly the worst and she clearly has no idea what she is talking about. Once an account is charged off paying it will 9 times out of 10 lower your score (makes the account activity more recent) unless you negotiate a pay to delete agreement.
When you fall far enough behind on something like a credit card bill, the creditor can "charge off" the account, which basically means they are giving up, reporting it as a loss to the IRS, and washing their hands of the matter.
When that happens they can (and often do) sell the debt to a collection agency for pennies on the dollar, who then owns the debt and can try to collect on it. So yes, it is legal.
However with that being said, you can make the collection agency jump through quite a few hoops to prove you legally owe the debt and they have a right to collect from you. If they can't or don't follow the rules they cannot keep trying to collect from you or list it on your credit report, or they can be sued.
Click this link, and then click the 6th item down regarding debt validation, it outlines very well what you can do about this. Often times the collection agency can't give the info needed or decides it isn't worth it and you get off scott free. This link also includes links to the actual Fair Debt and Collection Practice Act.
www.creditinfocenter.com/rebuild/
charging off is probably the same a written off, that term really means they have sent it to collections. It reports on your credit as written off, and everyone in the credit industry knows that is bad news for you.
best advice is to get your credit changed by paying.
Help on building credit!?
I have a few thousand dollars within medical bills and plan on paying them off as soon as my income taxes are here. How can you build a better credit? And if I want to attitude my credit score, how can I do it beside not having a credit card? I go to freecreditreport.com and it asks for a credit card number to help outlook the credit score. Is at hand a place I can go to panorama my credit score short it asking me for a credit card? Thanks.Answers: Under federal law, you are entitled to a free copy of your credit report from respectively of the agencies once every twelve months; please visit http://www.annualcreditreport.com where on earth you can get a free copy of your credit report. You will one and only get a profile (list of your accounts and their status) you will not acquire a score here.
You should start the process of rebuilding credit by pulling a copy of your credit report from respectively of the three major U.S. credit reporting agencies–Equifax, Experian, and TransUnion. Each of these bureaus maintain independent records on the subject of a consumer’s credit history, so it is important that you request a copy from respectively of the 3 agencies.
Once you have obtain your credit reports, you should carefully review them to label sure that all of the information appearing on the reports is accurate. Ridding your reports of any outdated or inaccurate information, which may be injurious your credit rating, is a good first step surrounded by rebuilding your credit. If you find any credit listing that you perceive is inaccurate, you should dispute the index with the credit bureau on whose report the register appears. Once you dispute an item, the bureau will investigate your dispute and contact the company that reported the information; if it finds that the listing contained by inaccurate, it will remove the information bank from your credit report. The Federal Trade Commission offers a guide to disputing credit listings, available at http://www.ftc.gov/bcp/edu/pubs/consumer...
You will also inevitability to start establishing new credit accounts and making timely clearing to build a positive payment history. Your pay history accounts for approximately 35% of your credit score, so creating a modern payment narrative is essential to rebuilding your credit score. A perfect option to consider is a secured credit card. Secured credit cards require you to deposit dosh in an statement with the credit card sandbank and the credit line available on the card is equal to the amount of currency you have on deposit. This may nouns strange; why would you not just spend your own dosh? However, these secured credit cards report timely payments to the credit bureaus each month and should back you reestablish your payment history. In enclosure, small credit accounts, such as gas cards, can be a good likelihood to build credit, but you should make sure that you recompense off your symmetry each month to avoid nouns charges and to prevent yourself from starting down the spiral of debt again.
As time passes, the positive impact of your spanking new accounts will become stronger, thus allowing you to slowly rebuild your credit evaluation. To learn more more or less credit scoring, check out the Bills.com Credit Score Information page available at http://www.bills.com/credit-score/.
You can view your report (but not your score) free at www.annualcreditreport.com
Get one or two secured or low harmonize cards for a year, maintain a low match and pay them on the dot.and then acquire better cards or a small loan. It will take time.
to built credit you stipulation a CC or a loan or a car. no other bearing to make credit
Can I dispute?
I put in money within my checking account possibly 100 dollars and I was hospitilized for 2 months for some principle Chase charged me 2 return fees of 39 dollars. I never write any checks or returned anything. Then they charged me 2 service charges of 10 dollars leaving 2 dollars surrounded by my account. They afterwards charged me an insufficient funds fee making my statement go gloomy. I gave birth to my son and tried to close the details by going up to my local branch. This woman tells me I cant close it until I clear the balance. I didnt work I still dont work and I told her I couldnt salary. I saved up adjectives the money I could at that time going without ingestion. They tacked on so tons fees so when i thought I caught up I really didnt. They concluded up taking money from my savings which scarcely covered the expenses and made that go denial. The money didnt even cover the fees they were going to charge. They consequently closed my account and presently it is on my chexsystems report. I cant get an side anywhere. Can I dispute thisAnswers: Yes you most certainly can dispute it. If you show proof that you be hospitilized during the time the money was taken from your details the right judge will report the bank to stuff it. Have you tried the 2nd hit and miss bank they own at Walmart?