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Posted: Mon Feb 04, 2008 2:19 pm Subject: What kind of debt is.....

...an overdrawn bank account?

Would this be considered an open account, since no credit contract is used on a bank account?

Posted: Mon Feb 04, 2008 4:41 pm Subject:

good question, I think perhaps it could be..I am interested on what other's have to say about this

Posted: Mon Feb 04, 2008 4:51 pm Subject:

i'm wondering the same thing...my biggest debt right now is an overdrawn bank acct currently in colelctions...

Posted: Mon Feb 04, 2008 4:55 pm Subject: Darn Good Questoin

Would that even appear on the "big 3" credit reports? I know they would report it to ChexSystems, but I don't recall ever hearing of an overdrawn bank account showing up on a regular credit report. I mean, obviously it has though.

Maybe someone a little more knowledgeable can weigh in on this, though. I'm really curious now.

Also, if it can be reported on credit report when it is overdrawn, I wonder why it isn't reported as "good" credit history when you have not have any problems with it? Same with utility bills. Why can they report a delinquent utility bill on your credit report (adversely affecting it) and not be required to report utility bills on your credit report when everything is hunky-dory (positively affecting it)?

Seems like double jepardy to me.

Just one of the many questions I have about the unfairness of this thing called "life".

Posted: Mon Feb 04, 2008 5:14 pm Subject:

Ron, old buddy... Who ever told you that life was fair?

Posted: Mon Feb 04, 2008 5:34 pm Subject:

If what you owe to the bank gets turned over to a CA then it is reported. But I think that if it is not at a CA then they won't report it.

Mine went to a CA and I paid it right away so they wouldn't report it on my CR. They held up to their end and didn't report it:)

Posted: Mon Feb 04, 2008 5:42 pm Subject:

what I am trying to find out is if that woudl be considered an open account, a contract account, ro what? Does anyone know?

Posted: Mon Feb 04, 2008 6:56 pm Subject: I Apologize

LOL! UncleWulf!

No, no one ever told me life is fair. It's just the optimist in me would like to think it is sometimes.

Sorry SkyDivr, I kind of dovetailed off your question without really answering it.

I went to Equifax's website (the first CB I thought of) and did a search for "delinquent bank accounts." Here's what the search returned, of course after some scrolling through pages on my part. I chose "delinquent" as opposed to "overdrawn" as a bank probabably wouldn't report it until after it became seiously delinquent, not at the first sign of it being overdrawn.

Posted: Tue Feb 05, 2008 6:12 am Subject:

I'm not sure if mine was reported before but I know it is now that it's with collections. On a similar note, my credit report shows that NCO Financial is holding my Bank of America account. However according to B of A, that changed in October and it's now with PennCro, which is not on my report (this is as of 1/15/2008. Any idea what I should do regarding this? how long does it take to update something like that?

Posted: Tue Feb 05, 2008 7:13 am Subject:

Basically bankes and untilities won't report (banks I think report on credit cards, not sure about that). What usually gets reported is an account at CA gets a hold of, THEY are the ones who report, because it is a common collection tactic to use the CRAs to help collect upon debts,, that is why the FTC has an opinion that any activity on a credit report constitutes collection activity.

However the account 'should' be listed as either a closed account or a collection account. Don't even get me started on how CAs love to report on things wrong (because it has a bigger impact on your credit) for instance I had a medical account being listed as a Revolving account so it made the medical account look like a credit card account.

Posted: Tue Feb 05, 2008 7:25 am Subject:

I know from personal experience that a local bank(locally owed and operated) did put a overdraft protection loan on my credit report. I since have paid it and it was updated to paid in full.

Posted: Tue Feb 05, 2008 7:35 am Subject:

Hmm that was considered a loan then, they may report those along with credit cards, but I have never seen an overdraft bank get reported except by the CA.

Posted: Tue Feb 05, 2008 7:51 am Subject:

OK, I guess I needed to explain this better. I am trying to find out the type of debt that an old, closed, overdrawn bank account would be for the purpose of statute of limitations. The bank account was overdrawn supposedly, and closed with an outstanding balance due. My state lists three kinds of debts for SOL statute--

Judgments
Contract debts
Open debts

Contracts are 10 years, open debts are 3 years.I am trying to get the correct information to someone about this and I dont want to tell them the wrong thing. We arent worried about the credit report and whether or not they report on that--this is because a CA is claiming they are going to sue someone over this debt. Date of last payment according to what the CA states on their letters is over 3 years ago but less than 10 years back so I need to know what type of debt this would be considered. Lots of great info in here and thanks to all for it, but this is the part I still need to find out. I hope this didnt sound ugly from me or anything, that isnt what I am trying to do.

Any thoughts?

Posted: Tue Feb 05, 2008 8:11 am Subject:

That is an open account unless there is a contract involved. I can't remember if banks have you sign a contract or not. Plus, don't listen to when the CA says the last payment was. You friend should DV the CA...then they can't even sue until they provide the documentation, plus then you could see when the actual date of last payment was.

Posted: Tue Feb 05, 2008 10:12 am Subject: Oh!

Yeah, I'm thking open account also. There were no fixed terms or regular payments as it was a bank account.

Man, like pulling teeth to get an answer? Huh, SkyDivr7673?

LOL!

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