collectors abilities

HI lwalker8,

Welcome to the forums. If the debt is legally proven that you owe it and if the collection agency has purchased the debt from the creditor, the collection agency has the right to report the items on your credit report.

Since the statute of limitation for legally collecting the debt has expired, the collection agency cannot force you to pay the said debt.

However, you have to make arrangements if the debt is valid and get it removed from your credit report as early as possible.

Regards
Roxette

My question was being that they didnt purchase the debt and the sol is past, so do they have the right to report it on my credit report? They dont own the Debt. I have not signed anything or even been notified in writing about this. Are the rights the same for reporting to the CRA for collectors that do not own debt as to those who purchase debt?

Collectors try to purge the dates of the debt accounts and therefore the date of last activity is changed. As a result, it puts effect on the SOL period also. Make sure that you are confirmed of the last date of activity and it has not been changed by the collection agency.

When the collectors are not able to recover the debt, they pass it on to some other agency for recovering it. They keep on reporting to the credit bureaus and every time, you are losing some of your valuable credit scores.

When the collectors find it difficult to recover the debt any further, they report the accounts as charged off.

It is not essential for the hospital to notify you that the debt has passed on to some collection agency. It is the collection agency that will make further efforts to collect the said debt.

My question is being that they did not purchase the debt and the sol is definitally past, do they have the right to report it on my credit report being they are a third party and do not own the debt? Please pay attention to all the factors listed in the question because none of the answers given so far deal with my question. I do appreciate the answers but they deal with collectors owning the debt or the SOL no in effect. Thank you.

Hi lwalker8

As the collection agency has not purchased the debt and the Statute of Limitation is definitely past, it cannot report it to the credit bureau.

If you find a negative remark on your credit report, you can dispute it with the credit bureau. The credit bureau will do an investigation with the information providers and verify the entry. If your dispute is found legitimate, it will be removed from your credit file and you will be sent a free copy of your credit report.

Regards
Roxette

how do you know if a collection agency has bought a debt??

If an agency passes on an account to another agency, does the first agency loose the right to report anything or does anything they reported have to be removed?

From my experience in the past, when a new agency has bought the debt, I was notified by mail. When I checked my credit report the previous agency reported a paid as agreed,because the other agency bought the debt from them. Things may have changed as this happened about 5 years ago

i have hospital bills that keep coming and stuff i am trying to call to set payment arrangements up and everytime i call the line is either busy or i cant get through how do i go about settling this so i can be on some kind of arrangement

chmartinbaby06,

You can contact a debt consolidation company. The consultant will negotiate with your bill holder on behalf of you and try to reduce the amount tactfully.

Regards,
Bryan

Wilson

Usually the creditors are not required to inform the consumers about the sale of the debt to an outside collection agency.

Sometimes, the creditors employ a different department to recover the debt from the consumers. In such a case, they do have a hold on the debt. But if the debt is sold to an outside agency, then the creditors don't have any hold on the debt.

Regards
Roxette