Time limit for collection agency to post payment?
Before answering your question, I have one question for you. Are you a creditor or a debtor? Have you assigned any account to a collection agency or have you made a payment to a collection agency? Are you a creditor who is waiting for a payment or are you a debtor who has made a payment?
Collection agencies are ruled by the FDCPA Act and governed by the CFPB.
I am asking on behalf of a debtor that has an account with a collection agency.. I cannot find any information anywhere that states how long a collection agency has to post a payment once it has been received. I searched FDCPA and CFPB. Thank you.
I hope you have all the negotiations with the collection agency in writing..Verbal deals are difficult to prove if anything wrong happens.
Also how did you pay them? I mean what was the mode of payment?