Re: Questions about CR
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Posted by Why Chat (209.240.198.61) on April 21, 2003 at 18:26:25:
In Reply to: Questions about CR posted by Arnie on April 21, 2003 at 17:59:46:
Just received copy of credit report.
Anyway, the last time I had any activity on these credit card accounts was in 2000. I noted that many of these charge-offs didn't have a delinquency date on them just a status date of charge-off. (LOOK FOR THE "COME-OFF"DATE ON YOUR EXPERIAN REPORT,DEDCT 7 YEARS 1 MONTH-THAT GIVES YOU FIRST DELINQUENCY DATE) Also, one of the creditors who had wrote off an account as profit-loss/bad debt, didn't acknowledge that I had settled this account over a year ago with a CA who said they were representing this creditor and would settle in-full for 50% of original amt. due. (CA'S LIE- THE "SETTLEMENT" WAS WORTHLESS,THE OC WAS NOT BOUND,THE BALANCE WAS SOLD TO ANOTHER CA) 1. Are CA's who buy or become assignors/assignee of charged-off accounts , allowed to submit these accounts to CRA's for a second time after the OC's have already done this? The dates these CA used, make the SOL much longer than it should be. Is this known as "re-aging" an account? Is this legal? YES IT'S LEGAL- NO IT'S NOT "RE-AGING" 2. What does a "profit and loss write-off" mean for the OC? Also, is the SOL determined by the OC or AC? ACCOUNTING TERM- SOL GOES BY OC 1ST DELINQUENCY. 3. What does a factoring company account mean? I HAVE NO IDEA 4. What does it mean when an OC transfers an account? SOLD TO CA 5. Under what SOL in Pennsylvania does a revolving account come under (contract, note, etc.)? OPEN ACCOUNT,SEE MY WEBSITE 6. One of my accounts (a Visa acct.)is listed as a revolving charge account when it is definitely an open account. Why would an OC classify it as this? SOL? ALL CC ACCOUNTS ARE REVOLVING CHARGE ACCOUNTS 7. What constitutes a third party in a creditor/debtor relationship? A COLLECTION AGENCY 8. Would it be possible that a CA could know about an upcoming distribution of an inheritance of a debtor if all of a sudden they started checking the debtor's CR on a regular monthly basis (and ironically, the first time they started doing this was when the will went into probate)and previously they'd only checked on your CR about 3 times a year? Or could there be some other reason for this? PROBABLY LOOKING AT YOUR CREDIT TO SEE IF THEY SHOULD RAISE YOUR RATES OR LOWER YOUR LIMITS.
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