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HELP this is so basic, but very overlooked i think
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Posted by bean
(158.52.254.238) on July 08, 2003 at 12:15:34:
here is my question.. i realize that there are laws in effect that require creditors to charge off after 180 days of nonpayment...but what i am wondering is what keeps a creditor from sending an account to collections or charging off after say... 30 days? i mean what keeps a dr's office or a cell phone company from sending an account into collections right away? is there anything governing this? i mean if not we wouldn't have lates on our reports...they would be charge offs... i realize that i just jumbled all sorts of different types of accounts into this question and it is probably in the best interest of creditors to wait it out... but is there anything stopping them?
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