Legal Question in Credit and Debt Law in Texas

Selling Of Delinquent Accounts

Hello:

If I have a delinquent account through a creditor and that creditor charges the account off but, sells it to another creditor or collection agency does but, it has been 7 years since the default on the original loan does the creditor/collection agency still maintain that derogatory item on the credit report or should it be cleared once the first creditor has charged off the account?


Asked on 11/01/02, 12:21 pm

1 Answer from Attorneys
Peter Bradie Bradie, Bradie & Bradie

Re: Selling Of Delinquent Accounts

It should be cleared, according to 15 USC 1681c.(a)(4), if it has been more than 7 years since the charge-off.

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Answered on 11/01/02, 12:42 pm


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