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Defaulted account after six years have elapsed


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Have no debts myself, so just a question of interest?

 

1. Creditor defaults an account, sells balance to a debt collection agency (DCA) and account recorded with the credit agencies marked as closed.

2. DCA records the defaulted account and balance in their name.

3. Debtor enters a payment plan with the DCA.

 

Normally, a defaulted account will drop off a credit file six years after the original creditor recorded it.

 

Two questions to ask?

 

(a) So after six years, that defaulted account drop off with a payment plan in place, or?

(b) Will the DCA simply mark the account as not defaulted and record the balance as a live account with the credit agencies?

 

 

  

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a) Yes

b) Can't be done when a debt is assigned to a DCA its usually defaulted and recorded by the original creditor...very rare a debt is assigned as live no need to assign it...or that a default has not already recorded. 

 

Andy

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