Homes for Sale in Clifton Park NY. Josh Gonzalez, a Local Real Estate Agent with Coldwell Banker Prime Properties in Clifton Park NY. Things you should know about Debt Collectors CONTINUED... 5 of 5
Homes for Sale in Clifton Park NY. Josh Gonzalez, a Local Real Estate Agent with Coldwell Banker Prime Properties in Clifton Park NY. Things you should know about Debt Collectors CONTINUED... 5 of 5
17. As a small business owner, am I protected by the FDCPA?
Probably not for business debts. The practices prohibited by the FDCPA apply to personal, family and household debts, including medical care and the purchase of an automobile.
Homes for Sale in Clifton Park NY. Josh Gonzalez, a Local Real Estate Agent with Coldwell Banker Prime Properties in Clifton Park NY. Things you should know about Debt Collectors CONTINUED... 5 of 5
18. I had an account sent to collections. Now the original account and the collection both appear on my credit report. Is this wrong?
According to Experian both entries are considered part of your credit history, and once the collection action is entered, that becomes the active account. However, the delinquency date reported by the original creditor should be the same as that reported by the collector. The delinquency date dictates the establishment of the seven-year period. And that is how long the account will remain on your credit report.
The delinquency date that triggers the removal of negative information from your credit report should remain the same no matter how many times the debt is sold. Once the seven- year period has run its course, all entries involving the account should be removed from your credit report. This includes the original creditor's charge-off and any collectors that have subsequently bought or sold the account.
If you have had an account sent to collections, this is yet another good reason to check your credit report carefully to make sure all entries have been deleted at the appropriate time. And, during the time the negative account remains active, check your report to be sure the original delinquency date is the one consistently reported on entries by the original creditor and all collectors. Add this to your checklist of things to review when you order your free annual credit reports through www.annualcreditreport.com.
For further discussion of this "dual" reporting, read the "Ask Max" question and answer on the Experian Web site. www.experian.com/ask_max/max012506c.html
Homes for Sale in Clifton Park NY. Josh Gonzalez, a Local Real Estate Agent with Coldwell Banker Prime Properties in Clifton Park NY. Things you should know about Debt Collectors CONTINUED... 5 of 5
19. Am I responsible for paying the debts of a deceased relative?
No. When an individual dies, it's not unusual for creditors to attempt to collect debts from surviving relatives. However, you are not responsible for the debts of family members who were not your spouse.
If you are contacted by a debt collector, advise them that the person they are trying to reach is deceased. If you know the information, you may also want to provide them with the contact information of the deceased's personal representative (the individual in charge of administering or executing the estate). If a debt collector persists in contacting you, send them a certified, return-receipt letter advising the collector to stop all contact. (see our Letter to Debt Collectors at http://www.privacyrights.org/Letters/debt2.htm) Be sure to keep a copy of this letter and your return receipt. According to the Fair Debt Collection Practices Act, a debt collector may not continue contacting you after you have sent them this letter except to acknowledge your letter or notify you of specific actions, such as filing a lawsuit.
For more information, read the FTC's Alert: "Paying the Debts of a Deceased Relative: Who is Responsible?" http://www.ftc.gov/bcp/edu/pubs/consumer/alerts/alt159.shtm
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