Can a collection agency reopen an account?

The short answer is yes, a collection agency can continue to update the account on your credit reports. The date of last activity can change anytime there is new activity on your account. That could be a credit dispute or a payment. Both actions can precipitate a change to the date of last activity.

Can a creditor report an old debt as new?

It is a violation of law for a collection agency to report old past-due amounts as if they are new again when the debts are sold. If an agency persists in reporting old debts with “updated” activity dates, you may have a legal case against them.

Can a deleted account reappear on my credit report?

In rare circumstances, items deleted from your credit reports can, in fact, reappear on your credit reports even after the dispute resolution process has been completed. This practice is referred to in the Fair Credit Reporting Act (FCRA) as “reinsertion.”

What happens when a charge off is taken off your credit report?

After this time, most creditors will assume their chances of recovering the money are somewhere between zero and nil. The creditor consequently removes the account from active status and marks it as a charge off in its ledgers — and on your credit report. For the lender, the charge-off process is basically an accounting action.

Is it possible to reopen a closed credit card account?

It may be possible to reopen a closed credit card account, depending on the credit card issuer, as well as why and how long ago your account was closed. But there’s no guarantee that the credit card issuer will reopen your account. For example, Discover says it won’t reopen closed accounts at all.

How long does it take for a closed credit card to show on your credit report?

A charge-off will show on your reports for seven years from when the account went delinquent, or when you started missing payments. An account that was closed “in good standing” — with no late payments and your balance paid off — could show up in your credit history for 10 years. Does a closed account hurt your credit?

How can I find out who owns my charged off debt?

To determine who currently owns your charged off debt, you should check your credit reports. When an account has been moved or sold to another entity, the account will generally be marked as “transferred” on your report and will indicate the new owner.