CR Report SOL and Interest Acrual on C/O debt

[sjt]

Hi All!

I have a few questions:

1) Can a collection agency (whether assigned by original creditor and bought debt) add interest to an already charged off account?

2) Is the date of first delinqency by the orginal creditor carried over to a collection agency or JDB. Example if the date of first delinqency (DOFD) was 1-2007 with the orginal creditor and the debt was either assigned to a collection agency or sold to a JDB are they required to remove their entry 7.5 years from the original creditor DOFD of 1-2007?

[Shogun]

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@sjt wrote:

Hi All!

I have a few questions:

1) Can a collection agency (whether assigned by original creditor and bought debt) add interest to an already charged off account?

2) Is the date of first delinqency by the orginal creditor carried over to a collection agency or JDB. Example if the date of first delinqency (DOFD) was 1-2007 with the orginal creditor and the debt was either assigned to a collection agency or sold to a JDB are they required to remove their entry 7.5 years from the original creditor DOFD of 1-2007?

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1.  Yes, in accordance with your original agreement and the laws of your state.

2.  The SOL and CRTP is set by the DoFD of the OC, any CA must follow the same DoFD from the OC.  So the answer to this one is also yes.