do collection accounts replace old accounts on credit reports?

i wonder because an old account that i forgot about suddenly appeared as a collection account on my credit report. can the old account still be listed there although the debt was sold to another company? i'm kind of confused about how that works.

2 Answers

  • 1 decade ago
    Favorite Answer

    Your debt should only be listed once. Yes, an unpaid and/or charged-off debt can be sold by the original lender to an organization which is often more involved in bad-debt collection. They probably bought your debt at a large discount, believing that they could collect it from you.

    Your debt will stay on your credit report for seven years from the date of the last activity on the loan (not from date of origination). If you'd like it to disappear from your credit report before the 7 years is up, make arrangements to pay it. And pay it in exact accordance with your agreement.

    Source(s): Myself, a banker for 15 years.
  • 1 decade ago

    The other answer is almost correct ,but it will

    stay on for 7 yrs regardless if you pay it or not.

    If you pay it they will add the 7 yrs from then.

    It is the date of last activity. Although it would look better on your report paid. If your last activity is almost up for the 7 yrs. I would wait

    till it goes off.

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