A collection agency can only touch a bank account if you either give them permission or they have a court order. In order to get a court order they have to go through the full legal process including trial. The Student Loan on the other hand, like the IRS, does not have to go through the legal process.
Yes! If your student loans are with a collection agency they are in default. When student loans are in default the dept. of ed gives the collection agencies "CARTE BLANCHE" to collect the money by any means necessary. Wage garnishnent is only one.
The SOL begins when an account is considered in default. SOL's only apply to lawsuits, they do not halt collection procedures by the OC or an assigned collection agency.
no
No, once a collection agency relinquishes their claim to the account by selling it they must remove all negative trade lines related to that account from your credit reports. Hope this helps ST
You must list every account that is in default and collection action has begun. You may, however, do so within a single written notice.
Yes.
No. A collection agency can not freeze your bank account. Only a judge could do that.
The original account with a normal credit company went to a third party collection agency. Only after it went to the collection agency was the debt paid and then the account closed.
No, it is illegal for a collection agency to garnish or freeze your account for any reason. The only way your account can be garnishes is if you owe taxes or child support. If a collection agency threatens to do this, tell them that you are aware of the Credit Reporting Laws on this matter (there is legal ground for this matter).
It is possible for the collection agency to put a lien on your bank account. Before they can do this, they must go through the proper procedures first.
No, we cannot. We are a Q&A service, not a loaning agency.
== == A Deragatory record is an account that has had a history of late payments. A collection account is an account that was not paid on time or at all, and was closed by the creditor and sold to a collection agency.