How many times can a creditor sell an account to a collection agency?

On my credit report I've noticed that when a deliquent account is about to fall off as it is called another collection agency buys it.How many time or years can this go on?
How many times can a creditor sell an account to a collection agency?
They can sell it as many times as they want, if they can make some money on it... they think why not...





Creditors though can only report thing to the credit bureaus for 7 years from the date the debt incurred. So if your debt was made in October of 2001 it can only be on your credit report until October of 2008, no matter how many agencies have it. The 7 years DOES NOT start over when a new company buys the debt. Now they can call you forever asking for the debt, because its legally owed. but it can only be on your credit for 7 years total. And they can take legal action up until the statute of limitations is up in your state.
Reply:Visiualpix is correct. No matter how many times a debt is sold and resold to other agencies, NOTHING RESETS that 7 year period! Also note that only one collection agency besides the original creditor is allowed to collect the debt and post it on your report. If a collection agency sells a debt to another collection agency, the first collection agency's item can be removed. Only the original credit and one collection agency can post on your credit. You will have to dispute the other ones as they simply don't fall off.





As far as SOL is concerned, acknowledging the debt can reset the SOL. So NEVER acknowledge the debt that you don't intend to pay orally or verbally. Paying off a little amount can constitute resetting of the SOL.
Reply:There is only ONE 7-year cycle for the reporting of bad debt....This cannot be re-started regardless of how many debt collectors buy this debt. This 7-year cycle starts on the date of your first missed payment that led to the default on the account. It is illegal for debt collectors to change the “Date of Deliquency” to “re-age” the debt for their advantage. This is a violation of the Fair Credit Reporting Act.





Mail a letter via certified mail with return receipt to all three credit bureaus (Equifax, TransUnion %26amp; Experian). Include a photocopy of your driver's license and social security card...If you don't include these, they may write back requesting them, which would slow the process down by several weeks. In your letter, simply state:





Per the Fair Credit Reporting Act, I am requesting





- validation that this debt is being reported within the 7-year time frame as allowed under the Fair Credit Reporting Act


- validation of the original "Date of Deliquency" for this debt





--------------------------------------...





Send the collection agencies a letter via Certified Mail + Return Receipt stating:





Per the Fair Debt Collection Practices Act, I am requesting:





- written validation of this alleged debt and that said alleged debt is within the statute of limitations


- validation of the original "Date of Deliquency" for this debt
Reply:These companies are called "junk debt buyers" and it is not uncommon for them to buy and resell old debt many times over. It is very important to get in contact with these companies, send them a Cease %26amp; Desist letter barring them from contacting your employer, neighbors, etc. and insists on written correspondence only.





Then you send them a letter and let them know that they are in violation of the FDCPA and cite the errors in the credit report. At that point I would request debt validation and if they can't validate within 30 days they have to remove the account from your report.





Important! Ask for VALIDATION and be specific about receiving actual copies of credit card contracts, statements showing how much you owe, a detailed list of payments received, interest charges, etc.





Chances are high that they DO NOT have this informaiton as they purchase old debts in bulk with minimal information. It's often not worth their time to research and they will stop contacting you and the credit bureaus will be forced to remove the account (you'll have to send them a letter).





Just be careful, because these "junk debt buyers" are notorious for issuing "breach of contract" lawsuits in small claim courts hoping for a default judgement, which is what often happens. You can read more about that at http://www.ihavebeenserved.info.





Good luck and keep on top of this, those companies are horrible!
Reply:I don't think there is any limit to how many times it can be sold by successor holders but that does nothing to extend the statute of limitations. When that has run, they can't legally collect from you unless you have done something to acknowledge the debt, like send a partial payment. That resets the SOL.





If the debt is over 7 years old, check the statutes in your state and see if it is now time to ask to have it removed.
Reply:as many time as they can.


if a new company buys the account, that is money for the old company.


each time they sell the account, it will update your credit report. that is why the old account keep popping up. if they keep selling it, it will hang over you. sorry, the creditors know how to hit us hard.
Reply:Visualpix is MOSTLY correct, accurate negative information can be reported for 7 years after the date of first deliquency (DOFD) ie when you first missed a payment and never brought the account current again.
Reply:Visualpix is correct. Great answer.
Reply:as many as it takes until you pay up or file for bankruptcy
Reply:infinity