Cep2535 Posted January 14, 2006 Report Share Posted January 14, 2006 Are OC allowed to keep reporting after they closed an account?. I noticed today the balanced keeps going up although they closed the account?on 2 of the CRA's they are reporting Charge offAnd on EQ they are reporting OK paid ontimeare they allowed to do this? Link to comment Share on other sites More sharing options...
ThirstyGreek Posted January 14, 2006 Report Share Posted January 14, 2006 They may be applying interest and penalties. You should attempt to DV them although they do not have to respond.TG Link to comment Share on other sites More sharing options...
willingtocope Posted January 14, 2006 Report Share Posted January 14, 2006 Don't bother with DV'ing the OC. If they are not and FDIC insurred bank, they are allowed to close the account, mark it charge off, but continue to charge interest and penalties. The IRS rules on this have been somewhat confusing, but apparently their were some new guidelines published in 2005 which say that unless they keep up the collection activity, this can only go on for 3 years. Link to comment Share on other sites More sharing options...
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