I have a tradeline on my credit report (TU). It is a collection account. in the notes off to the side of the tradleline its say "Factoring Company Account". Would this be the collections dept within the Company itself or it is something else? The tradeline comments also does say "Collection Account" and the name is Inovison. I know Inovision is a collection agency, but I'm confused be the Factoring Company Account desciption. any input would be great. Also, is the 7 years from the time the account was opened, which I'm guessing would be the first deliqency, or is this particular one 7 years from the updated status? I have a tradeline like this: LSCF/3rd party transferred to another lender update: 1/2002 opened: 8/1995 closed 12/2001 balance $xxxx status as of 12/2001 charged of as bad debt
The 7 years is from the time it went deliquent as in the last time you payed.... since it was closed in 12/2001 it might of went delquent sometime in late 99/00.... it could be from the time you opened your account in 8/95 if you opened the account and never made any payments... the update date reflects the last time the person reporting the account reported it to the CRA and does not have anything to do with the 7 year period... try pulling your report from equifax.. they list the last activity which is normally the date of delequency...
A factoring company buys debts from other companies (not just charged-off debts, but also current account receivables).
