Adding interest on collection?

Tips and Deals Forums Consumer Credit Improve credit Adding interest on collection?

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    • #242889
      dealpal
      Keymaster

      Hi, I’m finally down to my last stubborn baddie. I’ve been trying for years to get this one removed, with no luck.*
      *
      Hopefully, someone can help me with my question. Is there a law to how much interest can be added to a collection account? I thought I returned an old movie in Nov 2006, but the video store says they never received it so they sent it to collections. When they first start reporting it, the amount owed said $224, now it’s $460! 3 months ago it was $391. Can they just keep adding to the amount, whatever they want? Maybe a dumb question, just curious. I’m in California by the way.
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      Statewide*Collections
      Original Creditor: All the Best Video
      Date opened: 12-06
      Type:*Collection
      Account status: Open
      Terms: 1 month
      Monthly payment: $0
      Credit limit/Original amt: $277
      Recent balance: $460
      Status details: acct is schedule to continue on record til Jan 2013

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