Adding interest on collection?

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

This topic contains 0 replies, has 1 voice, and was last updated by  dealpal 7 years, 7 months ago.

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    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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