Can a collection agency for a non-credit card-type bill hurt your credit rating?
Once a collection account is reported to your credit history, its origin no longer matters. If money is owed and it gets listed with a credit reporting agency as a collection account, it affects the main factor in your credit score: Payment history.
See www.myfico.com/CreditEducation/WhatsInYourScore.aspx for details of a FICO score.
Only the credit bureaus the collection agency can remove a collection from your credit report. The collection agency won't do it now since it is paid and they have no reason to. You can dispute it to the credit bureaus and ask for verification on the account. They will have 30 days to verify the items or it must be removed from your credit report.
What does it mean when your credit report states that you have a paid closed collection account on you credit report?
Can a collection agency continue to report a collection account to the credit bureau after the account is sold to another collection agency?
Removing Paid Accounts from a Credit Report If you haven't paid your collection account(s) yet, negotiate with the collection agency. State that you plan to pay in full, and that you want them to agree to remove the item from your credit report. If you've paid, and the item remains on your report, go to the credit bureau and dispute the item that has been paid. It's a good chance that the collection agency has…
How do you get rid of the money that you owe from collection agency without paying them and become good credit again?
No. A collection agency has no legal authority. They can refer the account to a collections attorney who can then file a lawsuit for the debt owed. Yes! A collection agency has the right to file a lawsuit as the assigned creditor under the agreement that you signed when applying for the credit card.
If a debt has been paid to the original creditor and they recall it from their collection agency will a dispute succeed in having it removed from the credit report?
If a second collection agency takes over a unpaid debt can they have that collection put on your report?
If you refuse to pay a doctor referred by a 'if we do not win you do not pay' lawyer who took a car accident case will it hurt your credit?
Is the doctor going to turn the account over to a collection agency? A collection account would hurt your credit. Is the collection agency going to sell the account to another agency, thus extending the time period it shows on your credit report? If they do, it could hurt your credit for an even longer period of time.
Asking If you pay the collection agency can you have the derogatory item removed from your credit file?
The original creditor either sells the debt to a collection agency or the collection agency may aquire the debt on a contingency basis. At any rate once the account is in collections 30 days from the date of turn over the collection agency has the right to report the account to the credit bureau. Accounts are sent to the credit bureau via internet with encrypted files.
If vehicle was repossessed in 2004 but ex spouse stopped paying consistently in 1999 What date must the collection agency report to the credit bureau?
No! The only obligation of the collection agency regarding a debt is to accurately report the debt...i.e. balance outstanding, current status, and payment history. However, if you are paying or contemplating paying a collection agency, it would be wise to negotiate a positive outcome...i.e. the total removal of the account from your credit profile in exchange for payment. This should be negotiated prior to paying the collection agency and the agreement should be in writing.
Are your rights the same if your credit card debt went to a legal firm and not a collection agency or is a legal firm considered a collection agency?
Is it possible for a collection agency to remove the Sent to Collection Agency on your credit report?
Yes. There is no federal or state law which compels or requires credit reporting. It is totally voluntary. There are costs for creditors to place data on credit report and to update that data. While it is possible, and all consumers should certainly attempt to have collection accounts removed, you also need to be aware that it is unlikely.