Because they don't. It is a lot of agency's policies.
Personally speaking, it is better to settle with a collection agency rather than making monthly payments. Theres only one ceveat....you must pay the collection agency in full. Example, lets say you owe $1000 to a credit card company. A collection agency will say, pay $600 NOW and this will settle the balance. So, if you dont have $600, its a 'catch-22'. You are better off making the monthly payments until the $1000 is paid.
If the debt was properly assigned by the original creditor, yes. If you are making payments to the Original creditor than ask them to pull it back from there Collection agency, then dispute with the CRA's and when they update it should delete
They stop collecting
A collection agency is not hired to get the amount paid in payments they are paid to get the amount in full. At this point the place you originally owed the money to and did not pay may or may not be willing to take payments being that they have now hired the collection agency to get the money from you. YOu can call the original creditor and tell them you are willing to pay and if they say no then you must pay the collection agency, I have never heard of any of them taking payments. When they get hired they try to collect as much as possible of the owed amount so they can get a higher commission. They dont want payments they want money in full....
In Part: No it has to be updated if the balance is revolving and going up or down monthly.
Most of the time a collection agency will accept 2-3 equal payments to pay off the balance.As of right now no they will not accept payment and will not work with consumer credit counciling programs. Once it has went to collections, you are not suppose to contact the original debtor. It confusses the situation. You aren't suppose to contact the original creditor once it goes into collections but the Collection agency will accept payments. They are happy to get any money they can. (they get 50% of what they collect)I used a collection agency for a tenant who wouldn't pay for months who I had to evict(went to court) and I received a couple of small payments until the person ran away and hid again. Both the collection agency and I were glad to get any money possible. Unfortunatly, this will show up on your credit report whether you pay or not........... But it is ALWAYS better to pay if in your future creditors eyes (fico score)
ONLY if you let them do it. Call a local attorney now.
Unless you have a specific repayment plan that the collection agency agreed to, there is no legal reason that cannot sue the cosigner.
A debt collector works for a collection agency. If the angency owns the debt then you can request statements. A collection agency will send you a paid or settled un full letter. They are not a billing agency.
if collection agency is not from your lender, but third party, then you need to fax them proof of your payments to your lender or financial insitution and have them send you a letter stating that they will not report you to credit bureau. and also have them contact the collection agency you are making payments. asian623 http://www.myspace.com/scionturboracing
And the question is what? You created the large bill, you need to be responsible enough to pay it off. You can't expect to pay a dollar a month and think that they'll be happy about it.
Most hospitals farm out collection accounts after 90 days of nonpayment to outside collection agencies.
The collection agency typically does not report to the credit bureaus, the original lender does. Lenders report to the bureaus, collection agencies collect on delinquent debt.
== == A Deragatory record is an account that has had a history of late payments. A collection account is an account that was not paid on time or at all, and was closed by the creditor and sold to a collection agency.
can you tell me the answer please?
yes and an accounting too. To be certain, make all payments in person at their office. You may request a reconciled statement showing all payments as well.
A Commercial Collection Agency is and agency that collects debt on behalf of their clients, same as a consumer collection agency, but a commercial collection agency collects business to business.
A Collection Agency pursues payments of debts on behalf of their clients. It can be categorized by Collection Agencies for Consumer and Commercial.Consumer is when a Lender provides credit for services or products to a Consumer, and when this accounts fail to pay, then the lender may use to collect the debt through a Collection Agency.Commercial is the same concept but collecting debt from business to another business, this is known as Commercial Collection Agency
When a collection agency sells your debt they no longer have any claim to your debt. It's like selling a car, once it is gone it is gone.
Same thing happened to me..... what does this mean? I have not heard anything back from original creditor and was making timely montly payments to collection agency... I am confused and a little scared
Yes, sometimes a collection agency will let you settle for less than the total amount owed on the debt. Most times this means they will want all the money in one, two, or three large payments.
if a collection agency has not bought out my debt from the original company can the collection agency look up my credit report?