Yes they can. Most department stores or larger business' have a collection agency at hand and they are basically "the goon squad" that tries to get their money back for them. Although they won't break your legs, they can hound the heck out of you, make life miserable and even have your wages garnished. Put this $100 in perspective: You are running a business and have millions of dollars tied up in it. If you neglected to go after $100 every time you turned around that adds up fast. It may not seem fair to you, but it is. Put it in this perspective: You loaned a friend $100 which they didn't pay back. Then you loaned 4 other friends $100 each and they didn't pay you back. That adds up to $500 and most people would flip out losing the $100. When you loan money from a banking institution you are borrowing other people's money and when you put something on a credit card you are borrowing their money as well. If you can't afford cash, then you shouldn't be using a credit card with the exception of emergencies such as your car breaking down, etc. It shouldn't be used to go wild buying clothes, cars, or just plain having fun. In the United States there are billions of dollars tied up in credit card debt and Canadians are flying in the same direction. That's why Credit Card Companies want you to join their nice little business ... they make billions of all of us! Marcy It's possible, but not likely. Collectors generally use this as leverage to get the borrower to pay what is due. This almost always pertains to things such as book or record clubs or other such types of transactions.
Removing Paid Accounts from a Credit ReportIf 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 purged your record and therefore will NOT verify a dispute investigation from the credit bureau. If the credit bureau doesn't receive verification from the collection agency in thirty days, they are obligated by law to delete the item from your credit report. Only the collection agency or the credit bureaus can remove collections off your credit report. You can either negotiate with the collectiona agency or dispute it to the credit bureaus.
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.
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.
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