Yes, it is legal. Dirty, but legal. What happened is the old debt was bought by a collector that buys old debt from companies. Now, the sticking point here is if you make a deal to pay off the debt with the new collection agency your time clock starts over and it will several more years before it will go off your report. They have 7 years to collect. That's why it was off and on your report because the 7 years had passed the first time. These guys who now have your debt can be quite nasty, but there are credit rules they have to follow. They can't call you at work, can't call before 8 AM or after 9 PM. You have consumer protections, so go on a consumer web site for tools to help you.
Yes 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.
Yes. They will also consider how much debt your currently have and how you are paying your other current obligations as well. Just having a past paid collection will not hurt your chances in getting a credit card.
The answer to this type of question depends on SO many factors. Paying off collection accounts will not necessarily raise your credit score, which is what most consumers believe. The variable is the date the accounts were last reported (or updated) on your credit report. The date last reported, or "status" date is the date that causes collections and charge offs to impact your credit score. Anything, including legal items, late payments and collections/charge offs, updated within the last 12 month time frame, falls into the "history" category. This category accounts for 35% of your credit score. So, if you have old collection accounts which have not been updated recently; paying them off will cause them to be a paid collection as of, well, NOW. If, on the other hand, your collection accounts ARE being updated to within the last 12 months (regardless of the last time you used the account), then paying them off will probably not cause deductions to your score and MAY raise it. Certainly, 12 months from now, any collection account that is paid is better than an unpaid collection. The best scenario is to offer creditors a pay-for-delete. THAT would benefit both you and those whom you owe.
It should not hurt your credit score unless you don't pay.
OF Course it does! IF you just got bankrupt it does hurt your credit score really badly!
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.
Yes. First, the late payments on the vehicle will hurt your credit for 7 years. Then the repossession reporting will affect your credit for 7 years. Finally, any collection judgment filed by the tow company (if applicable) or lender will hurt your credit for 7 years from the date of the last activity (not date it was filed). Paying the deficiency quickly may keep you from having a judgment filed, but the repo still occurred and will still be reported.
Yep! If the ambulance company turns your account over to a collection agency that agency might report the collection on your credit. Medical collections are the most common type of collection on a credit report.
Yes 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.
Yes. They will also consider how much debt your currently have and how you are paying your other current obligations as well. Just having a past paid collection will not hurt your chances in getting a credit card.
no. You will hurt your credit when you close an open line of credit.
Paying off collection or charge offs is NOT SUPPOSED TO reset the DLA (date of last activity). This is the date that determines how long a derogatory account can show on your credit report. You would need to find out the DLA on your specific accounts and follow up after payment to ensure that they are not re-aged. This would be illegal. Better yet, why not offer to pay for removal from your credit report completely?
if i let my vehicle get reposesed will it hurt my credit?
The answer to this type of question depends on SO many factors. Paying off collection accounts will not necessarily raise your credit score, which is what most consumers believe. The variable is the date the accounts were last reported (or updated) on your credit report. The date last reported, or "status" date is the date that causes collections and charge offs to impact your credit score. Anything, including legal items, late payments and collections/charge offs, updated within the last 12 month time frame, falls into the "history" category. This category accounts for 35% of your credit score. So, if you have old collection accounts which have not been updated recently; paying them off will cause them to be a paid collection as of, well, NOW. If, on the other hand, your collection accounts ARE being updated to within the last 12 months (regardless of the last time you used the account), then paying them off will probably not cause deductions to your score and MAY raise it. Certainly, 12 months from now, any collection account that is paid is better than an unpaid collection. The best scenario is to offer creditors a pay-for-delete. THAT would benefit both you and those whom you owe.
I think yes....the auto loan rewrite can hurt your credit
It should not hurt your credit score unless you don't pay.
OF Course it does! IF you just got bankrupt it does hurt your credit score really badly!