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How can you find out how much a collection agency was paid for your account?
Wiki User
∙ 12y ago
You probably wont find out the amount they paid. The companies buy charged off accounts for pennies on the dollar and are entitled to collect the charge off amount which is how they make their money. However these snakes tend to double the debt claiming they added interest and fees. The federal trade commission states this is illegal and you can file a report which will help you if they decide to sue. Make sure you have documentation. Also I would check the state the debt incurred and look at the state consumer protections laws as well . If you find they are violating those laws as well you could also file a complaint with the state attorney general. Well intentioned people fall on hard times and have a problem paying their debts but it doesnt give the snakes rights to try to basically loan shark you. It is also illegal for any debtor to claim you will be sent to prison for the debt. The federal trade commission has been cracking down on those types of practice...thank god...finally protecting people from those greedy companies. They are no different than payday lenders same mentality. so whoever responded to you claiming your doing something illegal apparently doesnt realize that federal and state laws do protect the consumer from those companies ILLEGAL activites.
Wiki User
∙ 12y ago
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Is it better to pay original creditor who still owns account or debt collection agency who is collecting for original creditor?
Paying the collection agency will clear up your account much quicker and some creditors will return the payment to you if you send it directly to them. Most creditors sign a contract with a collection agency and cannot discuss the debt with the debtor once they place it with the agency, they must refer all correspondence, communications and payments to the agency for the life of that contract.
What percent of collections does a collections agency get for a medical bill collection?
This depends on the collection agency, but the age of the account, the location of the debt (that regulate collection laws by the state), play a big role. The older the account the higher the percentage that goes to the collection agency the percentage is negotiated between the agency and the client(this is a fact, part of a previous job).ive seen between 10% and some as high as 40%. which if you have a bill from an agency, it really isn't any f your business how much they get, you should be worried abour negotiations.
When a credit card company sells your account to a collection agency how much do they sell it for?
I'm not sure for certain, but I would say they sell it for pennies in the pound.
Can a collection agency find out if you have a checking account if you dont tell them?
A collection agency does not have direct access to your banking information unless you provide it to them or they obtain a court order to access your financial records. However, they can sometimes use various methods to locate and verify your assets, such as checking public records or contacting your bank to see if you have a checking account.
How much will removal of incorrect collection account increase fico score?
How much will removal of incorrect collection account increase fico score?
What kind of service does a collection agency provide?
A collection agency is commissioned to collect money from those who have defaulted on credit card bills or loans. The agency tries to recover as much money as possible.
How do you go to Discovery to see how much a collection agency has paid for a charge off?
The only way you can find this information is if a judge rules the collection agency to release information. A good rule of thumb is 30%. Each time a bad debt changes hands it will decrease by as much as 30% to 75% depending on the age of the debt.
If the account was sent to a collection agency who is demanding full payment what can you do to get it back where you can make payments?
Unfortunately, what YOU want doesnt mean much to the lender. THEY want their money and they have LEGAL options to obtain that money if you have it. Remember when you wanted that car??? You agreed to certain things in the contract you signed. Maybe you didnt read them, but you agreed to them. You need to get ready to make CHANGES to how you handle this account. Good Luck. Contact your lender and arrange payments. Was your vehicle taken? Thanks for everyone's responses. To roosta: thanks for your message but next time if your going to leave a message maybe you should leave a useful answer to the question. Please don't waste your time with a nasty response. I did contact the lender (53rd bank) many times. They won't talk to me and refer me to an outside collection agency. Here, let me explain the situation in the past: the 53rd bank collections department (not this collection agency) always worked with me to arrange payments. They sometimes sent the account to the collection agency who would typically call for 2 weeks "and then" the account would go back to the 53rd bank collections department. The collection agency always demanded for full payment of what was "only owed at the time" to get all caught up. This time the Collector has the account for 2 and a half months and he is offering a price break if I pay in full. Has anyone gone through this? Anything I could do to get the account back to the bank? Thanks.
If a collection agency gets a judgment against you can they garnish your checking account for more than the judgment amount?
The collection agency can freeze your account, and garnish enough to satisfy the FULL amount of judgment, including court costs, attorneys fees AND interest accrued, which averages about 10%. So because the judgment verdict also has attached to it various fees, and accrues interest, the collection agency has the right to garnish the FULL CURRENT VALUE of the judgment. Your court of origin should be able to provide a full accounting of the current value of your judgment.
How does a collection agency determine how much money they will settle a debt for?
a collection agency will usually take up to 30% off a debt but only if it is over $500 i once owed $5,300 on a returned vehicle and they were willing to take $3,100 but you can hustle your amount owed. all they want is some of the money anyway. There is no specific set amount. You must negotiate with the collection agency. They will settle for whatever they can get in many circumstances.
How can you find out how much is still owed on your account?
To find out how much is still owed on your account, you need to call the account carrier. You might also be able to log into your account online.
How much information do you need to give a collection agency?
You should never give a collection agency or anyone else any personal information over the phone. You do not give any specifics of your particular situation but it is best to always deal with them by by mail. Then you have a record of exactly what was said and done. Many collection agencies are less than truthful and will say anything to get information from you to enable them to collect. Never give them your bank account information and consider setting up another bank account at a separate bank if you are making payments. You have the right to stop them from calling you at home and work. You also have the right to verification of the amount they claim you owe. You should also check the statute of limitations in your state to be sure that the time for collection has not expired.
