You did not include a jurisdiction for your question. Where I live the collection agency can report any failure or late payment of a scheduled payment. That means if you are on weekly they can report you weekly. If you are late by 1 minute they can report that every time also.
Yes. And it stays on 7 years from the date of payment.
Usually the collection agency won't take it off until the bill is paid in full.
They usually give you 30 days to respond to the debt and make payment arrangements. If you dont respond they usually report it.
unpaid collection on medical bills can possibly be reported on bureau, but payment history is not reported.
Yes, though both will damage your credit report to some extent.
Only the collection agency or the credit bureaus can remove a collection off a credit report. You can negotiate the removal of the collection off the credit report upon final payment of the debt owed. Some collection agencies have policies against this, some don't. You can also redispute it to the credit bureaus as many times as they will let you. It has a higher chance of being removed if it is paid off and an older account.
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.
I would imaging that it would. A collection is a collection, reguardles if it is becasue you refuse to pay it or you want to pay, but you can't. You may be able to work with the collection company to get a payment plan started and have them upadte it to "Paying as agreed"
If the collection agency did not accept your payment, the debt should be discharged from their control. You might need to contact an attorney to make sure these debts are removed from your credit report. If you are making payments to the company that sent you to collections, they will need to remove you from the collections agency.
No. Once a person is being threatened by a collection agency, there is a high liklihood that the damage to the credit report is already done - a chargeoff or collections transline will already be in your credit report. Having a payment plan merely gets the debt paid and on-time payments are usually NOT reported (however, if you miss a payment, that company can and will send a negative tradeline to further damage your credit reputation).
Yes. The person can always challenge a negative entry on their credit report whereas ceasing payment would result in a default of the contract and leave the borrower/debtor open for collection action and/or a creditor lawsuit.
Contact the original creditor. Provide proof of your payment. They need to retract the account from the collection agency. The account could have been sold to the collection agency or simply assigned to them. For your purposes, it does not matter which situation applies. You paid the original creditor and your credit report needs to reflect this. After they do what they need to do to get the account back; you then dispute the entries with all three credit bureaus. The original account should show as a paid collection and the other collection account should be removed from your credit report entirely.
As a general rule the answer is no. Collection agencies will report this to the credit bureau as being settled for less than what was due, which can have a negative impact on your credit report. While paying this money could seem like an effort to repair your credit, it actually can damage it. A situation like this often results from a debt being old and about to fall off of your credit report. If you pay the money to the collection agency then it will stamp a record of such payment for an amount less than the amount originally due. The worst part is that such a record will stay in your credit file for another seven years from the day the payment was received! If you don't make the payment the negative report resulting from that will probably fall off of your credit report much sooner.
Don't make a payment from a credit report point of view, its the last date of activities in other words the last date you made the payment. They can report this from 7 years of the last payment. Keep in mind that you have the right to challenge double entries on your credit report e.g Collection and Creditors reporting twice and many collections attempt to get you to make a payment in order to extend this time. Don't if its been over two years it does not affect your credit score as much and if you are attempting to get a mortgage, pay that debt in escrow at closing. Source: Credit Bible by Phil Turner
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
Yes the second collection will be placed on the credit report. But they will remove the first collection agency off the report. In some states it is against the law to be double billed by two collection agency for the same debt.
YES, THE CREDITOR WILL REQUEST FOR EITHER PARTIAL PAYMENT OR FULL PAYMENT. ASK FOR A LETTER STATING THAT THIS COLLECTION WAS PAID IN FULL AND THAT YOU HAVE A ZERO BALANCE. ALSO; REQUEST THAT THIS LETTER STATES THAT THIS ACCOUNT NEEDS TO BE DELETED IN ERROR, SO THAT YOU COULD SEND THIS LETTER TO THE BUREAUS AND HAVE THEM DELETE THIS ACCOUNT OFF YOUR CREDIT REPORT AND RAISE YOUR CREDIT RATING.
You can try, however if they agree then this will change the date on your credit report. Meaning: It will stay on your credit report even longer.
No the collection will not be removed from the credit report. They will show it paid in full.
Yes, credit report has nothing to do with Debt collection. What you should be looking for is State Statute of Limitation. Please type it in google and check the law for your state. Thanks!
go to another company.
Yes, they can. However, most don't provided you make a payment agreement with them and honor it until the bill is paid in full.
A collection agency can report you to the credit bureau for any amount of money. There are agencies that will report for amounts under a hundred dollars.