No the collection will not be removed from the credit report. They will show it paid in full.
Yes they can and they probably will. if you are concerned about your credit profile, it would not be a good idea to stop paying.
Not much other than having the collection marked from unpaid to paid. If you are paying off credit collection companies, negotiate to get a letter from them telling you that the amount you are paying is the balance as agreed and that they will remove it from your credit report. Do not pay until you get that letter. If you pay without doing that, it will stay on your credit report for about 3 years depending on when the collection was first put on your credit report. The fact that you paid it already just says on your credit report that instead of unpaid the collection is marked as paid. If you already paid either repair your credit or get a reputable firm in the BBB who has a money-back guaranteed policy.
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.
No! You need to be careful if considering paying the collection agency. At that point it will start the 7 years entry. Bad credit remains on a credit report 7 years from the last date of activity, in other words, the date you make a payment. Make sure you negotiate a deletion prior to paying any collection account. Source: Credit Bible by Phil Turner.
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.
It wount be a collection aggency. But the city can put a judgment on your credit report that will effect your credit score.
a credit report indicates your history of generating and paying debts on time.
Unless you have given a collection agency written permission to pull a full credit report they are in violation of credit laws.
It is beneficial to obtain a credit report from all 3 credit bureaus because they may have discrepancies that you need to know about. Not many people know this but you can get an annual free credit report from the website annualcreditreport.com, and it really is free.
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.
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.
Yes, because by doing that you are converting a Negative on your credit history to a Positive action. Those who look at a credit report are looking to see if you are making efforts to "turn things around." Paying a collection does NOT improve your credit and may, under certain circumstances, cause even more deductions to your credit score. This is one of the fallacies about credit. The factor that causes the largest amount of deductions to scores is when a derogatory account was last reported to the bureaus, not the amount owed or the status (paid or unpaid). A paid collection account can be just as damaging as an unpaid collection. The first answer was incorrect. The only thing that will improve your credit rating is to have the collection removed from your credit report. Offer to pay the collection in exchange for a deletion.
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.
File a dispute with the credit reporting agency.
Paying your insurance premiums do no report to any credit reporting bureaus.
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.
The original account with a normal credit company went to a third party collection agency. Only after it went to the collection agency was the debt paid and then the account closed.
== == Collection agencies do not have the legal right to pull your credit report unless you gave them permission.
If you are paying a collection company, make sure before you pay anything, that you get a deletion letter. This is a letter stating that if you pay, the entry will be deleted off your credit report. Now, whether you are paying in full or settling, it has the same affect on your credit score--Paid collection or paid P&L or charge-off account. This will remain on your credit for 7 years. This is why it is important that you get a deleting letter. Source: Phil Turner, Credit Bible.
No, it will show on your credit report as a paid collection/judgement and will fall off of your credit report in 7 years. After you pay the debt keep all receipts and check your credit report in about 60 days to make sure they reported it as paid. Many collection companies never report it paid.
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 it isn't on your credit report, the credit card company still has hopes of you paying it off. When they see that isn't going to happen, you can bet your butt that it WILL be on your credit report.