0
Is it worth it to submit a statement on your credit report explaining late payments and collection accounts?
Wiki User
∙ 12y ago
Yes and no.
Yes, it can help if the explanation doesn't just prove you acted irresponsibly (especially if the debt was never paid) AND it includes why or what you have done to make sure it doesn't happen again. (I got sick which caused me to lose my job and insurance while incurring more bills than I ever imagined. I have recovered and have a steady job and insurance again and am working at catching up) is good.
No, it won't help much to provide feeble excuses, deny it was your fault or blame others. That's just telling them you're prepared to treat them as you treated the others. (I bought nice things for Christmas, but because my girlfriend made a scene at work,I lost my job. And since the cards charge too much interest, I couldn't pay them. I've started over and she isn't allowed near my new job). Not so good.
Wiki User
∙ 12y ago
Add your answer:
Earn +20 pts
What happens if you miss several payments with the collection agency?
They stop collecting
How would a collection of 230 affect a person with 50000 in available credit and 730 score?
Your credit score can be decreased by having collection accounts listed, a judgment, late payments or if you have too much available credit. If you have that much credit, you would want to contact the credit issuer to lower your credit limit. Your debt should never be more than 35% of the available credit. Timely, consistent payments to your creditors and low credit limits will help increase your credit score.
Will collection agency get your money if they win in court?
If a judgment is obtained steps can be taken to obtain payment if you do not pay voluntarily. Once they have a judgment, they can go back to the court if they do not receive payment and file for periodic payments, once the judge issues an order for periodic payments, if you do not make those payments you will be violating a court order which is punishable by being arrested. Also, if they have obtained a judgment and you do not pay they can attach any assets you have such as vehicles, property, bank accounts or paychecks.
If you are buying a home paying off collections will only hurt you instead of helping you?
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.
When applying for a mortgage loan why do the lenders want you to pay off all outstanding collection debt on your credit report if this could lower your score and will not help you?
They don't want to give a loan to someone who has a high risk of defaulting on payments. Your collections accounts need to be clear and your credit score will go up a little when that happens. Just resolving an outstanding collection debt will help your reputation with the new lenders.
You were turned over to a collection agency by a hospital after they accepted three payments you are on disability?
Most hospitals farm out collection accounts after 90 days of nonpayment to outside collection agencies.
What is a special post office mailbox that is used to speed up the collection of accounts receivable payments?
depository box
What is the report that shows the money owed to vendors called accounts receivable report monthly payments will statement Accounts Payable aging report or balance sheet?
Accounts payable
Can you get receipts for payments made to a collection agency?
yes and an accounting too. To be certain, make all payments in person at their office. You may request a reconciled statement showing all payments as well.
How come a monthly statement is not sent by the collection agency when making monthly payments?
Because they don't. It is a lot of agency's policies.
What are the three major accounts of balance payments?
3 major accounts in balance of payments :accounts dealing with goods, services and incomeaccounts recording gifts or unilateral transfersaccounts dealing with financial claims
What are collection agencys?
A Collection Agency pursues payments of debts on behalf of their clients. It can be categorized by Collection Agencies for Consumer and Commercial.Consumer is when a Lender provides credit for services or products to a Consumer, and when this accounts fail to pay, then the lender may use to collect the debt through a Collection Agency.Commercial is the same concept but collecting debt from business to another business, this is known as Commercial Collection Agency
Do company payments decrease accounts payable?
yes.
If you make monthly payments can you be turned over to collection?
no you can not
Can a collection agency garnish VA disability payments?
No
What are the parts of balance of payments?
Balance of payments is a collection of accounts conventionally grouped into three main categories, with subdivisions in each. The three main categories are: 1) Current Account 2) Capital Account and 3) Reserve Account
What can one do with an accounts payable clerk?
An accounts payable clerk is a position where one works in a specific division of an accounting department. An accounts payable clerk is the one that is responsible for making payments on behalf of the company one works for in order for payments to be made on time.
