They file a claim against the estate. They try to get the executor to pay them before they pay others. The company may try to file a lien against any real property in the estate.
Usually debt collection agencies only call if you have not paid a bill to one of their clients. Sometimes they come from credit card companies, health care companies, or student loans.
Unpaid balances owed to insurance companies will be sent to collection agencies and will count against your credit.
It is possible to get an out-of-court settlement for a credit card. Credit card companies and collection agencies offer a variety of payment and settlement options for the debtor.
It may be zeroed out w/ the orig company because they sold it to the collection people. DO NOT PAY COLLECTION AGENCIES ANYTHING!! google "fair credit act". lots of info
You can write a letter of dispute to the collection agencies if that is who listed your credit account wrong. If it is a company, you can write a letter directly to their account or customer service department.
A few debt collection agencies to check out are: Credit Bureau Collections Ltd, Collection Systems Canada Corp, Direct Collect, Global Collection Consultants and National Credit Recovery Inc.
It is always a good policy to attempt this. But whether or not you succeed in getting a paid collection account removed from your credit report is totally within the discretion of the creditor. There is no law that requires or compels credit reporting. The Fair Credit Reporting Act states that IF an account is reported, then it must be correct. Therefore, collection agencies and creditors usually will tell a consumer that they "must" by law report the accurate nature of the account, which would be a paid collection, as opposed to removing the account.
Collection agencies notify all the credit bureaus electronically concerning the delinquency amount of the debt and number of days outstanding every 30 days.
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.
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.
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An easy way to find out what collection agencies you owe money to is by pulling your credit report. Credit reports will list balances with all creditors as well as if any balances were turned over to collection agencies.