0
What information does a collection agency need to ruin your credit?
Wiki User
∙ 19y ago
A collection agency does not "ruin" someone's credit. The person who defaults on their financial obligations is the one who is responsible for that. W/o certain information it is difficult for a debt to be collected or reported to CRA's. Agencies employ skip tracers who are very good at tracking down elusive debtors, so eventually they will track down the person.
Wiki User
∙ 19y ago
A collection agency needs to report a delinquent account to the credit bureaus in order to negatively impact your credit score. This typically happens when you fail to make payments on a debt, and the collection agency takes action to collect the owed amount. The credit bureaus then update your credit report with this information, which can lower your credit score.
Add your answer:
Earn +20 pts
Is it more effective to challenge inaccurate credit information via the reporting agency or each individual creditor?
It is generally more effective to challenge inaccurate credit information with the credit reporting agency first. The agency is responsible for investigating and correcting inaccuracies on your credit report. However, you may also need to contact individual creditors if they are reporting inaccurate information to the credit agency.
As an econsumer, does Equifax really need all of my information?
Equifax collects and stores consumer information to assess creditworthiness and provide credit reports to lenders. While they do require significant personal information, it is necessary to accurately assess credit risk and prevent identity theft. It's important to be cautious and ensure you are sharing your information with reputable and trusted organizations.
What kind of information is required to apply for a student credit card online?
You will typically need to provide personal information such as your name, address, social security number, and income. You may also need to supply information about your school and program of study. Additionally, a credit check may be required.
What three pieces of information does a organisation need before if can begin to collect data?
Define the purpose or objective of the data collection. Identify the specific types of data needed to achieve the objective. Establish a data collection plan including methods, tools, and resources required for data collection.
Is a cancellation letter the same as a letter to delete the information from a credit report?
No, a cancellation letter typically refers to terminating a service or subscription, while a letter to delete information from a credit report is a request to remove inaccurate or outdated information from your credit history. They are different in terms of purpose and impact on your financial record.
What do you do if an account was turned over to a collection agency but the original creditor accepted your payment in full?
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.
Is it possible for a collection agency to remove the Sent to Collection Agency on your credit report?
Yes. There is no federal or state law which compels or requires credit reporting. It is totally voluntary. There are costs for creditors to place data on credit report and to update that data. While it is possible, and all consumers should certainly attempt to have collection accounts removed, you also need to be aware that it is unlikely.
Who do i have to contact if i have to accounts in collection i was not aware of?
If you have accounts in collection that you were not aware of, you need to contact the collection company. You can also contact the credit bureaus for more information.
Is it more effective to challenge inaccurate credit information via the reporting agency or each individual creditor?
It is generally more effective to challenge inaccurate credit information with the credit reporting agency first. The agency is responsible for investigating and correcting inaccuracies on your credit report. However, you may also need to contact individual creditors if they are reporting inaccurate information to the credit agency.
Can a collection agency in America collect monies outside the jurisdiction for small amounts -such as the annual maintenance fees on a timeshare?
a collection agency can collect where ever they need to. they purchased the debt from the timeshare company (to use your example). what i don't know is if they can impact your credit if for instance you were in the US and the collection agency or timeshare company is out of the country.
Should payment be sent to the credit card company or the collection agency?
If you have a collection agency working for the credit card company then it is them you need to make payments too as it is now too late to pay the credit card company. They have sold the debt to the collection company and you will have to pay any charges on top of the debt now also. Try not to let it get that far in future, but that's easier said than done.
How can collection agencies put entries on your credit report if you never 'owed' them or got credit from them in the first place?
Collection agency buy or get assigned accounts from different kinds of creditors who you may owe without realizing it. Examples of these kinds of debts include bad checks, debts owed from medical services, defaulted leases and others. None of these debts are typical of the kind you undertake willingly (like a credit card account). But they still can be legitimately owed by you. You would need to track down the source of the collection account, find out whether or not the collection agency has your identifying information. If not, then you would need to investigate to determine the nature of information being reported against you. It might be that you are the victim of identity theft.
Why would a collection agency suddenly stop calling?
It is important to pay bills on time, every month. A collection agency calls to help a person with their finances and with paying their past-due bill, they stop calling when it is obvious they are not getting what they need, and they need to send it to a persons credit.?æ
How do you find out which collection agencies you owe?
You can get free copies of your credit reports once a year and check them to see what accounts have been placed with collection agencies. You can contact those creditors for the agency information. The debtor need not be concerned about such matters as it is a certainty that the collector/creditor will be in contact with them in one manner or another.
A collection agency is suing you what do you need to do?
Pay your bills.
Do you need a commercial collection agency license in Connecticut?
No
What information does agency people need for reporting against you to credit buerea?
Name, SSN, Address or other verification of debt.
