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First, call the creditor and ask them to correct it. Then, dispute the error with the 3 credit bureaus.

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โˆ™ 2006-03-07 23:09:24
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Q: What should you do if a collection item is on a report as unpaid for 3 years and the balance owed is incorrect?
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Is a collection agency obligated to remove debt from your credit report?

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.


Can a creditor and the collection agency who purchases your account from the creditor both report the same debt in separate instances to a CRA?

Yes, they can and it's customary for them to. The original account should have all the history, including late payments you made and the status (collection or charge off), the DLA, and date the account was opened. It should not be showing a balance due once sold or assigned to a collection agency. It may have a statement about being sold or transferred, but not always. The CA account should have the date they received, or were assigned, the account and the current balance (often with interest added in). The DLA should not have changed.


If a credit card is discharged in a bankruptcy should it still show a balance on a credit report?

It will remain on the report for the required length of time and should be marked "included in bankruptcy."


An unrecorded credit memo for collection of a note should be?

added to bank balance


What should you do to get paid collections off your credit report?

If the account is legitimately yours, then you cannot legally have it removed from your credit report. However, if you paid the collection account off, it should be reported as paid on your credit report. Still, the accounts will not be removed from your credit report for 7 years.


Should of given you a receipt. Corrrect or incorrect. Should of given or should have given?

incorrect. its supposed to be "should have"


How many years can a collection agency still pull your credit report?

A collection agency can't access a credit report w/o the permission of the party involved. They may try to mislead someone into believing they are able to do so, and that is a violation of the FDCPA and should be reported as such.


Can you sue a collection agency who continues to report a debt as a debt in collection even though it was discharged in chapter 7 four years ago?

First, make sure you have documented proof that shows the account was discharged. If you haven't filed a dispute. You should then report them under the Fair Debt Collection Act for unfair reporting. If, after that, they still report and account and you can prove otherwise, you should look into an attorney who can file suit for you. Rest assured they'll have five lawyers for every one you find.


Where on the financial statements would you report a loss resulting from a patent that was determined to be worthless?

this should be recorded on the balance sheet as a loss


What report lists accounts and their balances in which the total debit balances should equal the total credit balances?

Trial Balance


If several debts listed on a credit report are sold to a new collection agency and then paid in full can the debts from the old agency be disputed and removed from a credit report?

Yes and no. What the original credit agency should be reporting is that the debt was transferred to a new collector. Once you have proof that the debt was paid in full, you should be able to provide all creditors that are reporting negative info regarding that debt that this is the case and they should mark your records accordingly with a zero balance. It is really entirely up to them as to whether or not they totally remove the entry from your credit report.


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.


How do credit entries appear on your credit report after a chapter 7 is discharged and do they disappear from the report or show as 0 balance and indicate their inclusion in a bankruptcy?

The still stay on your credit report the normal length of time for negative credit entries (7 years). After the discharge, they might still show a balance but should also make not of being included in the bankruptcy.


What should you do if your credit report is incorrect?

Of course, but you must contact the credit bureau or credit agency which provided the information. Contact the primary credit-data agencies at:


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.


If a collection account was sold to another collection agency is it correct that they should both show up on your credit report as late payments?

When a collection agency sells your debt they no longer have any claim to your debt. It's like selling a car, once it is gone it is gone.


Are you still liable for a balance that appears on a credit card that was charged off even if you paid the collection agency?

No. You can take the paperwork with the collection and send a certified copy to all 3 credit bur., and it will or should be taken off.


Should you pay a phone bill that is eight years old and a collections agency is trying to collect?

== == Make sure that you get your most recent credit report. You can go to AnnualCreditReport.com, and pull a three bureau credit report for free. Once you have your report check to see what the Date of Last Activity is on that collection account. This will determine if you have a collection that is older then the statue of limitation.


How should governments report fiduciary fund balance and income in government-wide statements?

You do not report Fiduciary Funds in a Government wide report. They do not track business activity. You just need to keep a statement of Fiduciary net assets for business information but this is not reported.


How can you find out who you originally owed if a debt collection company is now collecting?

After being contacted by a collection agency you have thirty days to request confirmation of the debt. Their response should include the balance owed and the place where the debt was originally incurred.


How do you find out the balance of your probation fines?

Contact your probation officer. If you are off probation with an outstanding balance, simply call the office and ask. Likely as not, should the second scenario be, you will be contacted by a collection agency and they can give you the balance. However, if dealing with a collection agency, and you choose to pay them, keep meticulous records of your payments, and when you send your last payment, write this, "Paid In Full," on the endorsement portion of your check or money order.


Will your credit report only show a discharged bankruptcy or will it also show all the accounts included in the bankruptcy?

Your credit report will show both the accounts (which were listed first) and the legal entry of the bankruptcy in the public records portion of your credit report. Once a bankruptcy is discharged, credit grantors should update the account listing (called a trade line) and make sure that no derogatory information is showing (like past due balance or collection account notations) EXCEPT for the "included in bankruptcy" statement. This is what SHOULD happen. It's up to you to follow up and make sure that your credit report looks like it is supposed to after a bankruptcy.


What might cause the error if you discover that the GPA on your grade report is incorrect?

In most all colleges and universities today, the GPA is automatically calculated through computer services. Thus, it is not likely that it is incorrect. However, if you feel it is incorrect you should bring this to the attention of the Office of the Registrar at the school. They can make the necessary changes and correct the system if there is indeed a glitch in the system.


Should you pay a collection acct that has had no activity for over 2 and one-half years or dispute it in hopes that the agency has purged it from their records?

There is no way to predict what will happen in your specific case. But, generally, collection accounts are not only active after 2.5 years, but get sold to other agencies and show in a duplicated manner on your credit report, often with double the deficiency balance showing. It is always in your best interests to pay what you owe, or settle the account.


Can you get a bill collector to take a paid off hospital bill off a credit report?

Once it's been reported, it's very rare that it will be removed. If it was a valid debt that went unpaid, it should be on your report. But it should show as paid. If it doesn't, then you need to dispute it with the collection agency.