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Te balance owed on a defaulted account will continue to accrue interest and penalty charges until a settlement of some sort is made. The interest charges and any applicable fees are regulated by state law where the debtor resides or in some cases the state where the contract was made. Not to be overlooked is the fact that many of the amounts reported by collection agencies are based on incorrect and unenforceable interest and fees. Do not hesitate to request an accounting of these amounts. Do not expect cooperation without effort.

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โˆ™ 2005-06-28 23:09:46
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What can a creditor do if you are in default on a credit card

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Monique's previous credit card balance is 199.26 and she has a monthly finance charge of 1.5 How much will the credit card company assess in finance charges on this balance

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Q: Why would a collection agency report a higher amount owed?
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Related questions

Is there a dollar amount for collection agency's to report to the credit bureau?

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.


Collection agency laws?

if a collection agency has not bought out my debt from the original company can the collection agency look up my credit report?


If a second collection agency takes over a unpaid debt can they have that collection put on your report?

Yes the second collection will be placed on the credit report. But they will remove the first collection agency off the report. In some states it is against the law to be double billed by two collection agency for the same debt.


If you settle an old credit card debt with a collection agency paying the negotiated price in full will the collection agency remove the collection from your credit report?

No the collection will not be removed from the credit report. They will show it paid in full.


How do you find out from a collection agency who sent you to them for collection when you never was notified that you were in collection you discovered it on your credit report?

File a dispute with the credit reporting agency.


What happens if you do not pay a collection agency?

if a collection agency isn't paid, the debt can be put on a persons credit report. The collection agency can also choose to garnish a persons paycheck.


How many times can a collection agency inquire on your credit report?

Unless you have given a collection agency written permission to pull a full credit report they are in violation of credit laws.


If you pay a collection agency does the collection come off of your credit report?

Yes you tell the collection agency you will pay ONLY if they can give you a letter that say they will delete the item from your report it's call pay for deletion


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no.


Can an unpaid ambulance bill hurt your credit?

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.


If vehicle was repossessed in 2004 but ex spouse stopped paying consistently in 1999 What date must the collection agency report to the credit bureau?

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.


What does it mean when your credit report states that you have a paid closed collection account on you credit report?

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.

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