Unfortunately, yes. The original people you owed have written you off and when they sold your account to the collection agency they notified the credit agencies at the same time. At this stage, you probably gain nothing from paying the collection agency. They are jackals who buy these delinquent accounts for pennies on the dollar on the assumption that they can either cajole, threaten, or frighten you into paying something that only they can benefit from. Whatever else you might do, I do not advise you answer the phone to these people. You cannot reason or argue with them, because they work from a series of scripts that they have to stick to, because each gets more frightening than the last as they work you over.
No, once a collection agency relinquishes their claim to the account by selling it they must remove all negative trade lines related to that account from your credit reports. Hope this helps ST
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.
No! ###### Yes if they have permissable perpose to do so (ie: Collection On Your Account)
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.
Only the credit bureaus the collection agency can remove a collection from your credit report. The collection agency won't do it now since it is paid and they have no reason to. You can dispute it to the credit bureaus and ask for verification on the account. They will have 30 days to verify the items or it must be removed from your credit report.
Is the doctor going to turn the account over to a collection agency? A collection account would hurt your credit. Is the collection agency going to sell the account to another agency, thus extending the time period it shows on your credit report? If they do, it could hurt your credit for an even longer period of time.
You pay the collection agency.
This depends only if the creditor originally reported your account to your credit report.
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.
No, it is illegal for a collection agency to garnish or freeze your account for any reason. The only way your account can be garnishes is if you owe taxes or child support. If a collection agency threatens to do this, tell them that you are aware of the Credit Reporting Laws on this matter (there is legal ground for this matter).
The original creditor either sells the debt to a collection agency or the collection agency may aquire the debt on a contingency basis. At any rate once the account is in collections 30 days from the date of turn over the collection agency has the right to report the account to the credit bureau. Accounts are sent to the credit bureau via internet with encrypted files.
File a dispute with the credit reporting agency.
Yes Once a collection account is reported to your credit history, its origin no longer matters. If money is owed and it gets listed with a credit reporting agency as a collection account, it affects the main factor in your credit score: Payment history. See www.myfico.com/CreditEducation/WhatsInYourScore.aspx for details of a FICO score.
No. A collection agency has no legal authority. They can refer the account to a collections attorney who can then file a lawsuit for the debt owed. Yes! A collection agency has the right to file a lawsuit as the assigned creditor under the agreement that you signed when applying for the credit card.
if a collection agency has not bought out my debt from the original company can the collection agency look up my credit report?
No the collection will not be removed from the credit report. They will show it paid in full.
A collection agency (or pretty much anybody now a days) can check your credit records with all three bureaus. They will see your bank records on the credit record. You can check your own credit record to see if the bank record is there.
A collection agency cannot charge-off an already charged-off account. The reporting of the STATUS of the account AS a charge-off can be reported every time they update with the credit bureaus. The 'date of status' must be the date of the ORIGINAL charge-off.
Yes, there is no statute of limitations on debt.
Unless you have given a collection agency written permission to pull a full credit report they are in violation of credit laws.
Afraid so. If they have bought the account and the SOL has not expired.
They don't do anything. Failure to pay bills causes credit to be reported badly and your credit score to go down. All a collection agency does is go after you for the money.
YES, THIS COLLECTION ACCOUNT CAN BE DISPUTED; WHICH MEANS THAT AFTER THIS IS DISPUTED YOU CAN ALSO REQUEST FOR THIS ACCOUNT TO BE REMOVED FOR GOOD WITHOUT HAVING TO WAIT FOR THE SEVEN YEAR PERIOD. THIS WILL ALLOW YOU TO HAVE A CLEAN CREDIT HISTORY WHICH IN TURN INCREASE YOUR CREDIT RATING.
It sticks for 7 years. The fact that it was turned over to a collections agency will make it to your credit report. When it is paid in full, it will say "settled" on your credit report so other creditors know you took care of the debt. Even so, it still haunts your credit report for 7 years.