Improving Your Credit Rating
Money Management
Credit

Will your credit rating be impacted by an account being placed with a collection agency?

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Wiki User
2007-06-23 03:33:53

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.

Phil


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