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Would it be better try to settle for less of amount owed with credit card companies or wait until it goes to collections to settle?
Capucine66
Always better to try settling with the credit card company before it goes to collections. Once it goes to collections, your credit rating (score) is effected greatly, and that rating stays with you anywhere from seven to fifteen years, and it can't be erased simply by paying off the debt - it will stick with you for what seems like an eternity and will hamper any and all efforts by a person seeking credit ever again.
Wiki User
∙ 15y ago
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What are three types of credit?
1 Liberal on credit/conservative(tight) on collections 2 Moderate on credit/moderate on collections 3 Conservative(tight) on credit/liberal on collections
Would a Credit Card Company really sue you over a 1200 debt?
Yes, they will send you to collections for that amount.
Should you pay off a credit card that charged off last month and is now in collections the full balance or the settlement amount?
If possible pay the entire amount. A settlement is better than nothing, but paying off the debt is the best option.
Are there any debt negotiation companies that are not part of the credit companies?
There are a couple different credit counseling services that are non profit companies and they do not have the credit companies in their back pocket. The best way to filter out these companies is to call the local better business bureau.
What is the minimum amount to taken to collections?
According to page 2-10 of the Guide to the Federal Credit Bureau Program there is no minimum amount that must be met in order to be reported.
What are the names of some debt collection services?
There are many debt collection services. Examples of some companies are EOS Solutions, Credit Resource Solutions, Reliable Collections and Ultimate Credit Services.
Is it better for your credit score to settle a collection account or pay the full amount?
It is always best to get paid on your account. Once it has gone to collections, the credit ding is there. So, get the best deal you can in settling the account and pay up. Make sure to get a paid receipt and watch your credit report until the change shows up.
Which companies will provide a credit watch?
There are a lot of companies which provides a credit watch. However, most of the online companies are scam. Therefore, it is better to find out more on the website smartmoney beforehand.
Can Court collections be removed?
Collections can be disputed to the credit bureaus using the Fair Credit Reporting Act. The credit bureaus have 30 days to verify the listing or the listing must be removed from your credit report.
Who's credit rating is affected if a vehicle that was leased with a cosigner is reposessed?
Both parties social securities #'s are sent to collections for the amount due.
How do you find out if an account has been turned over to a collection agency and what amount is owed?
When you check your credit report there are several sections, one is called collections account. You will be able to review collections account directly after judgements, if any are listed on your report.
If you settled a charged off account with a collections agency for less than the full amount can they resell the difference to another agency?
Yes unfortunately they can. Companies today want the charged off account money and will sell it to another agency in order to get this. It will show up on your credit report under another company...so you have 2 listings on your credit report for the original account.
