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Paying a collection agency may not be the best way to repair your credit or protect your privacy. There are situation that you may find your self in and have to pay a collection agency to to accomplish a short term goal such as buying or refinancing a home.
If you are just in general collection agency hell then paying may do you more harm than good. While I would NEVER PAY A COLLECTION AGENCY. How you wish to handle your individual situation is a personal choice.
If you do need to pay them off make sure you do it in a way to not cost you future heart ache and pain...
What else can I help you with?
How long does a negative account stay on your credit report after you have paid a debt to a collection agency?
usually 7 years, the trick is to get your credit report every year and dispute each item on it. When they can't find the records, they have to take it off. So keep trying.
What does it mean when a credit card is charged off?
When a credit card is charged off it means that the company has given up on trying to collect funds on the card and they usually sell the rights to a collection agency and the collection agency will try any means possible to get some money out of you. They usually will send official letters, email, and call your house phone, cell phone and work phone if they have access to this information.
A phone bill 8 years old and a collections agency trying to collect do you pay it?
pay it or the penalty will only get higher
Can a collection agency attempt to collect on a debt that is almost 10 years old?
Yes, with 10 years interest. What about statute of limitations? Well, they can sure TRY, but I wouldn't worry about it too much. And if it becomes a case of where they are harassing you, YOU most likely have the more powerful position at this point and can take steps to halt their harassing ways. After the statute of limitations has expired (check with your state to find out exactly how long this is), there is very little legal recourse the collection agency has to collect on the debt owed. Once it has become outdated and removed from your credit report ( after 7 years), it can never again be reported (LEGALLY). I can tell you, I have one now trying to collect a debt that is back from 1991 AND had actually been paid to the original lender. They (collection agencies) are like a bunch of sharks!
How should I pay a collection agency?
You need to contact the collection agency and discuss the situation with them. If you don't get in contact you risk legal action, but provided you show you are willing to negotiate you'll find they will be flexible. Note that collection agencies use a lot of psychology in getting debtors to pay. Some of these are quite aggressive. Try to bear in mind that none of this is personal. They're trying to get you to pay as much as they can (perhaps rightfully; perhaps not). Try hard not to lose your temper. Feel free to ask to speak to someone else, if the collector you're dealing with is difficult.
In Arkansas can a collection agency sue you if the original creditor accepts payment on the debt?
If the debt was sold to a collection agency and the original creditor accepted payment AFTER the debt was sold, the money does not belong to them. If, however, you paid the debt and it was mistakingly sol after that payment, the collection agency can't try to collect. If you have proof of payment, forward it to the collection agency and deman in writing that they cease trying to collect this debt.
What is a second party collection agency?
A second party collection agency is an agency trying to collect a debt that is owed to someone else. If for example, you owe on a store credit card from ABC store, they may turn the debt over to another agency that has nothing to do with them. This is a second party collection agency.
Can a collection agency collect from someone on disability And if not how do you stop them?
I used to work for a collection agency, and as far as I remember, no you can't. That would be like trying to garnish a social security check. I don't think they can do that.
If you have old debt from another country and a collection agency in the US is trying to collect can they report the debt on your US credit report?
It is possible.
Can a collection Agency require collection on a 20 plus year old speeding ticket in Ohio?
Send the Collection Agency C&D letter letting them know that the debt they are trying to collect on is time barred by your states statutes and never contact you again.
What if a collection agency attempts to collect on a home equity loan?
This is a very bad signYou either:Have not been paying and they can Foreclose on your houseThey are trying to scam you and this means that your personal loan info is out there.
After a surgery 6 and a half years ago a collection agency is now trying to collect on some unpaid bill that you know nothing about Is there a stutue of limitations on collecting on an old bill?
Yes, there is. There is also US federal protection against unfair credit collection practices, including the requirement that the collection agency provide proof that the claim is valid if you ask them to.
How do you get official copies of an alleged unpaid hospital bill from a facility that filed bankruptcy?
The company that is trying to collect should be able to provide the information. If they can't I would dispute the charge with the agency as they are unable to provide documentation of the charges.
How long does a negative account stay on your credit report after you have paid a debt to a collection agency?
usually 7 years, the trick is to get your credit report every year and dispute each item on it. When they can't find the records, they have to take it off. So keep trying.
What does it mean when a credit card is charged off?
When a credit card is charged off it means that the company has given up on trying to collect funds on the card and they usually sell the rights to a collection agency and the collection agency will try any means possible to get some money out of you. They usually will send official letters, email, and call your house phone, cell phone and work phone if they have access to this information.
A phone bill 8 years old and a collections agency trying to collect do you pay it?
pay it or the penalty will only get higher
Who sent you to the collection agency?
I presume your question is "how did your debt wind-up at a collection agency". There are 2 methods: (1) the original creditor sold your account to an agency for a price that is a fraction of the outstanding balance on the account (so the collection agency now is your creditor legally), (2) the original creditor contracted with a collection agency to get you to make more payment on the debt than you have while interacting with the original creditor only. In either case, a collection agency is a company that makes a profit by getting debtors to make a payment of sufficiently greater amount (than they had been making to the original creditor) such that a greater return can be realized from this continued effort to collect the debt, and collection agencies usually are profitable companies. In my personal opinion, the first method (# 1 above) is used in the vast majority of delinquent debt collection situations. Any creditor organization of at least medium business size has enough staff to attempt to coax the debtor to make more payment, so there would be no reason to contract a collection agency to try again. That latter point being understood, collection agencies sometimes resell a debt account to another collection agency when they give-up on trying to get more payment from the debtor (and the account has not been settled).
