Posts Tagged "collection agency"

Collection accounts are not removed immediately after being paid in full

Dear Experian,

If you have a derogatory record on your credit report from a collection agency and you pay off the debt in full, will the debt be taken off of your report sooner? Or do you still have to wait the seven years?

– MSK

Car returned under Service Member Relief Act is a voluntary repossession

Dear Experian,

I am in the military and currently serving in Afghanistan. Prior to my departure I turned in my car lease under the Service Member Relief Act. When I check my credit report, it shows up as voluntary repossession, and then right after that it says “Due to military service.” Does this have a negative impact on my credit?

– JSP

Make payments only to the collection agency that currently owns the debt

Dear Experian,

I have two collection agencies reporting the same item. If I pay the current collection company will both of them be updated as paid in full or do I have to pay them separately?

– WJH

Collection accounts for repossessed car will show in credit report

Dear Experian,

If you have had a vehicle repossessed, will it stay on your credit if the creditor keeps selling the papers to different creditors?

– JNB

Collection efforts can continue after the account is removed from your credit report

Dear Experian,

Can a charged off account on your credit report that was opened in 1999 and closed in 2010 be sold to another collection agency and then be given to an attorney to get payment from me?

– LVM

Collection account does not have to appear on your credit report to be legitimate

Dear Experian,

I received a letter from a collection agency asking that I pay almost $3,000 for a debt that was originally a credit card opened in 1996. It seemed to come out of the blue, and when I called to get some bearings I was not given satisfactory answers or clarification. When I mentioned that this hasn’t been on my credit report they replied that they don’t report to the credit bureaus. Isn’t that what would make them legitimate? If they don’t report to the credit bureaus are they a legitimate company?

– JCK

Collection agency can try to recover 10-year-old debt

Dear Experian,

My son has an account that was delinquent and charged off over 10 years ago. Yet, this evening we received a call from a credit agency looking for him regarding this debt. This is ridiculous! They said that they can continue to try to contact him no matter what. This debt is over 10 years old. What rights does my son have?

– NES

Why an original account and collection account both appear on your credit report for the same debt

Dear Experian,

How can an item be on your credit twice, once under the original credit grantor and then under a collection agency? How does this affect the deletion date?

– NTK

Time limits for collection agencies to collect a debt

Dear Experian,

What is the time frame that collections agencies can go after their money?

– TRA

Adding a statement explaining collection accounts to your credit report

Dear Experian,

Can I include a letter in my credit report to explain a charge off or collection?

– SMB

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