Posts Tagged ‘ collection ’

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

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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

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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

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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

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Landlord does not need a judgment to report unpaid rent to Experian

Dear Experian, Does a landlord have to have a judgment against a former tenant in order for the debt to be reported? Can a collection agency report a debt without obtaining a judgment? - WLW

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Lender might repossess van even after several years of non-payment

Dear Experian, I took out a loan for a van in 2008 and lost my job shortly afterwards. I only made two payments on it. The lender never came looking to take back the vehicle. This past week I received a letter from them stating that they want the van. What are my options? Can you help? - GLM

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An account update by your creditor will not change when it is deleted

Dear Experian, If a negative item is past seven years on my report and the creditor updates it, will it ever come off my report? - JCP

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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

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Collection agency may request a report without your permission

Dear Experian, Can a collection agency request your credit history without your consent? I have one on my report under "inquires shared with others" in which I did not consent. - LDA

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Car accidents don’t affect your credit report

Dear Experian, Does having a car accident hurt your credit score? - OYD

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Cosigners are responsible for debt repayment

Dear Experian, I cosigned a loan with my son. He is not making payments, and it will be turned over to a collection agency soon. Other than this circumstance I have good credit and make all payments on time. How does this one instance affect my credit rating if it's not my loan and I'm just the cosigner? - LCJ

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Credit report may be hurt by joint lease, utilities with roommates

Dear Experian, My daughter is in the process of looking for a new apartment and obtained a copy of her credit report. She found her credit is "fair." She also found her roommate's name, Social Security number, rental history and other information listed on the report. This was quite shocking to my daughter. She is very upset. They each signed a year's lease which expired a few months, ago. They are now on a month-to-month basis. She knows her roommate is frequently delinquent on her bills. In particular, she knows this is true in regard to their monthly rent. My daughter pays her portion on time. Why is my daughter's roommate listed on my daughter's credit report? What part of the roommate's financial life, if any, comes into play on my daughter's credit score? How long will the roommate's financial history and habits reflect on my daughter's report? How can my daughter become a single entity as far as her credit is concerned? - RBH

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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

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When negative information will be removed from your credit report

Dear Experian, If the account status information says the item will be moved from negative to positive on a certain date, what determines when and why that happens? - AJH

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The consequences of writing a check when there is no account

Dear Experian, Is writing checks on an account which has been closed considered illegal? - LXS

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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

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The impact of paying a collection account on credit scores

Dear Experian, Does settling a debt that is showing negative on my credit report as a "collection", get removed from my report as soon as it is paid? Does paying this debt help raise my credit score? - ONY

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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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Unpaid utility bills can appear on your credit report

Dear Experian, If you don't pay your utility bill, can that go on your credit report? - MWB

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Accounts still show payment history and amount past due when sent to collections

Dear Experian, I have a couple of accounts that were purchased by another lender or collection agency. I have paid them off and they do show closed, but they still show a balance. Is this negative? Should I dispute? - RYD

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“Paid in full” charged off account is better than “settled for less than owed”

Dear Experian, If you have a charged off account, is it better for it to show "paid in full" or "settled for less?” - JMN

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Balance on collection account may not be updated until it is paid in full

Dear Experian, I have a "charge off" credit card account on my credit report that I have been repaying for over a year. I am paying the original creditor, as they handled their own collections. Why aren't these payments showing on my credit report? - KML

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Collection account payments should never be sent to Experian

Dear Experian, I recently looked at my credit report and saw that I owe two debts, and Experian is the collector. My question is where do I send the payment? I have been trying to pay it for a while now with no luck. Can you help? - PDR

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Evictions are not shown in a credit report

Dear Experian, I have an eviction on my credit report which is inaccurate. I have proof that it was paid. Every time I apply for an apartment I am denied because of this eviction on my record. I have ordered my credit reports and it does not appear on any of them, yet it's on every tenant screening report. I would like to know how to have it removed. - VLK

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Alarm company can turn past due account over to collections

Dear Experian, I have a dispute with a security alarm company. They have implied a contract extension on a policy that I did not approve. I have not made a payment on the policy since November 2012 and am concerned that they may eventually turn the balance over to collections, thus negatively affecting my credit, though they have not threatened such action yet. Is there an arrangement I can make with the credit reporting companies that can prevent harm to my credit in the event that issues with this company escalate? That is, can I prevent them from damaging my credit history by reporting this unpaid balance? Or is my only option to pay them? - JSS

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