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Debt and Collection
Today there are more debt and collection businesses than there were in the past. If you have a mortgage, owe money on a personal loan or use credit cards, you are a debtor. If you are behind on your payments or struggling with debt, learning more about debt and collection can help you make the best decisions. It can take a lot of nerve, control and willpower to become debt free.
Here we provide help and guidance for consumers dealing with debt, collection agencies, repossession, or short sales, and we’ll tell you how all of these issues affect your credit report.
- “Charged off” debt must still be repaid
- “New” collection account will deleted at the same time as original account
- “Overdraft/reserved checking account” is a collection account
- A mortgage “short sale” and your credit report
- Addition of collection account after declining settlement offer
- Auto repossession will not be removed after paying remaining balance
- Benefits of paying a collection account
- Collecting debts after they are deleted from the credit report
- Collection account does not have to appear on your credit report to be legitimate
- Collection accounts may be for more than original debt
- Collection agencies may try to collect a debt after it is deleted from your credit report
- Collection agency can try to recover 10-year-old debt
- Cosigning means you share full responsibility for the debt
- Credit report lists names, contact information for collection agencies
- Creditors might be able to use a credit report to locate you
- Debt can still be collected after it is removed from the credit report
- Even with a fixed income you must still pay your debts
- Eviction will remain on your report after paying collection or judgment
- Girlfriend stuck with motorcycle debt when boyfriend ends relationship
- Impact of a short sale when your mortgage is not delinquent
- Impact of debt management plan on your credit report and scores
- Individual payments to collection agency not always reported
- Medical collection accounts are treated like any other collection account
- Medical collection accounts on a credit report
- Never send a credit account payment to Experian
- Never send a credit account payment to Experian
- Never send debt payments to credit reporting companies
- Original account and collection account will both be on a credit report
- Original account not updated when debt is paid through collection agency
- Paid collection account not deleted immediately
- Paid collection accounts not removed from credit report immediately
- Paying a collection account after it is deleted from your credit report
- Paying debts will not remove negative information immediately
- Payments should be made to collection agency, not original lender
- Settled account status more important than who closed the account
- Stopping collection calls for previous resident
- The difference between “good debt” and “bad debt”
- The difference between “individual” and “signer”
- The impact of paying a collection account on credit scores
- Unpaid doctor bills appearing in credit report
- What you owe after a vehicle is repossessed
- When deciding which debt to repay, it doesn’t matter if it is old or new
- When roommates don’t pay their share of the rent