2007-01-03 08:51:47 · 5 answers · asked by twintoddlers1997 1 in Business & Finance ➔ Credit
It usually takes time, up to 3 months of consecutive missed payments before it goes to collection status. Then they ask you to pay up for a another few months, and if you don't, they'll write it off as a charge-off.
But the minute it shows up as a collection on your credit report your fico score will take a big hit. It depends on the size and nature of the collection, but it's best to avoid it.
Try to work with the original creditor before it goes that far. It'll save you heartache and money in the long run to just settle if it's a small fee.
Learn more at http://www.thetruthaboutcreditcards.com
2007-01-03 09:38:13 · answer #1 · answered by Todd S 3 · 0⤊ 0⤋
Multiple Listings of the Same Debt - Had the same problem.
They can report it as soon as it comes in - and for me - they never even gave me a phone call to negotiate.
Go to this site. It says that it is illegal, and a favorite tactic of collection agencies. Original debt is x-years old,and that is the last date it should show. The Last Date of Activity. Otherwise it is being reaged and it must be corrected by the bureaus. Good luck - it will take some effort on your part.
2007-01-03 09:58:49 · answer #2 · answered by Jess T 3 · 0⤊ 0⤋
You never have to legally deal with a collection agency. However, once you agree to a payment plan or otherwise talk to them, that option goes away. If contacted by a collection agency, all you have to do is respond in writing saying "My debt is not with you and therefore you are hereby notified that you may not contact me in any way, shape or form from this day forward." Send it certified mail return receipt requested. Once they sign for that, any attempt to contact you is harassment. They cannot report you at that point either. Only the entity to whom you originally owed the money can do that.
2007-01-06 14:19:22 · answer #3 · answered by ginabgood1 5 · 0⤊ 0⤋
you have already been reported to the credit bureau before the collection agency took over. it won't take them long to report you as well. i suggest you make a settlement with them.
2007-01-06 19:31:48 · answer #4 · answered by luciousgreeneyedlady 5 · 0⤊ 0⤋
They can report you at any time. However, most won't if you make a payment agreement with them and honor it until it's paid in full.
2007-01-03 09:04:31 · answer #5 · answered by Anonymous · 0⤊ 0⤋