how many times can a collection agency report a debit?

Question

I have a collection agency reporting weekly to all three reporting agencies. each time lowering my score by as much as 40 points per week. can they do this? is that fair ?? help !!!! thanks

Answer 1

If you mean they are reporting it as late by 30 days, 90 days, and so on they cannot report like that. They can report it as a key derogatory but that is it (still very bad). You do not have an agreement with the collection agency so they cannot report you late on payments, they simply purchased the debt and are allowed to report it, just not as late.

Answer 2

No they can't report this forever...they can report it frequently up until 7 years...but not forever!

Since they are reporting so frequently why don't you call them up and ask them if you settle and pay them will they stop reporting and delete all of it from your reports...this usually will work if you are avid that you will only pay if they delete and stop reporting...however they are dishonest so you will need to only pay when they send your agreement for deletion in writing with the amount you agreed to pay. Look over the agreeemnt in detail and keep it for future records in case they still report...then send a copy of this to the credit reporting agencies to prove your deal!

Answer 3

Of course it's fair for them to report you! What isn't fair is to agree to pay for a good or service and not pay your bill. Pay your debt, or at least get set up on a payment plan. Just make sure you don't default on your payments...if your debt is large enough, they might sue you or garnish your wages.

If you don't think you owe the debt, send the agency a dispute letter.

Answer 4

they can do that learn more by going to www.ftc.gov

Answer 5

forever, til its paid or reconciled