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Credit Collections Bureau
Billie Said:When can a collections company report information to a credit bureau?
We Answered:A Collection Company will report the account within 30 days of receipt as at the time the account was turned for collection it was declared in default and due upon demand by the creditor. The account will not be listed until the validation notice has been sent. The fact you disputed the bill will only be valid if a legitimate dispute is present IE the bill was already paid and you have copy of the check. You cannot just state the bill is disputed and not supply a valid reason of dispute.
Adam Said:how long do collections stay on my credit bureau report?
We Answered:A collection account will remain on your credit report per the Fair Credit Reporting Act for 7 years from the date of first delinquency..not last activity. The date that matters is the original delinquency date, If you have collections that are more than 7 years you need to send a dispute to the CRA's to have it removed.
Leah Said:How should I handle a $500 credit bureau collection?
We Answered:get a pay for delete letter. Here is an example.
Once you pay off, dispute with all the bureaus and it will be removed.
Kristen Said:How can you make collection agencies remove collection from your credit bureau report?
We Answered:The only way to do this is whats called a pay for delete agreement.
You must get this in writing before you pay a dime.
Holly Said:Collections validation / Credit Bureau problems?
We Answered:In your validation request, did you ask for copies of contracts or other documentation proving this is your debt? Or did you use one of the many amateur legalese form letters that are so busy quoting rules that they fail to ask for the right stuff? Did you give them 30 days?
Send another dispute to the credit bureaus, attach a copy of your validation request and indicate that the creditor failed to respond. They should remove the 4 that did not respond.
Since these debts may be yours, did the final bills ring any bells? If they really are your debts, and you probably know they are, you should deal with settling those debts. You can probably settle for 25%. Get it in writing and don't give the collection agency direct access to your bank account.
Personally I have a theory that it is becoming more and more difficult to get legit errors corrected because of the flood of paperwork created by the "dispute everything and hope it disappears" method of credit repair. Every dispute gets rejected the first time around now.
Delores Said:Who actually sends info to the credit bureaus: creditors or collections agencies?
We Answered:They both will. The original creditor will list the account as a charge-off with a 0 balance. The collection agency will list the account with the amount due.
Usually the collection agency will send you out a letter asking you if the debt is yours. By default if you don't dispute it in 30 days they consider it valid and will post the account on your credit report. If you pay it within the 30 days there is a good chance that they will not report it, but again it is best to have this in writting before you send a payment.
As to who you pay. If the account is charged-off and sold to the collection agency you legally can no longer deal with the original creditor and must deal with the collection agency. When you talk to the collection agency it is best to get them to delete the collection account with payment. However, be sure to have this in writting from them before you send any money.
Patrick Cooper said:
Discover Bank lied on their insurance program. I was told that if I lost my job through no fault of my own, they would make the payments for me. There was no time limitation explained. They made it sound that what ever balance I had at the time I lost my job, they would take care of it. Not the way it happened. They produced paperwork 6 years after I took out credit card imsurance. There were two small claims court hearings, that I never received a notice to appear. It was a bill collector one on one with a judge yet no side of my story. That is just wrong. Verging on egregious court proceedings. I am tired of fighting Discover Bank over a phone promises based on selling their promises made over the phone. This is nothing but decete and misreputending the Discover Bank, or the sales person did what they were told. Discover Bank paid into one class action suit based on telemarketers. I am disabled yet damned by the legal one sided hearings. This is wrong and misreputation of an insurance policy.
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