Credit Report and Collection Agencies?
Is there a specific time period a collection agency must wait before reporting a debt to a credit reporting agency? For instance, If I have something that was sent to a collection agency, and I pay it with in 30 days of referral, will that still end up on my credit report?
Public Comments
- Yes, it will be reported. The problem is that because this debt went to a collection agency, the debt has already been reported to the credit agencies any way. The store that you bought the item from, be it online, or any where else has already filed a report against you for the non-payment of your debt.
- If you have not paid the collection agency you are still in time to negotiate with the collection agency, but make sure that they do it in writing. In exchange for payment the promise not to report you or agree to remove negative remark on your credit report by giving you a copy of the letter they will write to the credit bureaus stating that they mistakenly reported you and that you are were never in default. Otherwise tell them that you will not pay until they cooperate with you. If you pay and do not make the proper arrangements with them you will have less leverage and your credit will be ruined for seven years.
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