Comments for Collections

Comment on Should all credit collection agencies be required by law to remove delinquent marks on your credit report afte? by Akai

Akai — Fri, 05 Feb 2010 21:32:59 +0000

Credit can be a cold thing. Life happens fast. I unfortunately have had a $4,000 hospital bill due in my name with no way to pay it. Didn’t have a job and my parents couldn’t help. Took 4 years to pay that thing off.

If you have delinquencies on your report, you gotta suck it up, and move forward.
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Comment on Should all credit collection agencies be required by law to remove delinquent marks on your credit report afte? by thekittenators

thekittenators — Fri, 05 Feb 2010 20:54:59 +0000

I DONT KNOW………PG& E PUT MY FINAL BILL TO A STREET NAME IN ANOTHER CITY THAT HAD THE STREET NAME I MOVED TO………

I PAID THE BILL……..AND YET…….SIX YEARS LATER……IT IS STILL ON MY CREDIT CHECK…..

ALL IT SAYS IS THE ACCOUNT IS CLOSED……BUT IT ALSO STILL SAYS ……IN COLLECTION……….

SO YOU TELL ME………..

LIKE THE OBAMA AND LIBERALS…….YOUR CREDIT CHECK CAN SAY ANYTHING
AND EVEN IF YOU PAY IT……..THAT INFO WILL STAY THERE………
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Comment on Should all credit collection agencies be required by law to remove delinquent marks on your credit report afte? by Proud Texan

Proud Texan — Fri, 05 Feb 2010 20:43:59 +0000

All credit information should remain on your credit report for 7 years. Once you pay a collection agency the item should be marked as paid collection item. The purpose of credit reports is to give banks an opportunity to know who they are lending money too. If you don’t pay your bills on time banks should have that information in order to make an informed decision on future loans.
You are missing a big something, the reason you pay collection companies is because you owe the money not so that you can clean up your credit in an attempt to rip off another bank.
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Comment on Should all credit collection agencies be required by law to remove delinquent marks on your credit report afte? by Pfo

Pfo — Fri, 05 Feb 2010 20:35:59 +0000

What kinds of delinquent marks are we talking about? Notices of missing payments for 15, 30, 60 days never disappear as far as I know.
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Comment on Should all credit collection agencies be required by law to remove delinquent marks on your credit report afte? by whimsy

whimsy — Fri, 05 Feb 2010 20:04:59 +0000

No, because the fact the it required a collection aganecy to get payment is an important component of your credit history. Personally, though, I feel the credit rating agencies most bear responsibility for the accuracy of their ratings
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Comment on Should all credit collection agencies be required by law to remove delinquent marks on your credit report afte? by pdooma

pdooma — Fri, 05 Feb 2010 19:39:59 +0000

No.

You were still late. You’re still a risk to other creditors because you’re not a reliable, on time payer. It lets them know that you have a history of being delinquent and they’ll probably have to pay a collection agency to get their money back.

That’s how credit works. You borrow someone’s money. You pay it back. If you can do that your credit score remains high. If you can’t, perhaps you shouldn’t be allowed to borrow money in the future.
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Comment on Does your credit improve if all of your debt is in collections and you pay it off? by Sarrin

Sarrin — Wed, 03 Feb 2010 11:07:59 +0000

Heck No….That’s the point. The credit reporting agencies are paid off by the banks to make money for THEM. They scare you into keeping your score high and scare you with bad credit horror stories if your score is low; they win both ways. Even if you clear it up you’ll still have the items on paper for 10 years so if you apply for a loan in the future you are at risk to a scam. If you have a 700 score with a repo from 8 years ago they will quickly point it out and slap you with a %14.99 rate.
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Comment on Does your credit improve if all of your debt is in collections and you pay it off? by bdancer222

bdancer222 — Wed, 03 Feb 2010 10:44:59 +0000

Paying off derogatory items will not improve your score. The damage is already done and will remain for the balance of the 7 year reporting period whether paid or not. As the item gets older, it has less impact on your score.

However, creditors look at more than just your score. They look at your whole credit report. Paid old debt always looks better than unpaid.

You improve your score by paying all your bills on time. If you don’t have an open credit card account, try getting a secured credit card (you pay a deposit which is held as collateral against the credit line). Use the credit card for small purchases and pay in full every month. You need at least 24 months of consistent, on-time payment history to see your score improve.
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Comment on How bad will it affect ones credit to have one collections agency call you for a $150.00 bill? by inforseeker2008

inforseeker2008 — Wed, 03 Feb 2010 10:10:59 +0000

i would go after thr people who never sent to the new adress. let them write you a letter and tell them it was their bad that you never got the bill on time to let you pay them on time
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Comment on Does your credit improve if all of your debt is in collections and you pay it off? by MadMan

MadMan — Wed, 03 Feb 2010 10:04:59 +0000

Paying it off will help but you will still have the history of the delinquencies on your record and so it will take a while for your credit to improve
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