The best approach in dealing with a debt collector is to stay calm, stay off the phone and know your rights.
Even though a collection agency cannot report a negative account beyond 7 years, they can still pursue you for an unpaid debt.
Once a collection account lands on your credit reports it can stay for up to 7 years from the date of the original account’s default regardless payment. Paying a collection account does improve credit scores but only under FICO 9 scoring system.
To “dispute a collection account” find an error or inaccuracy which includes dates, amounts, duplicate reporting and much more. Every piece of information in your credit reports must be accurate. An inaccurate or misleading collection account will lower your credit score. Either because of clerical errors or miscommunication, collection accounts are among the most common…
Has re-aging occurred when a collection agency updates credit reports. Probably not. Collection agencies can update the date of last activity, date reported, and open date but the date the account must be removed from credit reports should not change.
If your insurance company pays a medical collection debt that’s on your credit reports, you can have the medical collection accounts removed from your credit reports under the National Consumer Assistance Plan (NCAP) initiative.
Once a debt is sold to a collection agency you have a chance to settle the debt for a lesser amount, often pennies on the dollar. Most debt collectors just want the money asap.
Credit scores can take a dive if you have duplicate negative information reporting because it appears that you have more DEBT than you actually have