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…
The best approach in dealing with a debt collector is to stay calm, stay off the phone and know your rights.
You can request a debt collector verify the amount and validity of the debt they claim is owed by you. Validation is helpful when debt is repeatedly sold.
When you’re struggling with debt, you may want to zone out…Don’t do it! Unpaid debt just doesn’t disappear. Not dealing with debt can turn into a charge-off and collection account which can be a double whammy on your credit reports.
Thinking about paying a collection account? Your credit scores may not improve unless you get the collection account deleted with a pay for delete agreement.
Your debt may be uncollectible. Review your State’s Statute of Limitations on how long you can be sued for an unpaid debt.
The statute of limitations is the time period set by law in which someone can sue you. Each State sets their individual statute of limitations on debt. A creditor or bill collector cannot sue you for payment of a debt after the statute of limitations period has run.