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.
Handle Collection Accounts: There are several ways to deal with collection accounts including getting them deleted from your credit reports. Collection accounts are credit score killers, there’s no doubt you just want them to go away.
Collection agencies are not original creditors and should not be reporting monthly late payments on your credit report, you have no legal account with a debt collector that requires monthly reporting of late payments.
The dreaded move-out date arrives and the one thing on your mind is the security deposit. What happens when you don’t get the security deposit back plus the landlord sends a balance to a collection agency that reports it on your credit files.
Overwhelming debt is stressful but should you file bankruptcy or enroll in a debt management plan. Both options can provide relief but have a different impacts on your credit scores.
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.