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.
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.
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.
While getting out of debt sounds great, consumers using debt settlement companies often fail to realize the dangers. You may be able to reduce your debt but the negative impact on your credit scores may not be worth it.
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.