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Collections Accounts:

OUR SOLUTION:

• Remove these negative items from the collection company and/or third party records along with credit bureau files, resulting in a complete and permanent resolution. In addition we permanently and quickly stop all the harassment calls and letters.


EXTRA INFO:

• The original creditor may charge off (sell) your account after 6 months of non-payment.

• Negative accounts / items are reported to the credit bureaus by way of UDF (Universal Data Form.) Which is a form the creditor, collector or attorney completes in order to report your account to the credit bureaus.

• If collection account is not paid, the collector or creditor can sue you in court and may be awarded a judgment, garnishment of salary, or freeze of bank accounts.

 

Collection Accounts:

These are accounts which have been sold or transferred by the original creditor to the third party collection company or attorney collectors. In such cases the debt no longer belongs to the original creditor and is considered “charged off”. In some cases the original creditor may have their own internal collection department, but this is not very common.

Despite a collection account being paid or settled reflecting a $0 balance, if the actual rating of this account is marked “paid collection” or “settled collection” it will affect the score negatively. So not only does the credit scoring system rate you on what you owe, but also on the status of the account.

SCORE IMPACT RATING:
HIGHLY DAMAGING

EFFECT: NEGATIVE

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