They are misrepresenting the debt to intentionally cause more damage to the CR. Seriously past due date / assigned to attorney, collection agency, OR credit grantor's internal collection department They are not saying that they are the internal collection department of the credit grantor.
Full Answer
May 15, 2016 · They are both showing as: SOUTHERN CREDIT RECOVERY. Account Type: Collection Department / Agency / Attorney. Balance: $100.00. Date Opened: 8/1/2013. Account Status: Closed. Payment Status: Seriously past due date / assigned to attorney, collection agency, or credit grantor's internal collection department.
When an account becomes seriously past due, the creditor may decide to turn the account over to an internal collection department or to sell the debt to a collection agency. Once an account is sold to a collection agency, the collection account can then be reported as a separate account on your credit report. Collection accounts have a significant negative impact on your credit scores.
Can someone tell me exactly what it means when my credit report says "Seriously past due date/assigned to attorney, collection agency, or credit grantor's internal collection department"? Is this the same as a charge off? I have a card last paid on from 10/2003 and am got served to appear in court or call for a settlement.
2) Under the STATUS section, it reads: Seriously past due date / assigned to attorney, collection agency, or credit grantor's internal collection department. What does any of this mean? 3)How is this affecting my credit score/report? How and when will it be removed from the report? THANKS SO MUCH FOR YOUR HELP!
Depending on the type of debt owed, collections can affect you in different ways. If your debt is unsecured, such as credit card debt, and you defa...
Step by step, here’s what happens when you have an account go into collection: 1. You miss or skip a credit card payment or fail to pay another typ...
Collections are a continuation of debt owed and can stay on your credit report for up to 7 years from the date the debt first became delinquent and...
Your credit report is meant to give potential lenders information on how you’ve used and managed your credit responsibilities with both positive an...
Past due collection accounts should be paid off, because you are responsible for your debt and because a paid collection account may be viewed more...
Typically, the collection agency will try and contact you and notify you of the collection account. However, it is possible you might be unaware of...
1. Require Validation of the Debts. Under the Fair Debt Collection Practices Act, debt collectors must send you a written notice of the debt within five days of initial contact with you. After that, you have thirty days to request verification of the debt.
However, it can report a charge off, which remains on your credit report for seven years, even if you pay off the debt—with the original creditor or via a collections agency. But the debt may continue to impact your credit ...
If you know that the debt is valid, you may be able to negotiate a settlement payment with the original creditor. If they have already written off the debt, they may accept a lower total payment. This is especially true if fees and interest have inflated what you originally owed.
Once you determine that something isn’t quite right on your report, consider getting professional assistance in disputing issues and repairing your credit. A professional credit repair agency like Lexington Law can help you negotiate errors and fix your credit whether you’re dealing with inaccurate data or illegal or unfair reporting practices.
After that, you have thirty days to request verification of the debt. If you request verification of the debt, the collection agency should provide enough information to establish that the debt is legitimate and accurate.