Posts Tagged ‘Collections’

A Paid Collection is still a Collection.

August 10, 2016

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Did you know….

Just because you pay off a collection it does not erase the derogatory marks on your credit report.

A collection is an account that has been severely past due and the creditor gave up on receiving payment and turned the debt over to a Collection Agency to try to collect the money owed usually adding additional fees to the balance.

Many people believe once a collection is paid that it will be removed from your credit report. Some collection agencies will even go as far as tell you that they will remove the collection from your credit but usually, (unfortunately) this is a ploy to get your payment.

Read more here.

By Donna Jefferson

Credit and Mortgage Loan Specialist

 

 

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