Credit Corp

SEPTEMBER 12, 2023

FAQ Consider Hiring a Credit Repair Company How Collection Accounts Impact Your Credit Collection accounts have a significantly damaging impact on your credit score because they’re negative marks that indicate to lenders you may not pay your bills on time—or ever. Does your account information seem accurate?

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Credit Corp

JULY 29, 2024

Collection accounts are bad for your credit score. These negative marks on your credit report indicate you might not pay your bills on time—or ever, which is why lenders don’t like to see them. Collection accounts can stay on your credit report for up to 7 years. Each credit bureau has different information about you.

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Credit Corp

OCTOBER 16, 2023

The letter should include details about the debt, the original lender, and the debt collector’s authority to collect the money. The creditor should send a debt validation within five days of their initial contact with you. Sincerely, [Your name] How Long Does a Creditor Have to Respond to a Debt Verification Request?

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Sawin & Shea

JUNE 9, 2021

Approximately one third of consumers with a credit bureau file were contacted by at least one creditor or debt collector each year, according to a CFPB (Consumer Financial Protection Bureau) survey. The FDCPA applies only to debt collectors (the third-party collection agencies), not to the original lender.

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Better Credit Blog

APRIL 1, 2022

If disputing the negative entry doesn’t work because you couldn’t find errors, or because the credit bureaus fixed them, your next step should be asking for a goodwill adjustment. Write a letter to the original creditor or collection agency and ask them to remove the negative entry from your credit history as an act of goodwill.

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Credit Corp

MAY 3, 2023

If you’ve got an error of your credit report, it’s up to you to find it, dispute it, and fix the error. Formally disputing an error involves writing a formal dispute letter to the creditor as well as the appropriate credit bureau reporting the inaccuracy. Tell the credit bureau what action you want them to take.

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Credit Corp

JUNE 14, 2020

The original lender or collection agency fails to collect within the statute of limitations. The unpaid debt falls off your credit report after a certain amount of time. That collection agency may report the debt as owed to the credit bureaus. Remember that one of your rights is to an accurate credit report.

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