If a collection agency calls you because of a bill that wasn't pay, and you pay it, does it ping your credit?

Similar questions: collection agency calls bill pay ping credit.

It's a possible maybe... I just spoke with a friend who actually works for a local collection agency and he said it really depends on the agency in question. Some will submit a report to the credit bureaus as soon as a debt is turned over to them while others (such as his) will hold off on filing the report until 60 days have passed without the debt being paid in full. The process is generally something like this (in the case of his agency).

The creditor turns the collection account over to his agency. The collection agency attempts to establish contact with the individual either through the mail or by phone call (or sometimes both). If the person says "Oh, I forgot about this" and takes care of the debt in full straightaway, then there is no report generated.

The collection agency gets their percentage of the debt (which can be up to 60% of the entire collection amount) and the debt is resolved. However, if during those 60 days, there is no response or the person has, for example, moved and does not find out about the debt until after the 60 days has passed, then the ding will go on the credit record but, once it is paid in full, the ding will (or should be) amended to say something such as "Paid, not removed. " This means that you have resolved the debt but that it still is there to indicate that, for whatever reason, you were slow to pay on that debt.

Now, something that I shall say (and my friend Chris confirmed this) is that if you pay the debt in full and the ding is put on your credit report after the fact, then you should take action, as that was reported mistakenly (or inappropriately), and have it removed. Something else is that you are allowed, in accordance with federal law, to submit a statement to the credit bureaus for any ding on your credit record that you deem appropriate, such as explaining a debt that occurred during your knowledge while you were out of the country and another was not properly handling your domestic finances. This does not necessarily mean that creditors will overlook any outstanding debts but it could help them to understand the circumstances that led to them and may garner some sympathy.(As the saying goes, if it doesn't hurt, then it might just help.

) Sources: Knowledge from working with collection agencies as a creditor and speaking with a friend who is employed by a collection agency .

It can be reported, but you may be safe. Once your bill has gone to collection it is eligible to be reported on your credit reports. I've had two small bills go into collection due to mailing address changes.

I paid both bills off within eight months of receiving the first notifications from collection agencies. These bills have never appeared on any of my credit reports. You can check each of your three credit reports for free once a year, so you should be able to easily discover if this particular issue has been reported.

Many small thing can affect your credit rating, however, so be careful. Credit card companies can raise your interest rates for things as small as overdue library books or unpaid parking tickets.

It depends upon the collection agency. Most collection agencies will try to collect before going to the credit reporting agency. You should have asked before you paid.

If you paid the first time they contacted you, they probably didn't report it.

Yes Having a bill go to collections is already a big ding on your credit. But if it's just the one because "you forgot" it won't matter to much. Wait about 2 months after you've paid the bill.

Then get a copy of your credit from each of the 3 credit agencies (you get one free from each, per year). Make sure it shows as paid. If not you will need to go through the process of sending them proof they can attach to your file.

The event will still be on your record though.

Yes, but... Referring an account for collections does in fact go on your credit history (but in order to be referred to collections, you’d have to forget to pay at least a couple of times in a row). How much of an impact it makes on your credit score would depend on how much money had to be collected, how long your credit history is, and how many other accounts (presumably in good standing) you have.

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I have to pay the debt off before released!HELP.

I am thinking of securing the services of a fee-only financial planner. What should I expect to pay?

What other services are like bill me later.

Collection agency wants me to pay pastdue fees on timeshare belonging to my ex-husband. Title was quick.

Question I owe a collection agency $850 if I pay $60 a month min. Would that keep me out of going into the?

A collection agency "did" have my drivers license suspended! I have to pay the debt off before released! HELP.

I cant really gove you an answer,but what I can give you is a way to a solution, that is you have to find the anglde that you relate to or peaks your interest. A good paper is one that people get drawn into because it reaches them ln some way.As for me WW11 to me, I think of the holocaust and the effect it had on the survivors, their families and those who stood by and did nothing until it was too late.