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| *Ostroff, Fair and Company>>>Credit |
If a credit card company sent my account to a collection agency will both show on my credit report? |
If a credit card company sent my account to a collection agency will both show on my credit report? Shows as a delinquent account turned over to a collection agency. Hi, yes they will both show. The credit card company will show what your credit limit was, your balance, how many times you were late on payments in the past, and how many months over due the payment was before being sent to collections. The collection agency will report when it received the file, how much is owing, if and when it was paid and if there is a balance still or if it was paid off entirely, and the date it was paid off. It is a good idea to pay it off ASAP because it atleast demonstrates that you care about your debts and are willing to look after them. yes Yes both will, but it may be a couple of weeks before your report actually gets updated. The original creditor will list it as a Charge-Off. This basically says they gave up trying to collect from you. The Collection Agency will then have an item on your report. The Original Creditor will show that you owe nothing . However, your balance does not go away it just moves to the Collection Agency and they will list the current balance. They probably will but they are not supposed to. The Fair Credit Reporting Act states that a bad debt can only be listed once on your credit report. The credit card agency will show it as a charge off. The collection agency is not allowed to report it. However when you do pay off the debt make sure that the credit card agency updates your file to say that it was paid. Paralegal Yes- it's very possible to see the original creditor and the company that now has the debt. For example: Your Target card shows up...the highest amount you owed was $900, but the status of the account is "charged off". You then see ABC Collection Agency. The debt is $900 and the original creditor is listed as Target. Very common stuff. Just make sure that they BOTH are not reporting a balance. The original creditor cannot do that. |
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