"Credit Collections" On Your Credit Report
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About Credit CollectionsWho put credit collections on your credit report? How much damage to your credit is it doing? |
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Can be listed as:
CREDIT COLL/USA
CREDIT COLLE
CREDIT COLLECTION INC
CREDIT COLLECTION SERV
CREDIT COLLECTION SERVI
CREDIT COLLECTION SERVIC
CREDIT COLLECTION SERVICE
CREDIT COLLECTION/USA
CREDIT COLLECTIONS
CREDIT COLLECTIONS INC
CREDIT COLLECTIONS MEDI
CREDIT COLLECTIONS, INC.
Credit collections can appear on your credit report because a collection agency or creditor has placed it on there due to their records of nonpayment on the part of the borrower. There are many collection companies that can place it on your report. The best way to contact them is to find their contact information listed on your credit report.
According to FICO, a collections can bring down your score by up to 120 points. The higher your score, the more it drops!
One thing to keep it mind is the credit bureaus do not verify your credit collections that are reported on your credit report. It is up to you to verify the accuracy of anything on your credit report.
You Can Remove "Credit Collections" From Your CreditFederal laws give you the right to challenge any item on your credit report that you find is questionable. |
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You can remove any unfair collection is by disputing it with the credit bureau where it is listed.
In 1970, Congress passed the Fair Credit Reporting Act that allowed consumers to challenge items on their credit reports they felt were innacurate, misleading, biased, or just unverifiable.
When a dispute letter is sent to the bureaus, it is put through their review process. If the bureaus open an investigation with the creditors, the creditors have 30 days to send proof that the item is accurate and worthy of being on the credit report of the consumer. If they cannot (or will not) provide incontestable proof, then the bureaus are obligated to remove the item.
A "deletion letter" is what you want to get in the mail:
Most consumers who dispute on their own play a guessing game that the bureaus eventually win.
Unfortunately, a great number of dispute letter requests are deemed "frivolous" - which means the bureau will not open up an investigation with the creditor, and a stall letter is sent back to the consumer.
What are my chances of removing a Credit Collections from my credit report if I dispute it myself?
There are no real good studies to give accurate numbers of what the results are for people disputing their own credit. It's a guessing game. One statistic to keep in mind is provide by Lexington Law: Over 40% of the people who sign up with Lexington's services have tried to to repair their credit on their own and have turned to the trusted leaders in credit report repair for help.
5,689 "Credit Collections" Removals Last Year!A record year for the #1 rated credit restoration service |
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Screenshot from Lexington's 2009 Q4 results
Imagine your Credit Collections Group Listing here. |
Lexington Law clients have removed more "Credit Collections" credit report listings than anyone.
Since 1991, Lexington has been perfecting the practice of challenging unfair listings with the bureaus and creditors. They've removed millions of negative items and can now put all that expertise into helping you restore your credit.
Do you know how many total collections Lexington Law removed last year? Click here to see >
What are your chances of removal success?
Lexington's average Concord-level participating client removed over 84% of their presenting negative items from all three credit reports.
If you're serious about removing your Credit Listing, do yourself a favor and check out Lexington Law. Thousands of people are glad they did.
