How To Find Out If You Have Anything In Collections?

Last Updated: Nov 15, 2022

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When an account payment is long overdue, the creditor may decide to turn the account over to an internal collection department or to sell the debt to a collection agency. Once an account is sold to a collection agency, the collection account can then be reported separately on your credit report.

How To Find Out If You Have Anything In Collections?

  • Once you have successfully obtained your credit report from one, or all 3 bureaus, follow these simple steps,
  • Open your credit report and scroll to the 'summary' section, and
  • Count how many accounts are in the 'Derogatory' and 'Collections' categories.

One account will report as Three separate accounts across TransUnion, Equifax, and Experian if they all have access to your credit report.

Add these two categories together to know where you stand. Collections can be removed from credit reports in two ways:

  • If the collection information is valid, you must wait 7 years from the original delinquency date for the information to cycle off your credit reports.
  • If the collection information is inaccurate, you can file a dispute on it in your credit report.

Why Reviewing Your Credit Report Is Important?

There is no way to know whether a particular collection agency reported your debt to one credit bureau, or all three. First check if there is a name and phone number on a recent copy of your credit report.

Legally, you have the right to request one credit report from each of the three national bureaus for free every 12 months.

The Fair Debt Collection Practices Act strictly regulates how debt collectors can operate when trying to recover a debt.

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How To Deal With Debt Collectors & Collections?

Dealing with debt collectors is daunting. You must be prepared for a debt collection call if you decide to wait for them to call back, or if you want to negotiate a settlement. It is best to seek legal advice, regarding the statute of limitations, and how to go about handling the situation.

Legitimate debt collectors usually leave a voicemail with their contact information if they cannot reach you on the phone. You can also do a Google search of the suspected number to trace it back to a collection agency.

Bottom Line

If you want to determine whether anything has been listed in collections against you, simply review your credit report which can be obtained by any of the 3 major credit bureaus. Your credit report will reflect any accounts in collections.

If you do find an account in collections and don’t know what to do next, reach out to Credit Sage today. Consult with our credit specialists for FREE today! Let us kick start your journey for prime credit now.

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