How To Find Out If You Have Anything In Collections?

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.