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How often can a collection agency appear on my credit report

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rnog0701



Joined: 24 May 2008
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93 Magic Points
Subject: How often can a collection agency appear on my credit report
 
 Posted on Sat May 24, 2008 3:54 am  
A collection agency appears on my Equifax report once every month for the past 5 months. As a result, my credit score is dropping every month. Is this legal? Is this some form of harrassment? I owe a debt but I cannot pay it at this time.
 
CMBV22

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4034 Magic Points
 
 Posted on Sat May 24, 2008 5:05 am  
I assume what you are saying is that every month your CA is updating their listing on you CR and it s hurting you credit score. Well, until you pay them they will keep updating the CBs that your not paying them and it WILL hurt your credit score. You either need to pay them or work some kind of arrnagement out if you want to decrease the hits to your fico.
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scott

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 Posted on Sat May 24, 2008 5:43 am  
I think that you can ask for a repayment plan from the CA. But make sure that you go for a deletion agreement with the CA on full repayment of the debt and get everything in writing. Only if you come to an agreement with the CA for PFD, your credit score will improve on your full repayment of the debt.
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Social security, bank account, and credit card numbers aren't just data. In the wrong hands they can wipe out someone's life savings, wreck their credit and cause financial ruin.
 
anthony

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 Posted on Mon May 26, 2008 12:33 pm  
I do agree with CMBV that the CA keeps on updating your CR with the credit bureaus until and unless you pay back the debt. You can ask for DV and on getting a reply from your CA send them a PFD agreement letter and agree for a repayment plan which you think will suit you.
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goodnatured



Joined: 03 Nov 2007
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 Posted on Mon May 26, 2008 6:30 pm  
I think that collection agencies should have to report your payments to the credit reporting agencies as a positive aspects of your trying to get your stuff together. They sure take the time to report the negatives to the credit reporting agencies on a monthly basis.

I think they should be held more accountable to us once we start working with them, the original credit gets the money from them, we could totally ignore them and deal with the letters and phone calls, most of the time the money that one owes is not enough to sue for, the three that I have paid off were like a $300, a $500 and one was for $600, but by the time they added off thier ridiculous fees they were $1300, $1600 and almost $2000 and if they offer you a settlement it is usually about 70% of what they are saying you owe, if they would offer 50% they are only losing out on what the added fees are, not money that you actually spent.

I think that since this is the case, they should be obligated to report a positive payment plan if one is doing what they are supposed to be doing.
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Morningstar

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 Posted on Tue May 27, 2008 4:56 am  
Code:
I think that collection agencies should have to report your payments to the credit reporting agencies as a positive aspects of your trying to get your stuff together. They sure take the time to report the negatives to the credit reporting agencies on a monthly basis.


???
Your argument does not make sense. Fair Issac Co. is who scores your credit...creditors and collection agencies simply report accounts, balances, payments, dates, etc... Your credit score is a number assigned to a level of risk--nothing more, nothing less.

Code:
I think they should be held more accountable to us once we start working with them, the original credit gets the money from them, we could totally ignore them and deal with the letters and phone calls, most of the time the money that one owes is not enough to sue for, the three that I have paid off were like a $300, a $500 and one was for $600, but by the time they added off thier ridiculous fees they were $1300, $1600 and almost $2000 and if they offer you a settlement it is usually about 70% of what they are saying you owe, if they would offer 50% they are only losing out on what the added fees are, not money that you actually spent.


If they violate the law, sue them. You can hire an attorney, or you can do it yourself.
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CMBV22

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 Posted on Tue May 27, 2008 5:56 pm  
goodnatured,

I agree with the above info from morningstar but, i will also point out that when you make a repayment plan with a CA you should have it in writing and it should specify how the account will be reported on your CR
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Laura

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 Posted on Wed May 28, 2008 6:56 am  
Actually what happens is that the CAs report your debt to the credit bureaus as soon as you go delinquent and it reflects in your credit report which decreases your credit score. So as morningstar pointer out, the CR represents the level of risk associated with granting loans to you. Now as soon as you come to an agreement with your CA for PFD, and you pay back the full loan amount as per the agreement, they remove their listing from the CB and so your credit score goes up. But for this you need to ensure that the agreement between you and the CA is made in writing else later if the CA does not remove their listing from your CR, you will have nothing to do in spite of paying back the full loan amount.
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creditcardwarehouseonline



Joined: 28 May 2008
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1180 Magic Points
 
 Posted on Wed May 28, 2008 7:40 pm  
This is illegal. Who is it LVNV Funding. They must be listed as a factoring account. Which they are not. Collection agencies cannot report monthly terms since it is not a revolving debt. Dispute it with them and tell them if they do not stop you will report them to the BBB and the Attorney General. YOu may even be able to sue them. Get a hard copy of your report every month showing the are updating it. They only way they can update it is if you dispute, but no matter what the have to come off when the OC comes off your report
 
CMBV22

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4034 Magic Points
 
 Posted on Thu May 29, 2008 4:25 am  
LVNV Funding

15 S. Main Street, Suite

#900 Greenville, SC 29601

aka/Resurgent Capital Services, LP

aka/Sherman Acquisitions, LP, II, III LP

aka Alegis Corporation, Group, LP

aka/Sherman Financial Group, LLC

aka/Ventus Capital Services

aka/Performance Recovery Group

aka/Ascent Card Services, FNBM
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fireyone



Joined: 26 Feb 2008
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1583 Magic Points
 
 Posted on Wed Jun 04, 2008 11:39 pm  
My goodness so many different names. Surely this has to be a junk collector. Either that they just like going under different names. I agree with credit they are not revolving so are they actually allowed to report monthly.
 
CMBV22

CMBV22

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4034 Magic Points
 
 Posted on Thu Jun 05, 2008 12:44 am  
OH, yes they are a junk buyer.... They are also a bit sue happy. Note, the personal experience here >:/
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fireyone



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1583 Magic Points
 
 Posted on Sun Jul 27, 2008 1:39 am  
noted.
 
CMBV22

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4034 Magic Points
 
 Posted on Wed Jul 30, 2008 9:16 pm  
lol, Yeah I paid off a Providian card they sued my husband over a few years back before I knoew about PFDs. *sigh* its now the only blemish on his credit
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fireyone



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1583 Magic Points
 
 Posted on Thu Jul 31, 2008 1:25 pm  
My old Providian account has me really stumped. It is listed on their report that it was 180 as of May 2004 but it lists it to not fall off until July 2010 (in another post I thought it was MAy). So how is it on there a few months after 7 years?
 
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