1 / 5

Collections and your credit score. We Answer the top questions

Itu2019s always a bummer to get a letter from a collection agency and typically will bring up some questions. This will answer some of your most pressing questions about collections and credit scores. To learn more, please click the link: https://thephenixgroup.com/collections-and-your-credit-score-we-answer-the-top-questions<br>

thephenixgroup
Download Presentation

Collections and your credit score. We Answer the top questions

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Collections and Your Credit Score. We Answer the Top Questions

  2. •It’s always a bummer to get a letter from a collection agency and typically will bring up some questions. It sucks for sure, but you can take measures now to avoid this in the future.

  3. WHAT IS A COLLECTION ACCOUNT? • Collection accounts occur when a debt is passed on to an outside agency called a “collection agency” after the original creditor has given up all attempts to collect the debt themselves. The collection account gets listed as a separate account with its own credit reporting status. While this is a collection account, it’s also an unpaid debt.

  4. HOW DO COLLECTIONS AFFECT MY CREDIT SCORE? • A collection on your credit report can lower your score by up to 100 points. How much your score drops depends on what type of account it is and the age of the debt and your credit in general. The more negative items on your credit report the less drastic it will typically be once reported.

More Related