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So, I was looking at my CR again. I'm obsessive.
Anyways, I noticed something on my last collection that I need help understanding.
What I don't get is where it says Terms: 1 Month.
Can someone clarify what that means for me? I'm sure it's something simple, but having trouble googling the right question I think.
The "terms" is how long you have to repay it. A 6 year car loan would say 72 months. It says 1 month because as a collection it's considered due immediately.
That's what I was thinking, but I just wanted to make sure.
Thanks!!
It means nothing vis-a-vis the collection.
You have no agreement with the debt collector, and thus no governing "terms" for any period of payment to them.
It is most likely a reference to your terms under the OC account. It is common for collections headings to include spurious information extracted from the OC account history.
I would ignore it, as it has no relevancy to their collection.