Collection Agency Question.....

DoctorLoomis · ‎01-17-2016

A relative of mine just had a new debt sent to a collection agency. He asked the agency how much time he has to pay it before it reports to the bureaus and kills his credit score. I do not know the answer. Any ideas guys?

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IOBA · ‎01-17-2016

It depends on the agency, the mood of the person, what temperature it is outside, etc.

Best to pay immediately.

RobertEG · ‎01-17-2016

Reporting is totallly voluntary on the part of any creditor or debt collector.

However, once they do report, they are subject to the credit reporting policies of the CRAs, one of which is that a furnisher should not delete their reporting based on the consumer having paid the debt.

Thus, as stated, it is usually best to pay before they report.

If you want assurance that they wont thereafter report, then first obtain a "pay for not reporring" agreement from them, where they agree that if payment is made by a certain time, them they wont report to any CRA.