Closed accounts vs Collections

[Anonymous]

Hi everyone I've been trying to rebuild my credit the past year and I'm slowly but surely getting somewhere. My question is this. What is the difference between closed Negative accounts and collections? I have 4 collections 2 are medical and I have 4 negative closed accounts. Do i need to pay the closed accounts first because they are technically soon to be collections? Or is that moot the case? If it is then I went to hurry up and workon those before they become collections. Thank you very much in advance, my dream is to buy my first home and I'm really trying.

[Anonymous]

Do you pay child support? Or already have a garnshment?

[Anonymous]

No I don't pay or owe child support. I've never had my wages garnished and i have zero judgements against me. No repos either

[RobertEG]

Accounts are trade lines for which you have entered into an agreement with a creditor or business.

Closed accounts are those where the creditor has closed a revolving line of credit to consumer ability to make further charges, or has called an installment loan to be in default under the terms of your account agreement with the creditor.  

A collection is the separate reporting by a debt collector that they have obtained collection authority to attempt collection on a debt that was incurred with a creditor.

You do not have a formal account agreement with a debt collector, and thus it is not an account with the consumer.

Debt collectors can update their collections to report that the debt remains unpaid, but they do no report specific monthly delinquencies with them.

You can have both a reported account with an original creditor that includes their reporting of delinquencies and/or a charge-off, and also have a collection reported on the same debt.