Collection Account Reduced My Score
April 15th, 2007
If you are one of the people whose a collection account reduced your score, then you no doubt, need a way to remove the collection account from your credit report and find a way to raise your credit score.
What to do when collection account reduced my score?
When your bad debt goes to collection, it can be very bad news. The debt collection agency may or may not be reasonable about reporting your debt to the credit bureaus. Frequently, debt Collection Agencies abuse their power and report incorrect derogatory data to the credit bureaus. Also, usually you will not be able to contact the debt Collection Agencies to have them remove the incorrect derogatory data. Most debt Collection Agencies only have automated lines for you to pay them but do not care if they caused other problems in the meantime.
Why a collection account reduced my score?
A common problem with collection account that reduced credit score concerns duplicate or triplicate negative accounts. When a collection account is reported to credit bureaus, it can appear on your credit report twice or three times. Therefore, instead of having just one collection account, you now have two collection accounts or three collection accounts.
Why does the collection account reported twice on my credit report?
It is not uncommon for a creditor to report your debt (as a collection account) to the credit bureaus. At the same time, the debt collection agency can also report the exactly the same collection account to the credit bureaus. Moreover, if the first collection agency fails to collect, the debt may be sold off to a different debt collection agency who can then report your bad debt collection account to the credit bureaus, reducing your credit score three-folds. Of course, this is false and inaccurate data. However, if this happens, getting the creditor or debt Collection Agencies to remove those false data from your credit report may be just about impossible.
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