![]() ![]() Contacting The Collection AgencyĪfter reviewing your account, it’s time to speak with representatives of the collection agency or originating creditor. Review the inquiry on your account to ensure it’s accurate (that the collection account in your name is from purchases you made) and the organization collecting upon your account is legitimate (simple searches online should bring up the organization’s information and compliance record). Once you have a better understanding of how overdue collections work, it is important to explore your credit report and history to better understand what account is being collected. If your account from your originating creditor is now overdue and placed with a third party for collections, read through the Fair Debt Collection Practices Act (FDCPA) FAQ to better understand your rights as a consumer and your responsibilities as you work through the process. ![]() ![]() Once you first identify a new collection account in your name, understanding both your rights and the account are critical first steps. The goal of this Money Chat is to help you understand the best ways to resolve a collection account that appears on your credit report. Have you ever checked your credit report only to find that a new, unexpected company has opened a collection action in your name? The first moments can be daunting, but understanding what the collection account is for, who to contact to discuss your options, and how best to tackle paying down your overdue account is critical to a healthy financial future. ![]()
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