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Collections and your credit score. We Answer the top questions

Itu2019s always a bummer to get a letter from a collection agency and typically will bring up some questions. This will answer some of your most pressing questions about collections and credit scores. To learn more, please click the link: https://thephenixgroup.com/collections-and-your-credit-score-we-answer-the-top-questions

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Collections and your credit score. We Answer the top questions

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  1. Collections and Your Credit Score. We Answer the Top Questions

  2. It’s always a bummer to get a letter from a collection agency and typically will bring up some questions. It sucks for sure, but you can take measures now to avoid this in the future.

  3. WHAT IS A COLLECTION ACCOUNT? • Collection accounts occur when a debt is passed on to an outside agency called a “collection agency” after the original creditor has given up all attempts to collect the debt themselves. The collection account gets listed as a separate account with its own credit reporting status. While this is a collection account, it’s also an unpaid debt.

  4. HOW DO COLLECTIONS AFFECT MY CREDIT SCORE? • A collection on your credit report can lower your score by up to 100 points. How much your score drops depends on what type of account it is and the age of the debt and your credit in general. The more negative items on your credit report the less drastic it will typically be once reported.

  5. Collections are a significant factor in your credit score. We offer Attorney-Backed Credit Repair, designed specifically with this end goal in mind – helping consumers gain financial freedom. Read our full blog HERE, for more info.

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