Collection accounts hurt your credit score significantly, especially if they are new. Collection accounts are the result of non payment. It usually takes at least 60-90 days of non-payment for your accounts to go into collections. Some creditors will put you into collections within days of becoming delinquent. The creditor may have the option of selling the debt to a third party collection company.
Is it possible to get a collection deleted?
Yes. The great thing about the way credit repair works is that anything can potentially get deleted. If the account was really accurate, you cannot expect that it will definately get deleted but there is always a possibility.
What are the chances that my collection will get deleted?
That depends. When you implement a strong credit repair defense, the creditors are required to put in extra work just to keep thier spot on your credit report. If the debt is old or already paid, there would be no reason for them to put in that extra effort just to tarnish your credit report. If, on the other hand, the creditor is callingyou on the phone as we speak, trying to get money from you, then that company may have more of a vested interest in thier spot on your credit report. They will be more difficult to delete, yet not impossible.
Should I hire a credit repair company to fight my collection?
If you have important short term credit goals, like buying or refinacing a home, you may want to consider working with a credit expert. We will be able to take the learning curve out of the equation and give you maximum results as soon as possible.
If you don't have any immediate need to use your credit for something important and you have plenty of time to perform reseach and write letters, you might think of doing this on your own. It's still not a bad idea to work with a credit expert who can show you the ropes so that you too came become an expert. All of our customers recieve a full educational consultation where we teach all about credit scoring and credit repair.
Collection Accounts