Jump to content

I have a question about collection accounts


cinque8
 Share

Recommended Posts

Hello,

I have a closed account showing on my credit reports for First Premiere Bank Mastercard in the amount of $950.00. According to Credit Karma, this is not showing on my credit reports as a collections account, but as a closed account.

I recently got an email from a collections agency, that says they purchased this account from First Premiere Bank, and they wanted me to pay off the balance, either in a reduced one time payment, or monthly payments. I do not want a collection to appear on my credit report.

So my questions is: If I do not agree to pay off the balance will a collections show up on my credit reports? And if I do agree to pay off the balance, will a collections show up on my credit reports anyway?

 

Thank you

Link to comment
Share on other sites

6 hours ago, cinque8 said:

Hello,

I have a closed account showing on my credit reports for First Premiere Bank Mastercard in the amount of $950.00. According to Credit Karma, this is not showing on my credit reports as a collections account, but as a closed account.

I recently got an email from a collections agency, that says they purchased this account from First Premiere Bank, and they wanted me to pay off the balance, either in a reduced one time payment, or monthly payments. I do not want a collection to appear on my credit report.

So my questions is: If I do not agree to pay off the balance will a collections show up on my credit reports? And if I do agree to pay off the balance, will a collections show up on my credit reports anyway?

 

Thank you


Don’t go by Credit Karma.  Get your reports from https://www.annualcreditreport.com/index.action to see what is actually being reported before you make any decisions.  Also note the date of first delinquency listed by the original creditor (OC).  The entries may also include the date they will fall off your CR.

If the OC sold the account, its entry on your CR will show a $0 balance.  That means the OC no longer owns the account and no balance is owed to the OC.  The balance is then owed to the new owner.  Sometimes the entry will also include “sold” or “transferred”.

If the account was purchased, the new owner has a right to report the account as long as the reporting is accurate.  Unless you get an agreement that they won’t report, there’s no way of knowing whether or not the account will appear on your credit report.

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.