| FAQs: CREDIT REPORT HELP & TIPS |
What really happens when I dispute a collection on my credit report?
Consumers and collection agencies usually do not deal with the credit bureaus directly
when it comes to credit disputes. When you send a dispute to the credit bureaus its
really being sent to a company called e-oscar. E-oscar is like the middle man. They
setup the information into the computer and send the collection agency a notification to
respond to a dispute. By the terms of e-oscar and the credit bureaus the collection
agency has 30 days to respond. If they do not respond, your account doesn't come off
the credit bureaus. The agency will simply lose their license and no longer be able to
report accounts. Its required by law that they respond which puts an end to the old myth
that if an agency does not respond in so much time the collection is removed. A
collection agency has basically two ways to respond back to E-oscar. They can respond
with "Information correct" or "delete". In most cases the credit bureau never see your
dispute. Also keep in mind when disputing a debt through the credit bureaus that they
only send a short version of your response to the collection agency. If you have a real
dispute and need to have a credit issue resolved its always best to deal with the agency
directly, because collections can only be removed by the people who place them.
when it comes to credit disputes. When you send a dispute to the credit bureaus its
really being sent to a company called e-oscar. E-oscar is like the middle man. They
setup the information into the computer and send the collection agency a notification to
respond to a dispute. By the terms of e-oscar and the credit bureaus the collection
agency has 30 days to respond. If they do not respond, your account doesn't come off
the credit bureaus. The agency will simply lose their license and no longer be able to
report accounts. Its required by law that they respond which puts an end to the old myth
that if an agency does not respond in so much time the collection is removed. A
collection agency has basically two ways to respond back to E-oscar. They can respond
with "Information correct" or "delete". In most cases the credit bureau never see your
dispute. Also keep in mind when disputing a debt through the credit bureaus that they
only send a short version of your response to the collection agency. If you have a real
dispute and need to have a credit issue resolved its always best to deal with the agency
directly, because collections can only be removed by the people who place them.
What if I have two collection agencies on my report for the same account?
People in general like trying new things. Business owners are no different and the
same choices come into play when changing collection agencies. Agencies offer
different rates and structures and its not surprising to find that companies change
agencies on average every 2 years. When a new agency takes over the old agencies
should delete their accounts but sometimes do not. This works out to your advantage.
Even if the client has switched agencies you can still pay your account to the original
collection agency. The advantage is that you can work between the two agencies to
settle an account well below the original balance with a contingency that the account
is removed if you pay the account.
same choices come into play when changing collection agencies. Agencies offer
different rates and structures and its not surprising to find that companies change
agencies on average every 2 years. When a new agency takes over the old agencies
should delete their accounts but sometimes do not. This works out to your advantage.
Even if the client has switched agencies you can still pay your account to the original
collection agency. The advantage is that you can work between the two agencies to
settle an account well below the original balance with a contingency that the account
is removed if you pay the account.
I was told that they will sue me or take me to court is this illegal?
Its only illegal to threaten to file legal action against someone without following through
with it. Keep in mind many agencies are owned by attorneys and will be paid up front
for court costs and attorney fees. Although it was not as common in the past, we are
seeing more and more creditors starting to file suit.
with it. Keep in mind many agencies are owned by attorneys and will be paid up front
for court costs and attorney fees. Although it was not as common in the past, we are
seeing more and more creditors starting to file suit.
Can a collection agency still report my account without my social security number
or a wrong number?
or a wrong number?
Yes, credit bureau reporting is based on several pieces of information. They take
into account the name, address, phone number and other information and will look
for a match based on the information given. A social security number is not needed
to place accounts.
into account the name, address, phone number and other information and will look
for a match based on the information given. A social security number is not needed
to place accounts.
Validating debt - Should I go through the original creditor or the collection agency.
Its always best to start with the collection agency. The collection agency are the ones
who placed the account on the credit bureaus and are the only people who can have
it removed. Collectors are people too and calling them with the right mind set and
attitude usually ends up with a peaceful resolution. If you call and start making
demands and quoting law then your not going to get anywhere.
who placed the account on the credit bureaus and are the only people who can have
it removed. Collectors are people too and calling them with the right mind set and
attitude usually ends up with a peaceful resolution. If you call and start making
demands and quoting law then your not going to get anywhere.
Should I use a debt consolidation company or contact the collection agency directly?
Do you really want to pay 10% to 25% just to have someone else make your payments
for you? Often times collection agencies do not work with these companies and will
not agree to make any arrangements. Debt consolidation companies are not doing
anything you can not do. They simply take your money and whats left over they break
up and send to the collection agencies. You can simply take what you have now and
do the same thing. You do not need to call the collection agencies first. I have never
seen a collection agency that has sent back a payment. Try it! send each agency a 5$
payment and see how many you get back in the mail.
for you? Often times collection agencies do not work with these companies and will
not agree to make any arrangements. Debt consolidation companies are not doing
anything you can not do. They simply take your money and whats left over they break
up and send to the collection agencies. You can simply take what you have now and
do the same thing. You do not need to call the collection agencies first. I have never
seen a collection agency that has sent back a payment. Try it! send each agency a 5$
payment and see how many you get back in the mail.
Copyright 2007-2008 Control Data inc. All rights reserved
Control Data inc, agency is changing the way the world collects
| No other agency or entity may reproduce or copy without written permission from Control Data Inc. |
CONTROL DATA INC. (727) 541-5400 - Ext 404 E-mail: debt@controldatainc.com |
| The last debt collection agency you will ever need |
Nation collection agency for consumer and commercial accounts. Single placement accounts welcome. If you wish
to contact sales by phone please use ext 404 for direct service. Control Data Inc. will match any and all other debt
collection agency contacts and financial commission rates by at least 5%. Please call sales today for a free quote
on rates we can save you. CDI clients also save money because CDI offers free skip tracing and credit bureau
reporting at no extra cost.
to contact sales by phone please use ext 404 for direct service. Control Data Inc. will match any and all other debt
collection agency contacts and financial commission rates by at least 5%. Please call sales today for a free quote
on rates we can save you. CDI clients also save money because CDI offers free skip tracing and credit bureau
reporting at no extra cost.
Getting loans with your Credit Score
Banks in todays market look at more than just your credit score. A person with credit
in the 700's can still be turned down. Banks now are looking at your debt to available
credit as the main factor in getting loans. The banks feel that if your using more than
50% of your available credit you could be a credit risk. Some banks have even started
to lower this rate to 30% to 40%. Keeping credit cards and revolving credit under
control is a must if you plan on making new loans.
in the 700's can still be turned down. Banks now are looking at your debt to available
credit as the main factor in getting loans. The banks feel that if your using more than
50% of your available credit you could be a credit risk. Some banks have even started
to lower this rate to 30% to 40%. Keeping credit cards and revolving credit under
control is a must if you plan on making new loans.
Does disputing my debt help?
Lets ask and answer some questions. How do credit bureaus make money? They make
money from collection agencies and creditors that pay for monthly services so they can
place accounts on their bureau. With this is mind you are not the customer the lender
and collection agency is the customer. Does disputing an item work? When you write a
letter and send it to the credit bureaus they do not even look at it. They forward all letters
to e-oscar. E-oscar is the middle man who takes care of credit disputes. Their job to make
sure a dispute is answered in a timely manner. They contact the collection agency and ask
the collection agency to respond. The collection agency has 2 possible answers. Valid or
not valid. No one at the credit bureaus or e-oscar looks at the dispute only the collection
agency and the data entry person at e-oscar.
money from collection agencies and creditors that pay for monthly services so they can
place accounts on their bureau. With this is mind you are not the customer the lender
and collection agency is the customer. Does disputing an item work? When you write a
letter and send it to the credit bureaus they do not even look at it. They forward all letters
to e-oscar. E-oscar is the middle man who takes care of credit disputes. Their job to make
sure a dispute is answered in a timely manner. They contact the collection agency and ask
the collection agency to respond. The collection agency has 2 possible answers. Valid or
not valid. No one at the credit bureaus or e-oscar looks at the dispute only the collection
agency and the data entry person at e-oscar.
Can a paid collection be removed off my credit completely?
Removing a collection agency completely off the credit bureau is mainly going to depend on
the size of the collection agency. When collection agencies become to large, they have
collection rooms with 300 phone operators which are just five dollar an hour clerks working
off what a computer tells them to say. These types of agencies are next to impossible to get
off your credit report. Smaller agencies will be more willing to work with you and may remove a
collection with less hassle.
the size of the collection agency. When collection agencies become to large, they have
collection rooms with 300 phone operators which are just five dollar an hour clerks working
off what a computer tells them to say. These types of agencies are next to impossible to get
off your credit report. Smaller agencies will be more willing to work with you and may remove a
collection with less hassle.
How much will one collection effect my credit score?
Credit scores are difficult to calculate because of all the factors involved in the equations.
Everything from customer age, credit history, debt to credit ratio, etc, can change the balance.
The average score change we have seen has been around -50 to -125 points per collection.
Everything from customer age, credit history, debt to credit ratio, etc, can change the balance.
The average score change we have seen has been around -50 to -125 points per collection.
Credit Cards and lenders keep lowering available credit.
This is a current problem with all card holders now. Credit score doesn't even play a big
roll. Lenders are lowering everyone's credit despite never being late or having any issues.
This offsets your credit to debt ratio and makes many consumers look like they are living
beyond their credit means. There is not much that can be done about this at this time other
than paying off a large sum of funds to all cards at one time.
roll. Lenders are lowering everyone's credit despite never being late or having any issues.
This offsets your credit to debt ratio and makes many consumers look like they are living
beyond their credit means. There is not much that can be done about this at this time other
than paying off a large sum of funds to all cards at one time.
Collection agency FAQS
| Renee Daniels Customer Service |