| An account is considered a collection account usually | | | | might find that a collection will show up on your Equifax |
| when the creditor has given up on collecting the | | | | credit report, but not on your Transunion or Experian |
| money owed to them. The account is usually at least | | | | reports. Where it shows up will depend on which |
| three months past due before it goes into this status. | | | | agency the creditor does business with. |
| A collection account is one of the worst types of | | | | If you find that you have collection accounts on your |
| negative entries you can have on your credit report. | | | | report that are older than 7.5 years, these would need |
| You will find that your scores will drop drastically when | | | | to be deleted from your credit report immediately. In |
| an account is labeled a collection account. | | | | order to do this you want to send the credit agency a |
| This is because the credit scoring formula looks for | | | | letter requesting the deletion of the account and the |
| negative entries on your report and the most recent | | | | reason being that it has passed the time allowed by |
| ones will do the most damage. It is hard to say exactly | | | | law to remain on your credit report. |
| how a collection will impact your report but you can | | | | Remember that just because one agency has the |
| expect to see a drop in your credit scores which | | | | negative on their report, does not mean the other two |
| would be anywhere from 50-100points. | | | | have it listed. So make sure you get a hold of your |
| It is also possible for collection accounts to report to | | | | three main reports (Equifax, Transunion and Experian) |
| one agency and not the others. So for instance, you | | | | before you begin your disputes. |