Question about debt collectors

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George Craig2014

• February 24, 2020 03:55

I know that companies can keep filing late payment notices on your credit report for a certain timeframe, but can collection agencies.  I cleared up my delinquincies off my credit report and thought I was doing good.  Then 3 others popped up out of nowhere.  I challenged them as I do not recognize them, but of course the credit agencies said they verified the debt.  But now, every month those companies file a late payment though these debts are set to fall off the reports by the end of the year or first quarter next year (to give you an idea of the age of the debt and why I probably don't recognize.)

So can collection agencies continually file late payments?  It's been 3 months since they popped up and they've filed late payments for all 3 months and knocked my credit down almost 50 points.

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  Philip

  • May 22, 2020 15:17

  Hi George,

  Collections are tricky!  Christopher is right in that you should get in contact with the originators of these items.  Here's a great resource from our NerdWallet content that explains the collections process a little more thoroughly:

  • How Do Collections Accounts Affect Your Credit?

  Feel free to post your progress or any roadblocks you might run into along the way.  This kind of information is useful for everyone in today's economy!

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  CHRISTOPHER BATTISTA

  • May 21, 2020 19:36

  I have a hard time understanding how 3 New debts can show up, but be ready to fall off in the next year? I get the funny feeling these are associated with the delinquency you already paid.

  For the duration that the money is in collections, YES, they can continue to report missing payments every month. They can also increase the balance due monthly if you are accruing interest on the owed amount.

  It is important that you find the original source of the debts, and contact the original creditor (whether the debt is yours or not) the original creditor can pull you out of collections like it never happened.  if this does turn out to be yours, it is important that you attempt to settle the debt with the original creditor, not the collection agency. But know that any partial payment made will be seen as acceptance of the debt, and can start the process all over again if they put you in "good standing" then they can send you back to collections and destroy your credit for another 7 years.

  Best of luck getting this resolved!

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