Standardized Form for Referral of Claim for Collection

State:
Multi-State
Control #:
US-01300BG
Format:
Word; 
Rich Text
Instant download

Description

The letter or notice by which a claim is transferred to a collection agency need not take any particular form. However, since collection agencies handle overdue accounts on a volume basis and generally develop regular clients, it may be desirable that such instruments be standardized. The letter or notice should be clear as to whether it is an assignment of the claim and, thus, enables the agency to bring suit on the claim in its own name. Whether a collection agency may solicit and accept assignments of claims from creditors depends on the law of the particular jurisdiction. Local statutes should be consulted to determine the allowable scope of activities of collection agencies.


No particular language is necessary for the acceptance or rejection of a claim or for subsequent notices and reports so long as the instruments used clearly convey the necessary information.

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FAQ

If the debt is still listed on your credit report, it's a good idea to pay it off so you can improve your credit card or loan approval odds. Keep in mind that paying the debt won't remove it from your credit report (unless you negotiate a pay for delete), but it does look better than the alternative.

If you pay the collection agency directly, the debt is removed from your credit report in six years from the date of payment. If you don't pay, it purges six years from the last activity date, but you may be at risk for wage garnishment.

Debt collectors report accounts to the credit bureaus, a move that can impact your credit score for several months, if not years.The late payments and subsequent charge-off that typically precede a collection account already will have damaged your credit score by the time the collection happens.

You can improve your credit score by getting these collection accounts deleted from your report or at least having them reported as Paid or Current. Before you pay off a collection account, first negotiate with the debt collector to have your credit report updated to something favorable.

If you pay the collection agency directly, the debt is removed from your credit report in six years from the date of payment. If you don't pay, it purges six years from the last activity date, but you may be at risk for wage garnishment.

Contrary to what many consumers think, paying off an account that's gone to collections will not improve your credit score. Negative marks can remain on your credit reports for seven years, and your score may not improve until the listing is removed.

If the debt is still listed on your credit report, it's a good idea to pay it off so you can improve your credit card or loan approval odds.8feff On the other hand, if the debt is going to drop off your credit report in a few months, it may be better to just wait and let it fall off.

Request a Goodwill Deletion If You Have Paid The Debt. If this sounds overwhelming, you might want to reach out to a credit expert. Dispute the Collection If You Found An Error. Ask the Collection Agency to Validate the Debt. Negotiate a Pay-for-Delete Agreement.

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Standardized Form for Referral of Claim for Collection