West Virginia Collection Report
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How to fill out Collection Report?
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FAQ
To find out what you have in collections, you will need to check your latest credit reports from each of the 3 credit bureaus. Collection agencies are not required to report their account information to all three of the national credit reporting agencies.
Each state has a statute of limitations about how long a debt collector can pursue old debt. For most states, this ranges between four and six years. These statutes govern the amount of time that a debt collector can sue you, but there is no limit to how long a collector has to try and collect on a debt.
Late payments, for example, can stay on your report for seven years from the original delinquency. Collection accounts can remain on your report for seven years and 180 days from the original delinquency. Depending on the type of account and your location, this can be more than or less than the statute of limitations.
A collection account will be automatically removed from your credit report seven years after the original account went delinquent. The original delinquency date is when your account first became 30 days past due, kicking off the series of missed payments that ended with your account going to collections.
The collection agency account will appear separately on the report as open and outstanding debt. The open date of the new collection account will reflect the date that the account was purchased by the collection agency, but it will still be removed seven years from the original delinquency date on the initial account.
To remove the collection account from your credit report early, you can ask a company for a goodwill deletion, but there's no guarantee you'll receive forgiveness. If you have a collection account on your report that's inaccurate or incomplete, dispute it with each credit bureau that lists it on your credit report.
When a collection agency purchases an unpaid debt, the date opened on the account will reflect the date it purchased the account from the original or previous creditor because that is in fact the date a "new" collection account was opened.
Collection accounts stay on the credit report for seven years from the original delinquency date of the original debt, or the date of the first missed payment after which the account was no longer brought current.
Most negative items should automatically fall off your credit reports seven years from the date of your first missed payment, at which point your credit scores may start rising.
Once a debt is sold to a collection agency, they can begin reporting that account to the credit reporting agencies. The collection agency becomes the legal owner of the debt and has the right to begin collection efforts. Once reported, both the original account and the collection account will appear on a credit report.
