Should I Pay Debt Collector Or Original Creditor
Pay Original Creditor Or Collection Agency
In the confusion of if to pay the original creditor or collection agency, you decide you pay your original creditor— you will usually be able to negotiate a lower payment plan. This can be a good option if you are confident that you will be able to keep up with the payments.
However, it is important to remember that your creditor may still report missed payments to the credit bureau, damaging your credit score.
If you decide to pay a collection agency, they may be willing to accept a lower payment than the original creditor. However, they will likely report the debt to the credit bureau, which could damage your credit score.
How Does It Show Up On Your Credit Report?
The Judgment Collector will report the debt to the credit reporting agencies, and the debt will appear on your credit report. The debt will remain on your credit report for seven years from the date of the judgment.
If you pay the debt, the Judgment Collector will report this to the credit reporting agencies, and you will be able to remove the debt from your credit report.
If you have a civil judgment against you, paying the debt as soon as possible is essential to avoid damage to your credit score.
Collection Agency Keeps Updating Credit Report
A collection agency keeps updating credit reports, so if you’re trying to repair your credit knowing that the collection agency keeps updating credit report, it’s best to avoid them. If you’re not sure whether you should pay your original creditor or a collection agency, it’s best to speak to a financial advisor.
Collection Agency Reporting Old Debt As New
Why Do You See The Same Debt On Credit Report Twice?
If you’re not sure whether you should pay your original creditor or a collection agency, it’s best to speak to a financial advisor. They will be able to help you assess your situation when you see the same debt on credit report twice and make the best decision for your finances.
Can I Settle A Debt With The Original Creditor
However, in other cases, the original creditor may be unwilling to work out a settlement agreement. If this is the case, then you may need to look into other options for resolving the debt, such as working with a debt settlement company.
Can Original Creditor Remove Collection
The original creditor may have sold or transferred the debt to a third party, such as a debt collector. Once the debt is transferred, the new creditor or debt collector becomes responsible for pursuing repayment.
The original creditor may be able to provide you with information about the new creditor or debt collector. However, the original creditor is not responsible for removing the collection from your credit report.
Conclusion
In this article, we’ve outlined your options for dealing with debt collectors. We’ve also answered some common questions about credit reports and how debt can damage your credit score.
If you’re struggling with debt, it’s essential to seek professional help. A financial advisor can help you assess your situation and find the best solution for your needs.