Collection Agency

A collection agency is a company that can buy your debt and the rights to collect the owed money. If you are past due on a bill or bounce a check, the debt can be turned over to a collection agency and you are obligated to pay the debt and whatever fees to the collection agency. Read here for more about collection agencies and the obligations for paying your debt.

Featured Collection Agency Article

Credit Report Collection Agency Claim - Pay Or Fight?

What are your options If you get a credit report and find that an old insurance agency sent your account to a collections agency for an old policy? Ilyce suggests checking to see if it's false debt by calling the collection agency and demanding to see a copy of the old bill and whether the credit report is wrong. Ilyce also suggests since the bill is small, it might be worth paying the collection agency to get the bill off your credit report and improve your credit score.

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