In Q & A Friday

q-a-friday-budget-questions

 

Happy Friday! It’s Q & A Time!!!

Q: I was reviewing my credit report and noticed a collection agency was listed under ‘Installments’ and listed as a data factoring company. Is this correct? Why wouldn’t it be listed as a collection with the rest of my accounts?

A. Congrats on monitoring your reports! Always love to hear that.

Umm, no, that account should have been listed as a collection and with the other collection accounts. It definitely should not have been listed as an installment account, so that’s one error, and a data factoring company is a firm that purchases accounts receivables, current debts and the data factoring company becomes the original creditor. Debt collectors purchases closed derogatory debts and will always be a debt collector under the Fair Debt Collection Practices Act. Dispute 🙂

Hope this helps!

Register TODAY! —–> bit.ly/rockyourfico 

Recent Posts

Leave a Comment

JOIN THE CHALLENGE!
I have read and agree to MNH Financial's Privacy Policy (More Info)
Your Email has been received!
Free Credit Repair Toolkit!
I have read and agree to MNH Financial's Privacy Policy (More Info)
Your information has been received! Thank you!
Free Credit Repair Toolkit!
I have read and agree to MNH Financial's Privacy Policy (More Info)
My Credit on Fire Academy is where you'll learn ALL my trade secrets, tricks, and strategies to Soaring Your Credit Scores to 740 and beyond! I'll teach you what do, how to do it, when to do it and how to get the BEST results!
My Credit on Fire Academy is where you'll learn ALL my trade secrets, tricks, and strategies to Soaring Your Credit Scores to 740 and beyond! I'll teach you what do, how to do it, when to do it and how to get the BEST results!