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!

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