I had an outstanding debt starting last year in June and well I didn't know about it, so after 6 months, the company would send over my account to a collection agency and I had it through a collection agency earlier this month, the first week of March. If the debt was to be reported on my credit report, would it have shown up on my credit report now? Is it a good idea to look at it now or should I wait longer? Would it have been on there by now?
Tags: outstanding debt, take, agency, credit report, account, send
Why not contact the original creditor and try to work out a payment plan with them so that it is not reported at all.
If it is reported and you are worried about your credit, why not work out a plan that requests cash for deletion....whereby you pay and the debt is deleted from your report in return for same.
Usually it depends on if the collection agency has the capability to report it to the credit report. (most do) Once the past due account goes to the collection agency, you have 30 days to confirm the validity of the debt. Within 30 days you do not have a written response into the agency they will consider the debt valid. After 30 days they WILL report it to Experian, Equifax and Transunion. If you get it paid within that 30 days, It will not go on your credit report. However, If they have had no contact with you via phone or mail and you call and PAY IN FULL, you can usually stress that you want it removed because you "didn't know about the debt" You can also do payment plans that can hold it off your credit.
Look at your credit report now. It depends on how much the debt is. It is up to the companies discretion as to how much of a grace period to give you. When a company sends your debt to a collections agency the agency keeps it for a few months but if they fail to collect on the account it goes back to the company/bank and it is up to them what they do with it. They can pass it on to a different collections agency however, when they do that they usually tack on a huge chunk of interest. Or they can choose to take legal action against you instead. It's all up to the company's / banks discretion. They handle these things on a case by case bases. And I can not say this too many times......KEEP EVERYTHING!!! Just the other day I had a conversation with a debtor who said that he paid the debt off two years ago. I asked him to send me proof so that I could go to bat for him but he said that he didn't keep anything...thought he was safe to throw it away after two years. There was nothing I could do to help him. KEEP EVERYTHING FOREVER.
Justenuf2bdangerous, yes, what I mean.
And my opinion is that hyperinflation is impossible unless Feds will monetize some of the outstanding debt at increased rate. From its side, the treasury has to run some bail-out programs using taxpayer money.
So far none of this happened yet. And my opinion is that it happen, at least not at large scale.
Feds are mediating banks to bail-out Ambac for weeks and weeks but they did not put a single dollar of their own so far.
Look at Rock and BCB - a setup for inflation in England. Feds were watching a near collapse of Countrywide and did nothing except arranging a bogus takeover. And I them in that.