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Any accounts that are not collected at that point may go back to creditors, usually to be placed with another collection firm. ” And just because you have accounts in collections that doesn’t mean you are doomed to bad credit for seven years or longer.And while collectors may insist that you pay the full balance you owe over time, they may actually prefer to get a smaller, lump-sum payment, Phelan said. In fact, there are steps you can take now to start improving your credit, many of which we outline in this guide to rebuilding your credit.He elaborated: “When a collector says, ‘We are going to inform your creditor that you are refusing to pay this bill! Your creditor has already figured out that you aren’t paying the bill, or they would not have sent your account to a collection agency in the first place! The Fair Debt Collection Practices Act is very clear on this point.
“By continuing to contact consumers at work under these circumstances, debt collectors may put them in jeopardy of losing their jobs,” notes the FTC.
“Collectors will generally not share that they may take a lower settlement offer at the end of the month in order to meet a quota, or nearer the end of the assignment contract when the creditor is going to pull the account back,” said Michael Bovee, founder of the Consumer Recovery Network.
He explained that most assignment collection accounts (where creditors assign debts to collection agencies rather than selling them) stay with collectors for 90 days.
“There are a handful of states that do require the collector to tell the consumer that they cannot be sued,” said Mark Schiffman, director public affairs for ACA International.
“While it is true that every state has a statute of limitations, which varies by state and by debt type, and that a collector may not sue or threaten to sue a consumer, the collector may still seek to collect the debt from the consumer so long as it is within the guidelines of the Fair Debt Collection Practices Act.” He also noted that under the Fair Credit Reporting Act, collection accounts may be reported for seven years.
Collectors “work on sliding scale commissions and the quicker they get someone’s money, the higher the commission,” said Philadelphia debt collector abuse lawyer Michael Forbes.