ifficult when trying to pay a collection account. This process continues until the account is paid or legal action is taken against the consumer.

Many collection agencies used illegal tactics to collect on a debt such as: calling pretending they are one of your creditors asking to verify information, pretending they are an old friend or neighbor, calling you by your first name to catch you off guard, calling every hour on

A collection account is defined as a delinquent account that has been forwarded to a collection agency (also known as a collection agent) for lack of non-payment. An account is forwarded to a collection agency usually when an account becomes 90 to 120 days late. Collection accounts are purchased from the original creditors for a fraction of the original amount owed. Creditors send accounts to collection agencies to remove them from their accounts receivables records and then write-off the full debt owed as a loss. Creditors benefit in two ways, one for writing off the debt as a loss on their taxes and two when the money is collected which can be recorded as a profit or accounts receivable.

Once a collection account is paid, it is reported on your credit report as paid, collection account paid or paid in full. A paid or unpaid collection account remains on your credit report for seven years from the date of first delinquency. Unfortunately many collection agencies re-age the account changing the date of first delinquency to the date they received the account which extends the time the account remains on your credit report. Keep all copies of your credit reports (current and old). If you have made any late payments or have neglected to pay any delinquent accounts compare you old credit reports with your current credit reports to verify all information on your credit report and pay close attention to the dates for collection accounts, bankruptcies, accounts included in bankruptcies and other delinquent accounts.

A collection agency holds a collection account for a few months, if they are unsuccessful in collecting on the debt owed the account is forwarded to another collection agency which can make it difficult when trying to pay a collection account. This process continues until the account is paid or legal action is taken against the consumer.

Many collection agencies used illegal tactics to collect on a debt such as: calling pretending they are one of your creditors asking to verify information, pretending they are an old friend or neighbor, calling you by your first name to catch you off guard, calling every hour on t

ir accounts receivables records and then write-off the full debt owed as a loss. Creditors benefit in two ways, one for writing off the debt as a loss on their taxes and two when the money is collected which can be recorded as a profit or accounts receivable.

Once a collection account is paid, it is reported on your credit report as paid, collection account paid or paid in full. A paid or unpaid collection account remains on your credit report for seven years from the date of first delinquency. Unfortunately many collection agencies re-age the account changing the date of first delinquency to the date they received the account which extends the time the account remains on your credit report. Keep all copies of your credit reports (current and old). If you have made any late payments or have neglected to pay any delinquent accounts compare you old credit reports with your current credit reports to verify all information on your credit report and pay close attention to the dates for collection accounts, bankruptcies, accounts included in bankruptcies and other delinquent accounts.

A collection agency holds a collection account for a few months, if they are unsuccessful in collecting on the debt owed the account is forwarded to another collection agency which can make it difficult when trying to pay a collection account. This process continues until the account is paid or legal action is taken against the consumer.

Many collection agencies used illegal tactics to collect on a debt such as: calling pretending they are one of your creditors asking to verify information, pretending they are an old friend or neighbor, calling you by your first name to catch you off guard, calling every hour on

s on your credit report for seven years from the date of first delinquency. Unfortunately many collection agencies re-age the account changing the date of first delinquency to the date they received the account which extends the time the account remains on your credit report. Keep all copies of your credit reports (current and old). If you have made any late payments or have neglected to pay any delinquent accounts compare you old credit reports with your current credit reports to verify all information on your credit report and pay close attention to the dates for collection accounts, bankruptcies, accounts included in bankruptcies and other delinquent accounts.

A collection agency holds a collection account for a few months, if they are unsuccessful in collecting on the debt owed the account is forwarded to another collection agency which can make it difficult when trying to pay a collection account. This process continues until the account is paid or legal action is taken against the consumer.

Many collection agencies used illegal tactics to collect on a debt such as: calling pretending they are one of your creditors asking to verify information, pretending they are an old friend or neighbor, calling you by your first name to catch you off guard, calling every hour on

reports with your current credit reports to verify all information on your credit report and pay close attention to the dates for collection accounts, bankruptcies, accounts included in bankruptcies and other delinquent accounts.

A collection agency holds a collection account for a few months, if they are unsuccessful in collecting on the debt owed the account is forwarded to another collection agency which can make it difficult when trying to pay a collection account. This process continues until the account is paid or legal action is taken against the consumer.

Many collection agencies used illegal tactics to collect on a debt such as: calling pretending they are one of your creditors asking to verify information, pretending they are an old friend or neighbor, calling you by your first name to catch you off guard, calling every hour on

ifficult when trying to pay a collection account. This process continues until the account is paid or legal action is taken against the consumer.

Many collection agencies used illegal tactics to collect on a debt such as: calling pretending they are one of your creditors asking to verify information, pretending they are an old friend or neighbor, calling you by your first name to catch you off guard, calling every hour on the hour, sending falsified letters from attorneys, sending threatening letters or leaving threatening voicemail messages.

Last year I met a man who used to work as a collection agent. He confirmed what I mentioned and quit his job because he could no longer use scare tactics and lie to consumers just to get them to pay a delinquent debt.

Collection agents obtain the following information to develop a strategy to collect money owed from consumers: name, address, credit report, credit application, correspondence with the consumer, amount owed by the consumer and date of last payment. The following tactics are used to scare consumers into paying their delinquent debts: persistent follow-up calls or letters, canceling the customer's credit card privileges, threatening to forward the account to a collection agency, threat of legal action, referral to an attorney, threat of litigation or litigation. Many of these tactics violate the Fair Credit Reporting Act (FCRA) and Fair Debt Practices Collection Act (FDPCA), http://www.ftc.gov/os/statutes/031224fcra.pdf, http://www.ftc.gov/os/statutes/fdcpa/fdcpact.htm.

You may request that the collection agency contact by mail only. This makes them less powerful and provides you with evidence of any scare tactics they may use. A collection agency's goal is to get the money owed paid as soon as possible. They will continue to ask why you can’t make arrangements today. Whatever arrangements you make with a collection agency stick to it, don't let the collection agency change your mind about what you can afford, use emotions, or scare you into doing something you don't want to do.

If you setup payment arrangements and fall behind on yo