Collection agencies provide a service to businesses that want to serve some of the following needs.
1. A company is too small to have a collection department of their own.
2. A company lacks the expertise to collect the money themselves.
3. A company wants to protect their company image and not get their hands "dirty."
4. A company thinks a collection agency will get faster results.
1. Information Consumer Credit Reports May Not Contain
According to credit report laws, here are some items that cannot be mentioned in consumer credit reports:
*A discharge or final order in Bankruptcy Court dated more than 10 years prior to the date of the consumer credit report;
*Lawsuits and judgments entered more than 7 years prior to the date of the consumer credit report;
*Paid tax liens which, from the date of payment, precede the report by more than 7 years;
*Accounts placed for collection or charged to profit and loss by the creditor that are dated more than 7 years before the credit report;
*Records of arrest, indictment, or conviction of crime that, from date of disposition, release, or parole, precede the report by more than 7 years;
*Any other adverse information that precedes the report by more than 7 years;
*Default information concerning U.S. Government insured or guaranteed student loans can be reported for 7 years after actions to collect the debt have been taken against certain guarantors.
. Experian Credit Information
Facts about accuracy include that Experian's credit files contain records on approximately 205 million credit-active consumers and 15 million U.S. businesses. Each month, there are more than 4.5 billion updates to credit report information throughout the U.S. The American credit databases are the most accurate and secure in the world. Experian has a long, distinguished record of responsible stewardship of the data in our care.
