Beware of Collection Agency Tactics

Collection agencies will often say anything to a consumer to get them to pay.  I strongly recommend getting any agreement in writing before making payment.  Common confusions or misrepresentations are:

1.  If you settle the account they will delete the item from your credit report-definitely try to negotiate this but get it in WRITING.

2.  If you settle the account for less than the full amount owed, they will report it as "paid in full".  This statement is often made or claimed in letters you may receive.  If you settle a collection account for less than the full amount then it will be reported as "settled in full, for less than full amount."  This is still a negative item on your credit but not as negative as an open and unpaid collection account.

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