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Magnify Money is an advertising-supported comparison service which receives compensation from some of the financial providers whose offers appear on our site.This compensation from our advertising partners may impact how and where products appear on the site (including for example, the order in which they appear).The only way to have a collection item removed is for the collection agency to remove the debt. This means that you agree an amount to pay, and then the agency will remove the collection item from your account.Some collection agencies will offer this (even though they technically are not supposed to do so).In the current model, the only way for a collection item to disappear is to wait seven years from the date it is first reported.So, that means seven years from the date that you become 180 days past due.For example, if you have a 770 credit score, you could see your score drop 40 to 70 points from a single collection item.
Agencies have a reputation for pushing the boundaries of the law, using aggressive (and sometimes illegal) tactics, and bending the law to pressure people into making payments.Banks and credit card companies usually make the collection calls themselves during the first 180 days.However, after 180 days of collection activity, the bank “writes off” the debt.At this point, most major banks will hire a collection agency to collect the debt.
And after a few more months, the banks will typically sell the debt to a collection agency.There are a lot of horror stories here, given the complexities of our medical system.