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In addition to bringing your credit score down, a charge off looks bad to any future lenders that review your credit history. Lenders that might be willing to offer funds even though you have a lower credit score might balk if they see the charge off. In many cases, the original lender considers charged off debt to be “bad debt.”
And perhaps you know you owe a debt, but it’s been passed around between collectionagencies so many times you’ve forgotten who currently owns the debt. Here’s how to find out which collectionagency you owe or uncover debts you don’t know about. Check Your Credit Reports. The reports are pulled monthly.
Has your credit score taken a dive due to debt in collections? When a collectionsagency like Accelerated Financial Solutions gets access to your debt, it can drop your score and make your day-to-day life more stressful. AFS collects for businesses in several industries, including the following: Commercial debt.
To legallycollect a debt from you, they must first report the debt to the major credit bureaus. This will open a collection account on your credit report, which can cause your score to drop as much as 100 points. Collection accounts are bad news for your credit score and your loan prospects. What is BC Services?
If you have had an overdue bill move to collections, you may begin hearing from a company called ACS Inc. ACS Inc is a collectionagency that works with lenders and creditors to recover payments on defaulted loans or unpaid bills. A collections account on your credit report will cause your score to drop significantly.
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