- The creditor listed may be the name of a collection company and not the original creditor.
- Creditor name(s) listed on the alert will be an abbreviated name
For example, ("JPMCB" refers to JPMorgan Chase Bank)
- What is A collection account?
a. If you fall behind on payments, the original lender or creditor may transfer your account to a collection agency or sell it to a debt buyer.
- How long does a collection account remain on my credit report?
a. Start of countdown for removal:
1. Date of 180 days delinquent with original creditor
- Length of time information remains on credit report -
a. A paid collection account will not disappear from your credit history just because you've paid it off. It will stay there until the statute of limitations has passed, which is at least 7 years.
- What if the collections account has already been paid and the statute of limitations time frame has passed?
- The credit bureaus should automatically delete it from your credit reports. If your collection account doesn't fall off of your credit report after seven years, you can file a dispute with each credit bureau that lists it on your report.
- What if I don't recognize?
- Review a current credit report to ensure the information is correct.
- If you still don’t recognize the alert you may contact us and speak to a Specialist.