F*@k#n Collection Agencies

[Weapon_R]

I just got a call from a lady today from a collection agency. I had an ebay account years ago that I stopped using, and I owed about $60 in seller fees that I completely forgot about. Anyways, i've never dealt with collection agencies before and i'm wondering whether this has hurt my credit rating. She said that the amount was not subject to any penalties or interest, but I was at my doctors office when she called so I didn't have too much time to speak with her.

If it helps, the company is called NWO financial.

[BokCh0y]

It shouldn't hurt your credit as it really isn't a credit card or loan or something. What it is like is the Columbia House thing. Order CD's DVD's and not pay. They send out a colelction agency to harrass you and once they get the hint your not gonna pay they leave you alone.

IMO I think the best thing to do is just pay them so they stop hassling you. It's only $60, but yeah it shouldn't hurt your credit rating as it really isn't credit. Like IMPARK and their parking tickets and the collection agents they hire. Just harrassment.

[Z_Fan]

Why not just pay the cash you owe?

[ninjak84]

Haha when I was in school at Lethbridge, one of my friends rented a porn and never took it back. The collection agency hassled him so much and threatened to do everything in the book over $70.

But nothing ever came of it. Never hurt his credit rating just his pride. :D

Getting muscled over a porn :rofl:

[sputnik]

I'd pay it off... dont want the NWO after you.

http://www.homegame.org/HG/spotlight/hulkster/nwo.jpg

[stick-boy]

^ :rofl:

[Ben]

From what I understand if it's under a certain amount, like 100 bucks it's no big deal. I could be wrong.

Are you sure it was NWO? There is one out there called NCO Financial, and they are brutal, they'll abuse your credit rating and come after you for the money any way possible.

If I was you I'd pay the whopping 60 bucks asap and forget all about it.

[googe]

no one that isnt lending you money can legally touch your credit rating regardless of amount. any kind of bill sent to you regardless of who its from cant be tied to your credit rating.

[Weapon_R]

Originally posted by Z_Fan
Why not just pay the cash you owe?

Thanks for the tip :thumbsup: Had I known that I owed anything, it would have been paid immediately. Happens.

It is NCO actually :rofl:, not NWO. Anyways, I paid it as soon as she called, but is there any damage on my credit rating?

[hjr]

if its payed you should be fine. usually damaged credit is a punative measure when someone refuses to pay.

[BokCh0y]

nah shouldn't be any damage to your credit rating at all.

[tictactoe2004]

Here's a good one, another smart ass comment coming from me again... I got this one from a friend a few years back, it's so funny and it's great for someone thats strapped for cash or inbetween jobs if someone calls to harrass you... here's what you say:

Tell them that you only make "X" amount of money every month... and this is how you pay your bills, you put them all in a hat and pick bills untill you run out of money. Tell them that if they keep bothering you, next month your just not going to put the bill in the hat...

[EG STyLeZ]

Has anyone not paid an Impark ticket and had their credit rating affected as a result???:dunno:

[topher91]

I know that NORDON another collections agency doesn't add credit hits to ur cred for amt less than 100bux. Not sure if this is the same for all collection agencies.

[max_boost]

If you are worried about it affecting your credit rating, just check your credit report. If it is indeed on there, you can dispute the charge with your valid reasons.

[Ben]

it will likely show that something was referred to collections, however the fact it was paid immediatly generally helps.

[Redlyne_mr2]

To access your bureau via equixfax they need your sin and bday. It also costs them around $15 dollars to pull a bureau and even more to make an inquiry so I dont think it would be worth it to them. They also need some sort of signed consent to access that personal info, now since you obviously never signed anything and they dont have any of your personal info I highly doubt they are reporting. There may have been a clause in the terms and conditions that gives them full access to your personal information however I highly doubt it.

[Weapon_R]

Originally posted by Redlyne_mr2
To access your bureau via equixfax they need your sin and bday. It also costs them around $15 dollars to pull a bureau and even more to make an inquiry so I dont think it would be worth it to them. They also need some sort of signed consent to access that personal info, now since you obviously never signed anything and they dont have any of your personal info I highly doubt they are reporting. There may have been a clause in the terms and conditions that gives them full access to your personal information however I highly doubt it.

They never asked for any personal information whatsoever. No sin, no DOB.

[heavyD]

I had a dispute with a dentist as he charged me $200 for a dentist appointment that I missed. I was a student and there was no way I was going to pay $200 for services that weren't provided. I had those guys chasing me for years. They found me wherever I moved but I never paid and it never affected my credit rating.

Unless it's a bank, government or some sort of financial institute you have nothing to worry about.

[HillBilly]

Originally posted by Redlyne_mr2
To access your bureau via equixfax they need your sin and bday. It also costs them around $15 dollars to pull a bureau and even more to make an inquiry so I dont think it would be worth it to them. They also need some sort of signed consent to access that personal info, now since you obviously never signed anything and they dont have any of your personal info I highly doubt they are reporting. There may have been a clause in the terms and conditions that gives them full access to your personal information however I highly doubt it.

every time you check your credit rating or someone else does a check, your rating drops 5 points.....

thats why you don't go and apply for lots of credit cards because they all check your credit and it slowly kills what little credit you have.

speaking of credit rating.....
my wifes is an 805 and mine is 780
anybody higher....??

[BokCh0y]

Originally posted by heavyD
I had a dispute with a dentist as he charged me $200 for a dentist appointment that I missed. I was a student and there was no way I was going to pay $200 for services that weren't provided. I had those guys chasing me for years. They found me wherever I moved but I never paid and it never affected my credit rating.

Unless it's a bank, government or some sort of financial institute you have nothing to worry about.


exactly. :thumbsup:

[gran turismo]

Originally posted by heavyD
Unless it's a bank, government or some sort of financial institute you have nothing to worry about.

Not true. I worked at Scotiabank for a while and saw credit reports with negative ratings from Boardwalk (renters) and Ballbuster (Blockbuster), Telus/Rogers etc. so I would definitely check your rating to see if it has been affected. You might never know if this has had a negarive impact EVER unless you see your credit history. You could still get a loan/mortgage/Line of Credit later on and end up paying higher rates but still be approved. And just because you paid your bill late, does not mean it hasn't already hurt your credit.

With regards to the comment on credit checks hurting your credit. This is not entirely true. Lenders of credit will see the recent "checks" by other lenders and ask "why the checks?". Basically this can signal a credit seeker who's being denied by others. This isn't permanent and is very discretionary on behalf of the lender.

[googe]

^^ and checking your own credit certainly doesnt harm your rating.

[Ariakas]

Originally posted by EG STyLeZ
Has anyone not paid an Impark ticket and had their credit rating affected as a result???:dunno:

I had a few tickets back in my University days. Never paid and they sent a collection agency after me. Received a few letters saying they will do this and that, I ignored them and it went away. Didn't affect my credit rating.

[HillBilly]

Originally posted by googe
^^ and checking your own credit certainly doesnt harm your rating.

you'd be suprised what a credit check really does.

My bank will only do one credit check every two years because it harms your rating. He even showed me because I didn't believe him. It actually does go down with every check.

Now you can believe what you want but I know this for a fact.

[sputnik]

Originally posted by Stealth R/T


you'd be suprised what a credit check really does.

My bank will only do one credit check every two years because it harms your rating. He even showed me because I didn't believe him. It actually does go down with every check.

Now you can believe what you want but I know this for a fact.

There was a good thread about this a while back.

http://forums.beyond.ca/showthread.php?s=&threadid=60265

[t-im]

Originally posted by googe
^^ and checking your own credit certainly doesnt harm your rating.

It does effect your credit score (as others have said) Last Summer I processed mortagages and read through peoples credit ratings, mortgage apps etc, and it would always note something along the lines of "checked own credit too many times" bla bla bla, and their score would subsequently be lower.

[rage2]

Anything that went to a collection agency, regardless how small the amount and how much you make will make lenders (especially mortgage guys) think twice about loaning to you.

I had a $500 mark on my credit report thanks to a future shop accounting messup (and me being stubborn about being right and not paying for it). $500 went to a collection agency and it was next to impossible to qualify for a mortgage even with a huge downpayment and a 6 figure salary. Had to eventually pay it off, go to equifax to put an explaination on it in order to get approved.

When I leased my Benz's, again, I had to put down huge downpayment to get the cars because of a $500 mark on there. Now with that gone, I can apply for anything and get pretty much anything.

Collection agencies suck. Next time, even if I'm right, for a small amount of money, I'm gonna suck it up and just pay for it. It's not worth the hassles.

If you already have a bunch of collection agency stuff on there though, just wait 6 years. It gets wiped off automatically after 6 years ;).

[EG STyLeZ]

Originally posted by Stealth R/T

every time you check your credit rating or someone else does a check, your rating drops 5 points.....


Does this apply even to the free equifax and trans union reports?

[max_boost]

How would checking your own credit rating affect the score? That's absurd.

If anything, you should be checking up on your credit file periodically to see if there is anything unusual i.e. fraud etc.

If someone has accessed your credit report, it will show the date and corresponding bank/institution that requested it. And of course the more requests on file, will result in a lower score since you are actively seeking credit.

There are also 'soft inquries' which also show on the report, but do not affect the overall score.

[Weapon_R]

Originally posted by rage2
Anything that went to a collection agency, regardless how small the amount and how much you make will make lenders (especially mortgage guys) think twice about loaning to you.

I had a $500 mark on my credit report thanks to a future shop accounting messup (and me being stubborn about being right and not paying for it). $500 went to a collection agency and it was next to impossible to qualify for a mortgage even with a huge downpayment and a 6 figure salary. Had to eventually pay it off, go to equifax to put an explaination on it in order to get approved.

When I leased my Benz's, again, I had to put down huge downpayment to get the cars because of a $500 mark on there. Now with that gone, I can apply for anything and get pretty much anything.

Collection agencies suck. Next time, even if I'm right, for a small amount of money, I'm gonna suck it up and just pay for it. It's not worth the hassles.

If you already have a bunch of collection agency stuff on there though, just wait 6 years. It gets wiped off automatically after 6 years ;).

hehe I don't have 6 years to wait. Does it make any difference if I paid it immediately upon request?

[googe]

holy misinformation

most collection agencies cannot touch your credit rating, regardless of amount. they require your authorization to even look at it. in the case of a future shop card, thats a credit card, so yes they can mark it.


http://www.equifax.com/EFX_Canada/consumer_information_centre/faqs_e.html#ques7



Who can access my credit file?

Equifax is the largest credit-reporting agency in Canada and receives over 40 million requests for file information each year. Federal and provincial laws are very specific as to who can review your credit file and for what purpose. An individual or company may only obtain a copy of your credit file with your consent or after having told you that they will be reviewing your file. A company must have a legitimate business reason and a permissible purpose, as stated in government regulations, to obtain your credit file.

When you apply for a loan or credit card you are usually asked to complete and sign an application form. An application normally includes written consent that gives permission to the credit grantor to check your credit file when you first apply and for as long as the account is open. In addition to your name, an application often asks for your date of birth, your address and a previous address if you've recently moved - all of which helps to locate your credit file at a credit reporting agency.

Each time a member of the credit bureau requests your file, the request is noted on your file as an inquiry. You can therefore see a complete record of who has requested your credit file and when.

A credit reporting agency may only provide a copy of your file when the request relates to the extension of credit, collection of a debt, housing rental, an application for employment or for insurance purposes. Since your credit file contains only factual information, it is important to remember that each of the companies requesting your credit file will interpret those facts in its own way to arrive at a decision.

ive had a lot of things go to collections, yet none of it is in my credit report and i have a perfect profile. why? because i know who can and cant touch my report, despite what their letters say. examples include;

UPS
Fedex
Columbia House
Impark
Shaw

these people all hate or hated me and told me numerous times that i better pay ASAP or its going to affect my credit. shaw thought i owed them $360 for an old cable modem. absolutely nothing on my file from any of them or their collections agencies. but actual lenders and financial institutions are all over my file, and i know this, which is why i make sure never to miss a payment with any of them :)

as for checking hurting your score...

there are soft checks and hard checks. soft checks, including ones done by yourself, do not show up to other people that view your file and do not affect your score. usually the first check is a hard check, and subsequent checks by that organization will be soft checks, so they can keep updating. apply for the same card 3 times, only the first 1 shows up as a hard check.

excessive hard checks hurt your score, soft checks do not affect it.

go to equifax.com and see how everything works for yourself, there is so much wrong info going around and collections agencies love that.


one question i do have though that maybe zorroamg can answer, why dont mortgages show up? mine isnt anywhere on my file, which seems odd to me...

[Weapon_R]

Thanks Googe. Your quote, however, explains those parties that can access my credit information. I can only assume that this would apply to banks, lending companies, and others who require credit information for a product or service.

It does not delve into the jurisdiction for which a company can file a claim that would affect credit ratings, which I am after.

I think i'll wait about a week or so and do an equifax.com check on my credit. I've busted my ass off to keep a good credit rating and this caught me by surprise, so i'm a little disappointed in the event that it will affect future credit applications.

[mike_papps]

It will effect and anyone can put a collection against you if they have proof and are legally a buisness. doesnt matter of size of money out.. nco is terrible... pay the bill and get out... they will put a collection on the bureau and it will harm you even if paid... if you have any questions feel free to pm me... i can assist as im in the business!!

[Bigchuckers]

Originally posted by googe
no one that isnt lending you money can legally touch your credit rating regardless of amount. any kind of bill sent to you regardless of who its from cant be tied to your credit rating.

Does this include cell phones? I co-signed for a buddy and he bailed, that was 3 years ago! I was amazed when I got a loan in Jan. nothing was on my file. But now the collections is saying they will put this on my file. But none ever did before and Im on my 3rd different agency now.

[Weapon_R]

Originally posted by mike_papps
It will effect and anyone can put a collection against you if they have proof and are legally a buisness. doesnt matter of size of money out.. nco is terrible... pay the bill and get out... they will put a collection on the bureau and it will harm you even if paid... if you have any questions feel free to pm me... i can assist as im in the business!!

So where do I stand with this situation? Has it been placed on my credit report? I still haven't requested a report as I do not know whether it takes a certain time to show.

It was $60, it was paid on request, and it was from NCO. Any advice here?

[googe]

Originally posted by Bigchuckers


Does this include cell phones? I co-signed for a buddy and he bailed, that was 3 years ago! I was amazed when I got a loan in Jan. nothing was on my file. But now the collections is saying they will put this on my file. But none ever did before and Im on my 3rd different agency now.

far as i know yeah, they will LOOK at your credit rating and show up as an inquiry though

[googe]

Originally posted by Weapon_R


So where do I stand with this situation? Has it been placed on my credit report? I still haven't requested a report as I do not know whether it takes a certain time to show.

It was $60, it was paid on request, and it was from NCO. Any advice here?

meh, everyone says different and both sides seem to be equally sure. think the only solid answer you can get is waiting to see if it shows up.

[mike_papps]

there is probably already a collection on the bureau from when the item when into a collection company... credit bureaus only update every 2-3 months... equifax is usually 2 months where trans union is more like 3... if its nco financial its probably on your bureau.. i dont knwo if they have a set limit amount for money to put it against you but if it was onlye 60 to begin with then the intrest and the collection company fees on top of that might be higher... if it was a collection and you paid it off... no balance.. then on your bureau it will have a caollection on there but it will say satisfied or with a zero dollar balance.. unfortunatly if you paid it off you have to keep that recipt or letter from them to say that it was paid for 7 years... thats how long it will take to come off...

[mike_papps]

HEY GOOGE

Mortgages never show up on and credit file... why because lenders dont want other lenders to know... for example if you have a 10 percent mtg from back in the day through the royal and your house is worth 120,000... you only owe 50k on that house you have 70k in equity... other banks like td and them will try to wiggle your percent down and payoff that current mortgage leaving the royal with a payoff and making no money... to large of payoffs to try and get back quickly... its all a number game.. and unfortunatly they dont and probably never will.. to risky for the banks.. to many lost customers...

[mike_papps]

And just so everyone knows.. soft enquiries do show up on your bureau.... they dont harm your credit but financial institutions use them as a tol to see if your seeking for credit and might be in trouble.. best thing to do is to have 4-6 inquiries per year total... your scores will not be effected.. and as well keep your credit cards and loans under 70% or the max.. for example 1000$ card.... make sure you keep it under $700 or your bni ( bank nav index ) will drop... Beacon or Fico score is how well you pay your credit and The BNI is how close you are to bankrupcy and how extended you are with your credit... typiclly you see alot of low bni's but high ficos.. this means the customer pays it back but has too much debt and is a risk because if something changes they have no where to go... which inturn turns into seeking for credit...

[Paul@CustomAuto]

if any account is 2 years old a collection agency cannot legally collect on it. it goes what is called "stat barred" it is part of the fair trade act.

[googe]

Originally posted by mike_papps
And just so everyone knows.. soft enquiries do show up on your bureau.... they dont harm your credit but financial institutions use them as a tol to see if your seeking for credit and might be in trouble.. best thing to do is to have 4-6 inquiries per year total... your scores will not be effected.. and as well keep your credit cards and loans under 70% or the max.. for example 1000$ card.... make sure you keep it under $700 or your bni ( bank nav index ) will drop... Beacon or Fico score is how well you pay your credit and The BNI is how close you are to bankrupcy and how extended you are with your credit... typiclly you see alot of low bni's but high ficos.. this means the customer pays it back but has too much debt and is a risk because if something changes they have no where to go... which inturn turns into seeking for credit...

what is your source for this info? according to the credit bureau themselves, this is completely false.

[Bigchuckers]

Originally posted by Paul@CustomAuto
if any account is 2 years old a collection agency cannot legally collect on it. it goes what is called "stat barred" it is part of the fair trade act.

So can they sell it to anotehr CA before the 2 years is up? Cause my Roger's bill has been in for like 3 years now, but there has been 2 or 3 different agencies that have handled it since...

FWIW I got a Bell cell no probs so I guess there isnt anything on my score reflecting that.