If you can’t pay your debt in full, calculate how much you can comfortably pay each month and try to negotiate a settlement and debt payment plan with the debt collector. In the process of determining how much you owe and which agency has your debt, the first step is to get organized. To find out what you have in collections, you will need to check your latest credit reports from each of the 3 credit bureaus. No legal actions will be taken at this time. If it is, the collection agency’s threats to sue you are legitimate, and you could end up with your bank account or wages garnished. The collection agency can buy the old debt from your original creditor for a reduced amount and keep whatever they collect. The Structure and Practices of the Debt Buying Industry. "What Is a Collection Agency?" Because debts can be resold over and over, you could wind up hearing from several different debt owners over time. Consult with an attorney if you have any questions or concerns about a debt you are trying to settle. Make sure if you do plan to pay off any debt to a collection agency, that you make sure that it is considered completely and 100% paid, especially if you're trying to work out a settlement. That’s especially true if some of your debts are old, and have been sold by your creditors to collection agencies. Find Out How Much Credit Card Debt You Owe. The people from the debt collection agency will call you up or send you an email. You can also directly reach their number to find out about their voice mail. Some debt collectors will say or do anything to get people to pay them. There’s no way to know if a particular collection agency reported your debt to one credit bureau or all three, so it may be necessary to check your credit reports with each of the major credit bureaus: Equifax, Experian, and TransUnion.. I called them to find out which Collection Agency has the past due bill so I could pay it off. When this occurs, debt collectors will be in regular contact so you should know if these individuals have been tasked with reclaiming what you owe. We're reaching out to taxpayers. Accessed Feb. 6, 2020. If you are running a business, then having debts in the market can be natural. Accessed Feb. 6, 2020. Collection agencies are not required to report their account information to all three of the national credit reporting agencies. Use the Balance as a Starting Point In most cases, the collection agency has purchased your previously past-due … Here are eight ways to recognize debt collector scams so you can ensure you aren't duped out of your money. When you’re on a mission to clean up your credit, there’s one task that may prove more difficult than you’d think: figuring out who you owe. The lender you originally had the account with may be able to tell you which collection agency purchased or otherwise acquired your account. However, it's also possible the account has been transferred to a third agency, and in that case, your original lender is unlikely to be of assistance. Statutes of limitations and other regulations vary from jurisdiction to jurisdiction, and legal advice specific to your situation can save you a lot of money. Finding out about debts by: DebtCollectionAnswers.com Victoria, You need to get copies of your credit reports from each of the three major credit reporting agencies from AnnualCreditReport.com. Finding out you owe money to a Creditor is not exciting news. If you haven't kept to the terms of the order, your creditors can take further action to try and get their money back. Even if you feel you owe such a debt, do not give ANY information to the collection agency calling you by phone. Your creditor or the collection agency may have made a mistake. If you owe the bank money, reach out to it by phone or email. Once you know you have debt in collections, you need to find out which collection agency you owe. Now, once you have identified the debt collection agency, find out who is getting the money. If the collection agency has reported your credit already to any of the credit bureaus, it should reflect in your credit report too. They are most likely to call you and inform you in detail about your debt situation and how you can pay them so that they can pay their clients back. It is free. How to Interpret an HVAC Repair Price List - Cheap and Costly Replacement Parts, Personalized soccer books so you never forget a goal, Places to visit the next time you travel to Asia, The right place for investment in residential property in Bangkok, Business Tips for Experts, Authors, Coaches, 5 Ways To Know Which Debt Collection Agency You Owe, Get Updates on Debt and Debt Consolidation, >> See All Articles On Debt and Debt Consolidation, ***DON'T STAY STUCK! If you’re a strong negotiator, you might also try to settle the debt, which means agreeing to pay a percentage of what you owe in one lump sum. YOUR AUTHENTIC SELF. We're reaching out to taxpayers.