Description

A collection account is a debt that has been sent to a collection agency after the original creditor has been unable to collect it. Collection accounts can hurt your credit score and make it difficult to get approved for loans or credit cards.

There are a few things you can do to deal with collections:

• Pay the debt. This is the best option, as it will remove the collection account from your credit report.
• Negotiate a settlement. You may be able to negotiate a settlement with the collection agency for a lower amount than you owe.
• Dispute the debt. If you believe the debt is not valid, you can dispute it with the collection agency and the credit bureaus.
• Ignore the debt. This is not recommended, as it will not make the debt go away and it could damage your credit score even further.

If you decide to pay the debt, be sure to get a written confirmation from the collection agency that the account has been paid in full. This will help to protect your credit score.

If you negotiate a settlement, be sure to get the settlement agreement in writing before you make any payments. This agreement should include the amount you are paying, the date the debt will be considered paid in full, and the terms of any payment plan.