Collections:
A collection is a delinquent account that has exceeded the expiration of the 180 day period beginning on the date of the commencement of the delinquency which immediately preceded the collection activity placed for collection (internally or by referral to a third party, whichever is earlier). Accounts placed for collection or charged to profit and loss which antedate the report by more than seven years.
Collections have a significant effect on your credit score whether the collection is paid or unpaid. The truth of the matter is, paying off a collection does not remove it from the credit report. Although the debt may be satisfied, it will remain on your credit report for the full time period allowed by the statute of limitations. Debt collectors constantly take advantage of consumers by telling them that the collection will be removed from their credit report if payment is made. Although this is possible, it is almost always not the case.
Most consumers are unaware of how to establish, maintain or restore their credit. Luckily, Credit Restoration Bureau is one of the country's leading authorities in credit restoration and credit education. Credit Restoration Bureau was formed by bringing together subject matter experts from numerous fields and that collection of expertise allows CRB to apply an all-source approach to their state-of-the-art method of credit repair. Credit Restoration Bureau specializes in removing collection accounts from the consumers credit report and can assist you in obtaining the fresh start you deserve. Visit the Credit Restoration Bureau website by clicking the link below.
