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If your debt or account is sent to a collection agency, it pays to learn how collection agencies operate so you know what to expect.
The types of debts most likely to be sent to a collection agency are credit card and telephone service debts, followed by other utilities, car, government, and medical debts.Debt collection accounts can stay on your credit report for up to seven years.You can lessen the effects of a collection on your credit score by paying it off.By taking some time to understand how collection agencies operate, you’ll know how to respond when they contact you so that you can negotiate a payment plan or get the agency off your back. The creditor may continue to own the debt, but turn it over to a debt collection agency with a contract to collect (this is assigned debt).Or, the creditor may sell the debt outright to a collection agency (this is purchased debt).
Many credit card accounts are sent to a collection agency after 180 days, or six months, of non-payment.