What if a collection account is not on my credit report?

The FCRA allows consumers to dispute credit report errors and fraud. So, if you check your credit report and discover a collection account that shouldn’t be there, you can send a dispute to Equifax, TransUnion, or Experian and ask them to remove it. Note: You can get a free copy of your three credit reports at AnnualCreditReport.com.

Do debt collectors have to report a collection account?

There’s no rule requiring debt collectors to report a collection account to the three major credit bureaus. A collection account can be reported when a debt collector acquires the debt, or not at all — it's up to the collection agency’s discretion.

What happens if a debt goes to collections?

Once your overdue debt is handed over to an internal or external debt collector, this action probably will pop up on your credit reports. A collection account on your credit can lead to a significant drop in your credit scores. It'll take seven years for accounts that have gone to collections to fall off your credit reports.