My auto insurance company sent me to a collection agency, is this going to be on my credit record?
Posted on Apr 28, 2008 under Insurance Information |I cancelled my auto ins. and they charged me a cancelation fee. I disagreed with this but all they kept saying was "I should of read my policy"…. To make a long story short I owed them $33.86 and it was due on 1/20. I called them on 1/29 and paid them over the phone. I just received a letter from a collection agency saying I owe them the balance. I called the insurance company and they said that they would forward my message to their accounting department and contact the collection agency to tell them this has been paid. I am applying for a small business loan and can't afford to have something like this show up on my report. Is there any grace period on behalf of the collection agency before they report to the 3 credit bureus?? Any suggestions would be appreciated. Thanks in advance!!
April 28th, 2008 at 10:52 am
It'll go oin your Insurance & collection agency record.
April 28th, 2008 at 10:52 am
The first thing you need to do is call the credit collection agency with the information of your payment, such as payment method, amount, and any confirmation number they gave you. You need to do it soon before it goes on your credit, because it absolutely can if you don't get it resolved ASAP. Good luck.
April 28th, 2008 at 10:52 am
1. $33.86 will go on your credit record eventually, but it won't keep you from borrowing money. It won't hurt you.
2. If you try to borrow money, the worst that might happen if they want to be an ass is to explain the $33.86. I have bought a house and a car with worse than that.
3. Check your insurance policy or contract. See if it says something about it. If it does, they are right–pay them. If it doesn't, threaten to report them to an insurance regulatory agency. Or, send a copy of the contract to the collection agency. If you can prove you don't owe it, they will not try to collect it or turn you in.
April 28th, 2008 at 10:52 am
According to my understanding of your post, you didn't contact the collection agency directly yet. I urge you to contact them, and tell them all about this. They'll tell you what to do… perhaps they contact the insurance company faster, or they might ask you to provide some informal evidence of payment till they receive the communication from the insurance company (this could be an email from you telling them that), or perhaps they could add in your registry a line saying that the payment in on the way…so that not report this yet to any credit bureaus… Ask them specifically whether you have been reported to the credit bureaus and if about the meaning of this report.
April 28th, 2008 at 10:52 am
Because you paid it soon enough to your Ins. company and its such a small balance it will not show up on your report
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