How do I see what I owe in collections?
Dealing with collections can be a daunting task, especially when you’re unsure of the exact amount you owe. Whether it’s a forgotten bill or a mistake on your credit report, understanding what you owe is the first step towards resolving the issue. In this article, we’ll guide you through the process of identifying and verifying the debts you owe in collections.
1. Check Your Credit Reports
The most straightforward way to see what you owe in collections is by checking your credit reports. You’re entitled to a free copy of your credit report from each of the three major credit bureaus – Experian, Equifax, and TransUnion – once a year. You can access these reports through the following websites:
- Experian: https://www.experian.com/consumer/dispute-credit-report.html
- Equifax: https://www.equifax.com/personal/credit-report-credit-score.html
- TransUnion: https://www.transunion.com/credit-disputes
Review your credit reports carefully and look for any accounts listed in the “Collections” section. Note the account name, the amount owed, and the original creditor. If you find any discrepancies or errors, you can dispute them with the credit bureau.
2. Contact the Collection Agency
Once you’ve identified the debt in collections, it’s essential to contact the collection agency. This will help you verify the debt and clarify any questions you may have. To find the collection agency, you can:
- Check the contact information listed on your credit report.
- Search online for the debt’s original creditor and look for their collection partner or agency.
- Use the National Association of Professional Background Screeners (NAPBS) directory to find a legitimate collection agency: https://www.napbs.com/directory.html
When you contact the collection agency, be prepared to provide your name, account number, and any other identifying information. Ask for a detailed account of the debt, including the amount owed, the original creditor, and the date of the last payment. If you dispute the debt, be sure to get a written confirmation of the dispute from the agency.
3. Negotiate the Debt
After verifying the debt, you may want to negotiate the amount owed. Collection agencies are often willing to settle for less than the full amount to avoid the cost and time of pursuing the debt. Here are some tips for negotiating:
- Know your rights: Familiarize yourself with the Fair Debt Collection Practices Act (FDCPA) to understand your rights and the collection agency’s obligations.
- Offer a settlement amount: Based on your financial situation, propose a settlement amount that you can afford.
- Get the agreement in writing: Once you and the collection agency agree on a settlement, get the terms in writing and ask for a satisfaction letter after the payment is made.
4. Keep Records
Throughout the process, it’s crucial to keep detailed records of all communications with the collection agency, including phone calls, emails, and letters. This documentation will be valuable if you need to dispute the debt further or seek legal assistance.
By following these steps, you can gain a clear understanding of what you owe in collections and take the necessary actions to resolve the debt. Remember, addressing your financial obligations is the first step towards improving your credit score and financial health.
