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Question By
SteveThePirate

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How does an additional collections ping affect my credit?
Howdy,

I have seen many questions regarding new collections, but I have a collection that is a couple of years old. First, if they report me again, how will that affect my credit?

Second, I lost my job, so I put my account on hold (They allow me to freeze it for 6 months or cancel it). I wound up cancelling it via phone. Then, I was sent a collection for 3600 bucks many months later. I have no proof that I cancelled it and they never contacted me to discuss paying any further charges.... my phone number stayed the same.... Anywho, is there anything I can do with this charge? Can I dispute it successfully?

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When you cancel an account, it does not automatically cancel the debt.  If it was an account with a minimum period of time to offset initially lower than normal prices, then when you cancel you still owe the firm for the balance of the initial period of the contract.   You need to review your initial contract for the terms.   One should never terminate any contact via phone unless you have the name of the person you spoke with as well as the call reference number.   Every call has an activity or incident number for reference.   You should request that your conversation be confirmed via email.   Not all firms will confirm in this manner.  You should immediately contact the firm via postal mail or email confirming your confirmation number and the context of the telephone call.   If you feel the account is in error, you can file a dispute with the credit bureau.  They'll contact the creditor and make a determination.   If the debt is valid and you don't pay, if the creditor decides to seel you account to a different debt collector, the same debt can appear on your credit report multiple times for the same initial account.

Reply by
SteveThePirate

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Until that seven years is up, correct? Any who, how does an additional ping affect my credit? Since it is becoming an older debt, does that mean it won't affect it as much or do all new additional pings affect my credit the same way?

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