Page 34 - Book7E

Buy what thou hast
no Need of and ere long thou shalt sell thy Necessaries.
—Benjamin Franklin
26
For your own piece of mind, you may also want to contact the collec- tion agency to determine the nature of the account. Here’s why:
• You may discover that the collection account is NOT yours. It may belong to someone with a name or social security number very similar to yours. Should this be the case, ask the collection agency to acknowledge this fact in writing. They should send a copy of the letter to you and to the credit reporting agency so that the incorrect information can be cleared from your report.
• You may find out that the collection account IS yours . Sometimes bad news is still good news if it helps you clear up a problem you didn’t know you had. It’s in your best interest to determine the accuracy of the amount of the collection account and pay your obligation as soon as possible. Then once you do, request a letter from the collection agency to this
effect and make sure the credit reporting agency receives a copy of the letter so that they can list the account as paid.
Let’s Review __________________________________
Complete this exercise as a helpful review in understanding the sections, terms, and concepts of a credit report. Fill in the blank with the letter of the description that matches the term.
1. _____Account History
2. _____Public Records or Courthouse Records 3. _____Summary Information
4. _____Collection Accounts
Sample Credit Report