Updated 12/04/2012 12:03 PM |
ID# 1661
I fell behind in my payments for a while, but since then have caught up and now I'm current. Why is my overpayment still showing as a collection account on my credit report?
When you fail to make timely payments, your overpayment may be reported to the credit bureaus as a delinquent debt in collection status. According to the Fair Credit Reporting Act, once a delinquent debt is reported correctly to the credit bureaus, the debt information remains on the debtor's credit record for a period of seven years, even if the debt is fully repaid and the debt balance is zero.
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