Q’s and A’s on Paying a Collection Account

Q’s and A’s Paying a Collection AccountQuestion: I am applying for a short term business loan for my business and I was just notified by my bank representative that I have a collection account which is reporting on my business credit. I have called the creditor numerous times to negotiate some type of settlement but they refuse, so now what?

Answer: Is the business collection with a collection attorney or is it with a collection agency? Usually, collection attorneys rarely settle well, you’re better off settling the collection account with a collection agency than a collection attorney. If the collection agency refuses to settle, our recommendation is to hire a third party like us who will handle settling the debt and fixing the credit rating on your business credit. Even though the collection is a business account, if you signed a personal guarantee, chances are the collection will appear on your personal credit too.

Question: I have three medical collection accounts on my personal credit; however, the medical collection agency refuses to take a settlement offer, so now what?

Answer: More and more medical collection agencies are refusing to settle medical collections for less, it is in the contract between the medical facility and the collection agency when they are hired to collect the debt. Unfortunately, this has become more of a common practice with medical collection agencies, especially with accounts that owe between $500 -$1000.00.

For more information on how we can help you fix your business credit and personal credit in Naples FL, Bonita Springs, and Fort Myers FL please fill out the online contact form about your concerns or give us a call at 855.477-9007. Read what our valued clients have to say about First Pro Capital and Credit Consulting Professionals on our Testimonials page.

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