The collections industry has grown so huge in the last couple of years. The reason for this is that collections and recoveries are usually outsourced business functions. It would be unfathomable for a creditor to handle retrieving debt from all of their accounts, so the creditors call the collections agencies.
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How Long Will A Negative Mark Stay On My Credit Report Part Two
In the last article in this series I wrote about how long different marks remain on your credit report. I mentioned that mistakes will be removed immediately, soft inquiries will have no effect, and hard inquiries can hang around on your credit report for two years. Late payments have the capacity to do way more damage.