What is a Collection on a Credit Report

 A collection is a type of account that is reported on your credit report when you have failed to pay a creditor or lender the amount that you owe them. When you default on a debt, the creditor or lender may turn your account over to a collections agency, which is a company that specializes in recovering outstanding debts. The collections agency will then attempt to contact you and collect the unpaid debt. If the debt is not paid, the collections agency may report the collection account to the credit reporting agencies, which will be reflected on your credit report.

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