What happens when your credit card payment goes to the credit bureau?

I have a credit card that i could not make payments on for 3 months. And the result of this made them send the account to the credit bureau. So i am wondering now do i have to start making payments to them or do i have to pay the whole amount? if i have to pay the whole amount what will happen if i cant make the payment?

What happens when your credit card payment goes to the credit bureau?

They should be contacting you shortly about setting up a payment plan or paying off the whole amount. Don%26#039;t keep sending money to the credit card company because they have probably passed it on to an outside collection agency by now.

What happens when your credit card payment goes to the credit bureau?

When you get reported to a collection agency they are now in control of the account and you should make arrangement with them.Now they become the agent of the credit card company and their job is to collect from you.They get a cut of the amount they collect for their services.Call them up and make payment arrangements( otherwise the interests may still be accumulating depending on your card agreement )and that will help repair your damage credit rating.

What happens when your credit card payment goes to the credit bureau?

You%26#039;ll be getting a call from a collection agency. You will be asked to pay off the debt, the interest and any extra fees.

You might still be able to contact the credit card company and work out some form of payment. Otherwise contact the credit bureau and speak with them.

Ideally you didn%26#039;t use you credit card while you weren%26#039;t able to make payments. Plus you hadn%26#039;t maxed the card out.

Most companies will accept a good faith effort to repay.

Don%26#039;t try %26quot;reduce you debt now%26quot; or %26quot;consolidate you debt schemes.%26quot; You%26#039;ll probably just add another collection agency to what you have now

What happens when your credit card payment goes to the credit bureau?

When you say %26quot;sent to the credit bureau%26quot; do you mean they reported you to the credit bureau or did they refer you to a collection agency? There%26#039;s a BIG difference. If it%26#039;s the latter:

The collection agency will send you a bill. Call them and negotiate a settlement. Or negotiate a very low monthly repayment plan.

Your credit rating has already taken a huge hit. You may as well negotitate a lower setllement with the collection agency.

Collection agencies can be negotiated with. Offer them WAY LESS than you owe. Remember, you can always threaten bankruptcy. If you file bankruptcy then the collection agency will get nothing. A little something ($) is better than nothing.

Collection agencies don%26#039;t make money unless you pay them something. So you%26#039;re now in a position of some power.

However, If you%26#039;ve been reported to the credit bureau there%26#039;s nothing you can do about it. Either way, you%26#039;ve already been reported to the credit bureau and had your credit rating reduced.