What does COLLECTIONRE mean on my credit report?

Is COLLECTIONRE making an impact on your credit score?

Updated January 1, 2023

What is COLLECTIONRE?

COLLECTIONRE is shorthand for COLLECTION RESOURCES INC, with the company name being COLLECTION RESOURCES INC Inc

Security policies, procedures and technical measures are reviewed periodically to ensure adherence to HIPAA, FERPA and PCIT requirements. We are a debt collector, collecting debts only on behalf of one party. Information about you may be shared as necessary to comply with law or applicable legal obligations.

COLLECTIONRE is a Collections Agency provider. They could be on your report for a number of reasons, for example:

  • ⚫ You missed a repayment.
  • ⚫ You opened an account with COLLECTION RESOURCES INC.
  • ⚫ COLLECTION RESOURCES INC bought your debt and are now trying to collect on it.
  • ⚫ You opened a credit card / loan / mortgage with this company.
  • ⚫ Someone fraudulently opened a credit line under your name.

About the account

The account is classified under the following METRO2 categories:

  • ⚫ Collection Agency/Attorney

How do I contact them?

Here is the current contact details for COLLECTION RESOURCES INC:

Address:

  • 650 Montana Avenue, Suite J, Las Cruces, New Mexico 88001, United States

Website:

Email:

Phone:

Payments

Collection Resources, Inc. offers online payment through their payment portal, which can be accessed through a mobile app. Payments can also be made through wire transfer. There are no penalties for late or missed payments.

Question Answer
Do they offer a monthly payment plan? No
Can I make payments over the phone? No
Can I make payments online? Yes
Do they offer a discount for automatic payments? No
Can I make a payment using a mobile app? Yes
Can I make a payment using a wire transfer? Yes

Forgiveness and Cancellation

they offer loan forgiveness and consolidation. To qualify, you must make 120 on-time, full payments.

Question Answer
Do they offer loan forgiveness? No
Do they offer loan consolidation? No

How to Apply

All of the major loan types - federal and private - can be applied for online, over the phone, or in person. Some lenders also offer mobile applications. In most cases, you will need a cosigner for the loan to be approved.

Question Answer
Can I apply for a loan over a phone call? No
Can I apply for a loan in person? No

SmartCredit Report Example

  • This is an example of what this creditor will look like on your SmartCredit report.

COLLECTIONRE SmartCredit Report

Will this affect my credit score?

Whether this account affects your credit score depends on a variety of factors, such as:

  • Account Open Date: If you opened this account recently it will impact your credit, the only way to prevent this from impacting your credit score is to remove the account from your report.
  • Derogatory Markings: If this account has any derogatory markings such as: Lates, Charge Offs, Collections and others.

However, there are could be some potential positive aspects to this account which could lead to improving your credit score, such as:

  • Account Age: If your account is quite old, then the age of it will positively impact your credit score
  • Repayment History: If the account has no Late Payments, Charge off Payments, then it may reflect a positive impact onto your credit score.

Can it be removed from my credit report?

Yes, with the right strategy, you will be able to remove any account from your report. But you have to be careful to ensure that the account is negative to begin with, or it will negatively impact your credit score.

However, removing a negative account will positively impact your credit score, allowing you to open new credit lines and potentially removing bad debt.

What is a Collections Agency?

Collection agencies appear on your report when a company has failed to collect an outstanding debt. If a creditor has sent your debt to collections, they expect to receive only a portion of any money collected. For them, this is preferable to receiving nothing at all continuing the process of trying to collect your debt themselves. However due to the agressive nature of some collection agencys, you may feel threatened or harrassed by them. However, the good news is that if they inaccurately reported your debt and you take the correct credit repair action, there is a good chance that you will not have to repay and inaccurately reported debt.

How do I remove COLLECTIONRE from my credit report?

You can send a dispute letter to the credit bureaus to remove this account from your report. You must send a dispute letter to all three credit bureaus, as they are legally required to remove the account from your report if it is found to be inaccurate. For best results you should send a dispute letter to the credit bureaus via certified mail, this will ensure that you have a legal record of the communication.