Check Your Credit Report for Exaggerated Balances to Avoid a Lower Credit Score
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Adam Dachis —Managing your credit can be an unpleasant chore and here’s another reason why: phantom money. CNN Money points out that if you end up getting reported to a collections agency for any reason, sometimes your credit report can end up showing a hugely exaggerated balance. Here’s why:

The card balance should then drop to zero, and a new account, this time with the collection agency, should appear on the report. Sometimes, though, the issuer won’t strike that balance from its records, and it will appear as if the consumer has two outstanding debts. If the debt is bought and sold numerous times, which is common, the problem can multiply. Another instan…………… continues on Lifehacker

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