Anna Greene, Member
@anna_greene
The First Premier Bank collection process usually starts once your credit card delinquency reaches 4 months. If the account becomes 180 days delinquent, they are legally required to write the debt off their books. However, they will start reporting your missed payments to the major credit bureaus as soon as you become 30 days delinquent.
How the First Premier Bank Collection Process Works
- The issuer will start reporting your missed payments 30 days after becoming delinquent. This action will affect your credit score.
- They may start the collection process after being behind on four monthly payments.
- Once your credit card account becomes 180 days delinquent, First Premier Bank is legally required to write the debt off its books.
- Your debt will be sold to a third party-collection agency.
In this type of situations, it’s best to be fully prepared. So, make sure you know your rights when dealing with collection agencies. You can do so by reading the Fair Debt Collections Practices Act.
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