That's pretty obvious, isn't it? You haven't paid your bills. However, I get so many questions about this, that I decided to post a section on the subject.
Most of the time, credit card debts may be turned over to a collection agency after 180 days after the debt is owed. In the case of medical collections, some hospitals - especially for people who don't have any insurance - turn medical bills over for collections immediately.
Junk Debt Buyers (JDBs) specialize in collecting old debts and debts supposedly discharged through bankruptcy. Many of this "paper" are turned into securities traded on Wall Street. For more, read here.
A collection may only go on your credit report 180 days after the debt is owed, according to the Fair Credit Reporting Act.
Here are your rights regarding collectors/collections.
Here are some helpful hints about dealing with collection agencies and getting collections off your credit report.
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