Collection accounts stay on a person’s credit report for seven years and can cause significant credit score damage, and increases in collection accounts in a state also show people are having trouble paying their bills. To see where Americans’ financial futures are most in jeopardy, the personal-finance website WalletHub today released its new report on the States With the Most Collection Accounts.
Idaho Statistics
Overall Rank: 8th
Average No. of Collection Accounts per Resident in Collections in Q4 2023: 2.89
Average Balance per Collection Account in Q4 2023: $1,319.03
% Change in Average No. of Collection Accounts per Resident in Collections (Q4 2023 vs. Q3 2023): 0.81%
% Change in Average Balance per Collection Account (Q4 2023 vs. Q3 2023): -0.05%
“People who have collection accounts should focus on dealing with the issue as quickly as possible. While collection accounts will stay on your credit report for seven years, paying off the balance can still improve your credit score. Other options aside from simply paying include settling with the debt collectors, setting up a debt management plan, or trying to wait for the statute of limitations to end. You should also know your rights to protect yourself from harassment by debt collectors.”
“Wyoming is the state with the most collection accounts, with an average of 4.1 accounts per resident in collections. Wyoming also has the highest average balance per collection account, at around $1,984. Although Wyoming has the biggest collection account problem in the country, the number of accounts per person is increasing at a slower rate than in other states.” – Cassandra Happe, WalletHub Analyst
For the full report, please visit:
https://wallethub.com/edu/states-with-the-most-collection-accounts/134307