“Collection Account Number”

Collection Account Number Meaning

A Collection Account Number (CAN) is a unique, 12-digit identifier assigned to a debt or outstanding amount. CANs are used by creditors, collection agents, and credit bureaus to track payments, notify consumers about balance changes, and, if necessary, initiate collection efforts.

Purpose and Usage of Collection Account Number

CANs are widely used to facilitate tracing and tracking debt collection efforts. A CAN allows creditors, collection agents, and credit bureaus to pinpoint a debt accurately and efficiently and quickly notify the associated consumer. The CAN number makes it easier to compare records, verify payment amounts, and speed up collection processes.

How do I find my Collection Account Number?

Collection Account Numbers are typically assigned to particular consumers. To find your CAN, you should look for correspondence from the creditor, collection agency, or credit bureau associated with the debt. CANs are usually found on credit bureau status reports and debt collection notices.

FAQs

How do Collection Account Numbers differ from other account identifiers?

Unlike other account identifiers, CANs only represent a single debt and the associated consumer and cannot be used for any other purpose. In addition, CANs are used only for debt collection, unlike other identifiers which may be used for other purposes such as completing transactions.

Can Collection Account Numbers include personal information?

Collection Account Numbers typically do not include any identifiable information about the associated consumer. CANs are comprised of 12 digits, which may include numbers, letters, and symbols.

How does an accurate Collection Account Number impact debt collection efforts?

Accurate information regarding CANs is essential for proper debt collection efforts. A precise CAN ensures the creditor and collection agency can properly track progress and quickly identify payments associated with a given debt. CANs also help creditors move forward with collection activity if necessary.

How can individuals verify the legitimacy of a Collection Account Number?

If you have any doubts or suspicions about the legitimacy of a Collection Account Number, you should contact the creditor or collection agency associated with the CAN to request additional information. Make sure the CAN provided matches the one listed on your credit bureau report or debt collection notice.