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Working With Debt Collectors To Increase Your Credit Score
24-11-2020, 00:12 | Автор: HamishMcHale1 | Категория: Отечественные



When debt collectors call, we tend not to answer the phone.

But if they are calling, that most likely means that your credit report has already been dinged and if you want reverse that you are going to have pick up the phone.



Before you do anything, verify your balance and who is the correct collector

When a debt collector calls you, you should find out what account they are calling about and the balance.

Then you need to go back to the original creditor and make sure the balance is correct and then find out who they sent the collections too. Also, if the sold the collections, you need make sure that you are dealing with the correct collector, because the debt may have been sold multiple times.
So you need to find out who currently who has the authority to collect on the debt.

If you have multiple debts in collections, start with the most recent collection

The reason for credit score check trying to settle the most recent collection is because it has the most affect on your credit karma score.

Trying to settle or pay old collections will benefit you less on your credit score. Also, if they are really old, such as 6 years old for example, you may want to let it pass the 7 year limit on your credit karma report.

Know your rights when working with a debt collector



The Fair Debt Collection Practices Act gives you certain rights when collectors are calling you.

First they can only contact you between 8am and 9pm. They can't call you at 2am knowing your are at home sleeping. That's out of bounds. They also can only talk to you about your debt. They cannot call your friends or your employer about your debt.
Also, if you don't want to talk to the debt collector, you have right to notify them in writing to stop contacting you. If you primarily rely on government benefits for income, the creditor cannot garnish your income to recover the debt. Finally, if you think your rights are being violated you can report the collection agency to the FTC.



There is no debtors jail

One false notion many debtors fear is that they are worried if they don't pay they will go to jail. In the US, that is not the case. You cannot go to jail for bad debt. Your wages can be garnished a lien can be assessed or a judgment can be placed on you but you cannot go to jail for owing money.


So if you want to improve your credit karma score, it is well worth your time to work with collection agencies that are calling you to remove the bad debt from your credit karma report











[img][/img] I have been in the financial services industry for credit report free over 12 years and I have seen it all.

I have worked with risk analysis, implemented credit karma scores, worked in sub-prime, debt collections, underwriting engines, check credit bureaus, software developers, you name it, I have been apart of it. I want to spread my knowledge and expertise to as many people as are interested in the topic.
Visit for more information about [url=http://creditreportl.com/]credit karma management.
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