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Collection agency 6 questions and answers you should know


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After suffering from a poor credit report for years, Mark Clayborne went on a mission to study everything he could on restoring his credit. Concluding the extensive research, he repaired his credit report and learned various hidden secrets on how to improve a bad credit file. Because of this new found tested knowledge, Mr. Clayborne helped over a hundred consumers repair their credit and take their financial life back. Now, he wants to share these strategies with the world and as a result HIDDEN CREDIT REPAIR SECRETS was created which has sold over 1000 copies as of today. Mark is a certified credit consultant with over 100 articles written in the area of credit repair and a successful radio show titled “Who Else Wants Better Credit”, which is aired on Blog Talk Radio every Tuesday & Thursday at 7:30PM-PST. Mark educates his customers through articles, videos, his blog and various credit repair kits. He graduated from Virginia Commonwealth University with a Bachelor's Degree in Criminal Justice. He also holds a paralegal diploma. He currently lives in sunny California with a beautiful wife and lovely daughter.

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Collection agency 6 questions and answers you should know

  1. 1. PresentsCollection Agency - 6 Questions and Answers You Should Know
  2. 2. Its unbelievable how many questions on a daily basis I receive about collection agencies. In this article, I will share with you some of the common questions I receive about collection agencies.
  3. 3. What is a collection agency? Answer: Collection agencies are third - party companies that use aggressive tactics to collect outstanding debts from consumers.Old debts are either assigned or sold to the collector by a creditor. If the debt is assigned, once the collector obtains the money, a percentage of it is kept by the agency, and the remaining goes to the creditor. If the collector buys debts for 10cents on the dollar, they own it, and they will want 100% from you.
  4. 4. Why was my account turned over to a collection agency? Answer: * The bank could not locate you orcontact you * Your debt is over 120 days late * You moved out - of - state and theystill cant reach you Those are the primary reasons why alender or a credit card company wouldassign or sell your debt to a collection
  5. 5. What if they did not respond to my validation letter? Answer: Pull your credit report to see whether the collection agency has reported theoutstanding debt. If the bill is there, send the collector a certified letter with a return receipt stating that they have violated the FDCPA by collecting and reporting negative information on to your credit report without validating it.
  6. 6. In your letter, demand that they delete the information immediately, and include copies of the first certified return receipt mailing and your letter you sent. Give them 16 days torespond to your demand. In the meantime, write a letter to the credit bureau asking them todelete the damaging item because the collection agency was not able to verify the debt.
  7. 7. During this time, if the collection agency has notresponded or has not deleted the incorrect item, file a complaint with the FTC and your local attorney generals of fice. Wait for the creditbureau to respond to you. If they respond saying that the negative item was verified by the collection agency, then it may be time to take legal action. With enough grounds, you can suethem for Defamation and violation of the FDCPA.
  8. 8. They responded to my validation letter with a summons. What should I do? Answer:Write back to them stating that they cannot sue you if they have not validated the debt. If the debt goes to court, argue that the collection agency did not validate the debt according to the law.
  9. 9. I dont have the money to pay, what can I do? Answer: Send the debt validation letter. If comes back validated, set up a payment plan right away toavoid the debt from damaging your credit reportusing the negotiation strategies in chapter four.
  10. 10. How did the collector find me? Answer:They use an investigative technique called skip tracing. The agency uses computer databases that give them access to your credit report, current and past addresses, voter registrationcard, DMV records, and other sources with your information on it.
  11. 11. As you can see that there were many questions and answers listed above. I hoped thisinformation will give you a better understanding of dealing with a collection agency. Now thatyou are empowered with new information, go out there, and take action.
  12. 12. If you are ready to say goodbye to credit rejection and debt collectors, visit hiddencreditrepairsecrets.comand sign up for the Free 8-Day E-Credit Repair Course, and claim your Free Gift-60 minute Podcast on Rebuilding Your CreditHiddencreditrepairsecrets.c om