It can be very frustrating when you are being contacted by debt collectors. This can cause you to change your number, move or more.
This frustration will quickly be multiplied if the debt is not a valid debt. It is not uncommon for a lender mistake to cause your account to go to collections. Unfortunately explaining this situation to someone that has already paid money for your debt is not a recipe for success.
If you are in this position then you should request validation of the debt. I strongly suggest you do this through certified mail so you have documentation that they did get your debt validation letter.
Do not ever request you validation over the phone. This is a very ineffective method because it is often ignored and you are only given 30 days to request validation of a debt once you are notified.
In addition it is becoming common for debt collectors to sell your account if you request validation. This is why I suggest you request validation through certified mail so you can prove that your request was ignored.
Instead I suggest you hire a credit service to dispute the negative credit items that the debt collectors have posted on your credit report. This way you will prevent your score from being damaged due to a lender mistake.
If the debt is valid then you should settle it. You should start your settlement offer at approximately 50% of the balance.
Start at 50% of the balance because the collector bought your account for a fraction of the balance. Also this will notify the collector that you are willing to pay you just need to agree on a price.
Before you pay you should get the collector to agree to remove the item from your credit in exchange for your payment. If you do not do this it will only change the item to a paid collection and will still damage your credit score.
In sum I suggest you hire a credit repair service to repair your credit from debt collectors. - 16089
This frustration will quickly be multiplied if the debt is not a valid debt. It is not uncommon for a lender mistake to cause your account to go to collections. Unfortunately explaining this situation to someone that has already paid money for your debt is not a recipe for success.
If you are in this position then you should request validation of the debt. I strongly suggest you do this through certified mail so you have documentation that they did get your debt validation letter.
Do not ever request you validation over the phone. This is a very ineffective method because it is often ignored and you are only given 30 days to request validation of a debt once you are notified.
In addition it is becoming common for debt collectors to sell your account if you request validation. This is why I suggest you request validation through certified mail so you can prove that your request was ignored.
Instead I suggest you hire a credit service to dispute the negative credit items that the debt collectors have posted on your credit report. This way you will prevent your score from being damaged due to a lender mistake.
If the debt is valid then you should settle it. You should start your settlement offer at approximately 50% of the balance.
Start at 50% of the balance because the collector bought your account for a fraction of the balance. Also this will notify the collector that you are willing to pay you just need to agree on a price.
Before you pay you should get the collector to agree to remove the item from your credit in exchange for your payment. If you do not do this it will only change the item to a paid collection and will still damage your credit score.
In sum I suggest you hire a credit repair service to repair your credit from debt collectors. - 16089
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