by John Cooper,
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UNITED STATES, Dec 08 — When you are being contacted by debt collectors it can be very aggravating. It can cause you to change your number, change your job, and even move. This frustration will quickly be multiplied if the debt is not a valid debt. If you do not do this it will only change the item to a paid collection and will still damage your credit score
W
hen you are being contacted by debt collectors it can be very aggravating. It can cause you to change your number, change your job, and even move.
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 find yourself in this position you should request validation of the debt. This is done by writing a letter to the debt collector and requesting validation. I suggest you do this by certified mail so you have documentation that they received your letter.
Do not request validation over the phone because it is often ignored. In addition you only have 30 days to request validation of a debt once you are notified.
Furthermore it is becoming more and more common for debt collectors to just sell your account to another collection agency if you request validation. This will result in you getting calls from another debt collector.
Unfortunately a lender mistake often leaves you in a position where you will need to hire a credit repair service to remove the negative items that have been reported on your credit. This is the best method to limit the damage to your credit score.
If the debt is valid then we suggest you settle it. This is done through a settlement letter to the collector; we suggest you offer 50% of the balance.
Do this because the debt collector has purchased your account for a fraction of the balance. In addition you are showing the debt collector that you are willing to pay if you can agree on a price so they will negotiate on the balance.
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 a service to repair you credit from debt collectors.
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