I need to increase my credit score. These companies are not calling me. I am trying to contact them. Within the next year, I am wanting to buy a house. If I am to do this, then I need to get these credit collections off of my credit report. I really need to contact these people, so that I can get collections off of my credit report. Will someone please be so kind to inform me of how to take care of this problem? Thank You!|||This is the best process.
See below.
http://www.creditscorequick.com/2008/04/鈥?/a>|||annualcreditreport.com - recommended by federal trade commission
get three reports free once a year
freecreditreport.com wants your credit card # so they can sign you up for a service @ $12 monthly.
even if you pay the debts you will still show that debts went unpaid for a period of time, but will show paid. contact info for creditors is in your reports.
http://www.ftc.gov/ - helpful info here. good luck with your new home|||The first thing you need to do is get a copy of all three credit reports (freecreditreport.com). For all of the collection accounts there should be contact information for the creditor; name, address and phone number. Sometimes they don't list a phone number, but if you have the name and address, they should be pretty easy to track down.
Good luck!|||If they are not contacting you, but you know about the debts, then you need to contact the original person (doctor's office, hospital, whatever) to whom the money is owed. Give them your name, and you may need to give them your date of birth or SS number so they can find your account, and then they can tell you how to contact the agency it's been handed to. Ask if they have an account number while you have them on the phone.
The next step is simple--you have the name of the collection agency, and the phone number given to you by the people who did the original service or sold the original product--you simply contact the collection agency and tell them you need to set up payment arrangements.
I will tell you, from having to deal with a lot of extra medical bills when my husband had surgery, that they will try to strong arm you, and will often say things like, "Well, looking at the balance, I can see we're going to need a payment of $225 per month." Figure out how much you can afford to pay before you call them, and if their "target" payment is too high, simply tell them that you cannot come up with that much. They will offer you a slightly lower number. All you do is be honest with them and say, "Look, I can afford $75 a month, and that's the maximum I can afford." Don't let them push you around, or force you into a payment situation which you cannot maintain. What many people don't know is that collection agencies are usually required by law to take whatever payment you can give them, regardless of what payment they'd like you to make.
Once you make the payment arrangement, be sure to make your payments on schedule, and for the agreed upon amount. If something in your financial situation should change, and you cannot make the entire payment, contact the agency immediately, tell them you have had a life-altering change, and that you need to reduce the payment amounts. If you happen to have a little extra money at some point, and you have a payment due, kick in the extra, which will help pay the debt off faster.
Good luck.|||Debts owed that go into collections can often be negotiated to a fraction of what was actually owed. In order to negotiate the best deal you must understand how the collection system works, the debt collectors mindset, know your rights and how to start off the negotiations.
When debts go unpaid for several months that company normally negotiates with another company in order to get you to pay. This third party either purchases your debt for a fraction of what is actually owed, or they work for the creditor for a fee or a percentage of any money that they collect. The debt collector is in the sole business of collecting debts and they have many methods they use in oder to make individuals pay.
It is important to understand that it is the debt collectors job to make you pay. They get paid when you pay. Debt collectors deal with unpaid debts on a daily basis and they do not have the emotions that you may have about your debts. Debt collectors, from the nature of their business are most of the time aggressive and have no problem putting stress on you and pressuring you to pay.
When dealing with debt collectors you need to know your rights. Debt collectors normally will not tell you your rights and possibly will break the law when trying to recover debts. There are many rights you have, but a few of the most important ones are the following:
-Fair Debt Collection Practices Act (FDCPA) - This is a federal law that requires debt collectors to treat you fairly. This law places limitations on the way they can collect. This act places limitations on when the collector can call, who they can contact, obscenities, amounts they are entitled to collect, suing in locations far from residence, threatening remarks, and many more. The following website gives great details on the FDCPA: http://www.expertlaw.com/library/consume鈥?/a> If you feel a collector has violated one of your rights, you should contact either an attorney or a credit company that can help with this.
-Statue of Limitations - With all debts there is a time limit to how long creditors or collections agencies can sue in order to collect debts. Depending on what state you live in this time frame varies from 4 to 25 years. A creditor may be contacting you about a debt that is outside of these limitations and you may not be entitled to pay. This is important to find out before paying anything to a creditor because if the statue of limitations has expired and if you make even a tiny payment, this will restart the statue of limitations and you will now legally owe this debt. It is important to get detailed information about your debts owed with dates and amounts from the creditor.
-Privacy - A debt collector is not suppose to tell anyone about the debts that you owe other than a co-signer or a spouse. They can call neighbors and employers, but only to obtain contact information and that is it. If they cross that line, you may be able to take legal action against them.
-Harassment, False Statements, and Unfair Practices - This may be very common among debt collectors. They will almost say anything they can in order to make you pay. They are not allowed to make false statements or harass you in illegal ways. It is smart to keep records of what was said and if you believe something may be illegal, contact an attorney.
Once you have followed through on the debts and made sure they are all legitimate debts that you owe you can begin negotiations. The collector will of course demand full payment but in they know they will not actually receive this. They will negotiate as hard as they can and that is why you have to negotiate hard as well. A good starting place is offering about 20%-30% of the total amount owed. The easiest way to settle your debts is if you have some money and offer them a lump sum payment right away, still only for a fraction of what is actually owed. Be careful not to give in and agree to pay for anything you cannot afford. Most of the time, you will end up meeting in the middle. Before you are done negotiating it is important to try to get them to remove any negative items on your credit report that may be bringing your credit score down. This will help you save on future debts by allowing you to obtain a lower interest rate.
If you feel you cannot negotiate on your own there are professional companies out there that can help you. Most of the time these companies will give you a free consultation and let you know what they can do for you before you decide to use their service. What is good about these companies is that they won't have the emotions you would have when trying to negotiate your own debts. Even after paying the fee, you will most likely still be better off than if you were to do it yourself.
A good company to go with to help can be found here: http://www.endthisdebt.com/card_debt.cfm
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment