Ways To Stop Collection Agencies and Get Rid Of Them From Your Credit Report



Collection companies are businesses much like other, most buy debt from the initial creditor for a fraction of the initial amount owed and after that attempt and collect as much as possible from you.

If you had an unsettled credit card balance of $2000, a collection business might buy it from the lender for $400 and will try to collect the full quantity from you. This is often the reason for the continuous harassment from debt collector.

It is important to understand that you have individual rights in reference to how collection agencies communicate with you in reference to any debt. They should follow these laws and you likewise have the right to sue them if they don't.

A debt collection agency by law can not call you prior to 8.00 am and after 9.00 pm and must also stop calling you when you advise them to by putting it in writing. It is also possible to eliminate collection accounts from your credit report.

In order to do this it depends upon the stage of the collection account, if its older than 7 years then you can have it gotten rid of with a simple letter to the credit bureaus. You can work out a lower payment in exchange for them erasing it from your report if its an account where the collector is still calling you.

It is very important that you get this in writing BEFORE you pay them any cash. Bear in mind that they bought the account for less and this will also enable them to settle the represent less than exactly what you initially owe on it.

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