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.
However the frustration is multiplied when the debt they are calling you about is not yours or is due to a mistake by a creditor. This is because the debt collector is unwilling to acknowledge a lender mistake. They have already spent money purchasing your debt.
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.
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.
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.
However if the debt is valid then you should settle it. You should offer a settlement of 50% of the account balance.
This is because the collector has purchased your debt for a fraction of the balance. In addition even if the collector does not accept that offer, they will see that you are willing to pay this and will be willing to negotiate a price.
You should also request that the debt collector remove the negative listing they created on your credit report in exchange for your payment. Failure to do this and the negative mark will change to a paid collection. This is still seen as a bad credit item by lenders and will not improve your credit score.
In sum I suggest you hire a credit repair service to repair your credit from debt collectors. - 16036
However the frustration is multiplied when the debt they are calling you about is not yours or is due to a mistake by a creditor. This is because the debt collector is unwilling to acknowledge a lender mistake. They have already spent money purchasing your debt.
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.
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.
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.
However if the debt is valid then you should settle it. You should offer a settlement of 50% of the account balance.
This is because the collector has purchased your debt for a fraction of the balance. In addition even if the collector does not accept that offer, they will see that you are willing to pay this and will be willing to negotiate a price.
You should also request that the debt collector remove the negative listing they created on your credit report in exchange for your payment. Failure to do this and the negative mark will change to a paid collection. This is still seen as a bad credit item by lenders and will not improve your credit score.
In sum I suggest you hire a credit repair service to repair your credit from debt collectors. - 16036
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