Collection debt, which is different from current debt, can become eliminated. Collection debt is debt that is outstanding inside your name that collection companies are trying to collect. A collection company does have bought the outstanding debt from the original creditor and is attempting to collect it from u.
The information to eliminate collection debt is on the internet 4 you to educate yourself and implement. Many consumers are not aware of how to “fight” the debt and eliminate the collection debt entirely. You can do your research and do that yourself right here starting now. This is not to say ‘go have credit cards’ and max it out and avoid the collectors. You can have a hardship situation inside 24 hours. Hardship can become from medical emergencies, lawsuit, divorce, bankruptcy, employment loss, and you honestly are struggling to pay your daily bills. If you r responsible to pay your current debt – how did the current turn inside collection debt? What major event happened to your life that changed your financial situation?
This is a quick action plan to have started inside the process of eliminating your collection debts.
1-Stop talking to the collectors. They are not your friend!
2-Order your 3 credit reports to become mailed to you 4 free (one time a year) 877-322-8228
3-Keep organized w/ your accounts. Keep a paper trail.
4-Read and research these websites. The first thing to do is to write a VOD – Validation of Debt letter to the collector while soon while possible. You will find samples of every letter you need to write on fair-debt-collection.com. Click on DISPUTING DEBT COLLECTIONS. Send it certified mail, return receipt. Also go to ihatedebt.com to educate yourself.
5-Research on these sites: debtorboards.com and budhibbs.com
Here are sum facts about collections:
Your collection accounts have an expiration.
You can clear up your credit report. Do not hire someone to do that 4 u. After your collection accounts are gone, you can start working on your credit report.
FTC- Federal Trade Commission. Call them! 877-FTC HELP. They handle complaints about collectors and their actions.
Experian, Transunion, and Equifax make tons of money from the collection industry.
The collection agencies are inaccurately reporting your accounts to the credit bureaus. This is a violation.
Your collection accounts have to become validated. This means that the collector does have to prove that you owe them money. Technically, you do not owe the collection agency. (read, read, read those specific sites)
Your name and account number have sold over and over until you stop it. The JDBs (junk debt buyers) are counting on your ignorance and that you’ll start making payments. This is never ending. This is large profit.
Making a “settlement” 4 your balance does too many damage to your credit. Do not make a settlement.
When your collections are eliminated, you’ll become a new person!
Go do it! I did!
About the Author
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