2013년 11월 23일 토요일

About 'collection agencies act'|The Art of Making Collection Agencies Hate You (Part 1 of 10)







About 'collection agencies act'|The Art of Making Collection Agencies Hate You (Part 1 of 10)








               Medical               or               personal               emergencies               can               quickly               become               a               seemingly               insurmountable               debt,               when               you               are               unable               to               pay               and               are               turned               over               to               a               collection               agency.

None               of               us               are               immune               to               financial               stress               in               this               difficult               economy,               so               read               on               for               our               10               tips               to               beat               the               collection               agencies               at               their               own               game:
               1.

Be               Proactive               As               annoying               as               it               can               be               dealing               with               debt               collectors,               the               sooner               you               tackle               the               issue               the               better.

Waiting               will               only               rack               up               your               bill,               as               interest,               collection               fees,               and               legal               fees               will               accumulate.
               2.

Verify               the               Debt               The               collection               agency               has               to               provide               proof               that               you               owe               the               debt               within               30               days               of               the               date               of               your               written               request               for               verification.
               3.

Dispute               the               Debt               If               you               are               disputing               the               money               owed,               do               so               in               writing.

Collection               agencies               then               have               to               report               it               to               credit               bureaus               as               such.
               4.

Request               Itemized               Statements               Insist               on               an               itemized               statement               that               shows               exactly               what               part               of               your               payments               goes               toward               legal               fees,               collection               fees,               interest,               and               principle.

This               shows,               if               a               payment               has               been               applied               incorrectly.
               5.

Protect               Your               Credit               Collection               action               has               a               significant               negative               impact               on               your               credit               score.

Check               your               credit               on               www.annualcreditreport.com               with               a               free               yearly               report.

You               can               also               dispute               false               account               information               on               the               same               website.
               6.

Keep               Your               Personal               Life               Private               If               you               don't               want               a               collection               agent               snooping               around               in               your               personal               information,               lock               down               your               social               media               profiles.

It's               the               easiest               way               for               collection               agencies               to               find               your               private               information.
               7.

Know               Your               Rights               The               Fair               Debt               Collection               Practices               Act               (FDCPA)               protects               consumers.

For               example,               a               collector               can't               verbally               abuse               you,               share               information               with               third               parties,               threaten               you               with               arrest,               call               too               early               or               too               late,               or               harass               you               at               work.

To               learn               more,               visit               www.ftc.gov.
               8.

Cease               And               Desist               If               you               want               debt               collectors               to               stop               contacting               you,               write               a               cease               and               desist               letter.

The               collection               agency               will               contact               you               once               more               to               inform               you               of               their               next               steps.

After               that               they               are               only               able               to               communicate               with               you               through               an               attorney               or               the               court               system.
               9.

Legal               Suit               If               a               collection               agency               files               a               legal               suit               against               you,               you               will               be               served               with               papers.

If               you               file               an               answer,               the               court               might               schedule               a               mediation               to               find               a               compromise               between               the               parties.

If               you               don't               file               an               answer,               the               collection               agency               is               likely               to               be               granted               a               default               judgment.
               10.

Follow               Up               After               an               account               has               been               paid               off,               request               a               receipt               in               writing               and               keep               it               with               your               records.

It               can               take               up               to               three               months               for               a               payoff               to               reflect               on               your               credit               report.

Follow               up               with               the               collection               agency,               if               you               don't               see               the               account               status               changed               after               90               days.
               Educating               yourself               and               following               these               10               tips               will               go               a               long               way               in               beating               collection               agencies               at               their               own               game.






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