Collection companies are services just like any other, most purchase unpaid debt from the original financial institution for a portion of the original amount owed then try and collect as much as possible from you.
If you had an overdue credit card balance of $2000, a collection company may purchase it from the financial institution for $400 and will attempt to collect the full quantity from you. This is often the reason for the continuous harassment from debt collection agency.
It is necessary to understand that you have personal rights in reference to how debt collection agency interact with you in reference to any debt. They must follow these laws and you also can sue them if they do not.
Once you advise them to by putting it in writing, a collection agency by law can not call you before 8.00 am and after 9.00 pm and must also stop calling you. 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 basic 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 crucial that you get this in writing BEFORE you pay them any money. Keep in mind that they purchased the represent less and this will likewise permit them to settle the represent less than what you originally owe on it.
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