subject: Credit Card Repair: Advice regarding Debt Collectors [print this page] Credit card repair is the process of actively improving or rehabilitating one's credit worthiness amongst creditors. There are many elements to credit card repair and it is imperative that individuals seek proper guidance based on their specific credit history and situation. In order to improve one's credit rating, ultimately individuals must curtail and change their current credit habits for the positive. Unfortunately, by the time an individual realizes that he/she is in over his head (where damaged credit is concerned); it is so late in the process that the credit damage may seem insurmountable. Eventually, the individual may receive repeated contact from creditor and/or debt collectors in regard to outstanding (or many times, incorrectly reported) debt. Debt collector's calls can be overwhelming in some instances. Here are a few tips that we have found useful when dealing with debt collectors.
Remember that kid in elementary school who was about 2 times bigger than every other 8 year old in the school? He's the one that put you in the trashcan and took your lunch money in return for not giving you a black eye. Yeah that guy! Well, "that guy" is now the debt collectors in America, specifically, Buffalo, NY. Buffalo, NY is America's debt collection capital, and they are ruthless when it comes to calling debtors and making claims when trying to get payments. However, collection companies from all over America are excessively growing. If you owe a debt, make sure you know what to say to these debt collectors when they call you and make outrageous claims. These collection companies are telling consumers that they are lawyers, they will foreclose the debtors' homes, they will take away their children, and they will seize their bank accounts. Take away your kids??? REALLY?!? NO! Outrageous statements like this are causing an escalating increase in complaints annually.
So what do you do when these guys call you?
If these collection companies call you, do not settle with them. Never settle with any 3rd party collector, but instead, if you want to settle your debt, settle it with the original account holder. Let's say you let a credit card with Chase Bank go to collections. Chase Bank is going to sell that account to a collection agency, and the collection agency is going to call you (in some cases up to 15 times or more per day) and threaten you until you pay that debt to them. Don't do it! If you decide you want to pay off that debt or settle it, contact Chase Bank and make the deal with them. So many things can go wrong with that unethical 3rd party collection company. You could make a payment to them, and they might end up never reporting it paid off, so you just lost a wad of cash because of unethical practices and no proof.
If these collection companies call you, tell them to put everything that they have to say to you in writing and mail it to you. This way, you will have documented proof of what they say and what you say. They might say "no", and threaten you with ridiculous threats. If this happens, there is good news. You can send out a "cease and desist" letter, which will force them to stop calling you, put everything in writing, and mail it to you.
Take your life and credit back! Take control of the situation! These simple tips are the start to your credit card repair and can assist you with maintaining your sanity. Generally, by the time an individual is receiving phone calls from debt collectors, they are in well over their heads. The prudent steps to take would be to interview and hire a company well versed in credit card repair. For more information regarding dos and don'ts regarding debt collectors, cease and desist letters or settling outstanding debt go to caltexfundingresource and search Justin Camper Resource.
