Collection companies are services similar to other, most buy unpaid debt from the original lender for a fraction of the initial quantity owed then attempt and gather as much as possible from you.
If you had an overdue credit card balance of $2000, a collection company may buy it from the creditor for $400 and will attempt to collect the full amount from you. This is in some cases the reason for the continuous harassment from debt collector.
It is important to understand that you have individual rights in reference to how collection agencies communicate with you in reference to any debt. They must follow these laws and you also can sue them if they do not.
A debt collector by law can not call you prior to 8.00 am and after 9.00 pm and should also stop calling you once you instruct them to by putting it in writing. It is also possible to remove collection accounts from your credit report.
In order to do this it depends on the stage of the collection account, if its older than 7 years then you can have it removed with a basic letter to the credit bureaus. If its an account where the collector is still 702-780-0429 calling you, you can negotiate a lower payment in exchange for them erasing it from your report.
It is essential that you get this in writing BEFORE you pay them any loan. Bear in mind that they purchased the represent less and this will also allow them to settle the account for less than exactly what you initially owe on it.
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