Article Side

Online Article Directory!

Hello Guest! Login or Register to submit articles!

Methods of Dealing with Collections Agencies on Your Credit Report

By Sara Subscribe to RSS | January 16th 2012 | Views:

Usually the collection bureaus are infamous for using illegal tactics, have poor documentation and are not actually authorized or licence to collect. This makes it easier for you to deal with a collector who is insecure to get your way and walk right in and out. Here are five methods on how to deal with revenue agencies on your credit report-

1. Pay for delete:

In this pay for delete method you have to pay small amounts for small collections ($500 or less), like medical collections or utility bills. In exchange you can ask the collectors to get your listing off the credit list in totality. Get to know the expanded version of this tried and tested method which has proved very fruitful.

2. Settling the Debt:

Settling the debt technique is very much similar then the pay for delete method. The difference lies as this method deals with amounts that are sizeable (over $1,000). This method involves discussion and negotiation for a settlement amount agreeable to both parties. Tough negotiations are to be made to get the collection department to concur to remove the listing from your credit report. Generally, the collection agencies settlement agreement provide you agree to pay in one lump sum.

3. Debt Validation:

It is better to validate your debt by leveraging the protection of the laws laid in the Fair Debt Collection Practices Act. This method involves writing a letter to the revenue agency, and catching the agency off balance. It is real beneficial for you in the long run. If you find the collection agency non responsive you can threaten to take legal recourse by filing a case.

4. Dispute with Credit Bureaus:

If you recognise any negatives incurred on your credit report, you can use protection of section 623 of the Fair Credit Reporting Act which allows consumers to dispute. You can request for an investigation of the account. The creditor or revenue agent must respond within 30 days. The credit bureaus must contact the collection and request proof of the debt owed. If the credit bureaus fail to provide information, they must delete the negative information from your credit report.

5. Dispute with Collection Agencies:

You have the right to write letters to the credit bureaus to dispute the information provided by a collection agency. This is a basic credit repair technique under section 101 which must be completed within a month of receipt of the request. If the representative cannot provide the information within the given time period, the information must be removed from the credit report by law.

Sara - About Author:
National Asset Management world's Largest Credit Specialists Local/International Debt Collection can locate your past due customers and collect the debt quickly.

Share on Facebook Tweet It Stumbleupon this post This post is delicious !

Article Source:

Related Finance Articles Subscribe to RSS

Hire services of collection agency to get defaulted student loan repayments
Published by Peter Paul on December 22nd 2011 | Finance
Default of student loans is a common problem that is being seen globally. In case of private student...
Debt Settlement and how its collection works
Published by Rajkumar Kaushal on May 15th 2012 | Finance
Debt settlement center has become the debt settlement place that men and women go for when they have...
Deal with the collection agency at the time of Default of Student Loan
Published by Peter Paul on December 8th 2011 | Finance
This article focuses on giving you description about default of student loan and how collection agen...
The planned mode of action of the Michigan collection agency
Published by Alice Mark on August 7th 2012 | Finance
The collecting nexus assures you of all possible help. In fact, you can expect the skilled workforce...
Software collection centers in debt settlement
Published by Rajkumar Kaushal on May 17th 2012 | Finance
Most of us who have gone for reduction in debt settlement problem for debt settlement collector duri...
Appoint a fair collection agency student loan to be legally safe
Published by Peter Paul on December 15th 2011 | Finance
Using unfair means to collect your unpaid loans can land you in trouble with the law and hence when ...
Centers where collection of debts are managed
Published by Govindsingh on June 26th 2012 | Finance
When you need help in getting out of settlement, debt Settlement center is one place to be. This is ...
Blake cab offer some of the most reliable debt collection agency results of any business of its kind in the UK
Published by Mary Porter on July 12th 2012 | Finance
If you have incurred lost monies then here at Blake debt collection industry we have the experience ...
Contact Blake, THE professional and fair debt collection agency designed to take the hassle out of recouping your money!
Published by James Blee on June 16th 2012 | Finance
Leading from the front is Managing Director Howard Blake who understands the importance of successfu...