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banker0679 · Posted: Sat Jun 21, 2008 8:15 pm Post subject:

Please stay on topic of the thread & forum.

Please use http://www.mortgagefit.com/annoucements/index.html for all unrelated side conversations.

All unrelated posts will be deleted

Guest

collectiom agencies make alot of threata. don't talk to them or give tnem any personal inf, place of employment, bank numbers, ask for everything in writing, including letter sent return receipt for validation of debt.
If you get a warrant, check local court for docket @ - Igot 2 and neither was listed , but keep every bit of paperwork - never, never talk to them - write a letter, always send certified of return receipt, most can never validate debt, also call the creditor yourself and see if you can work things out there. I have notified the CEO's of each debt I have, the AG, the FTC, the BBB and the Consumer Advocate. Never, never disclose info and never speak on the phone or make payments. Every agency I have dealt with is worse then the one before. Good luck, seems one this happens it never ends,

Guest

the day a debt collector sick a dog on me is the day his dog is deceased.the statue of limitation in your state please check.know the law that is all you need.debt collectors are full of shit,they will frighten you if you let them.by the way they better not show up at my house.fair debt act,ftc,state attorney general.try there web site

msnover92571 · Posted: Tue Feb 10, 2009 11:55 am Post subject:

I though the same thing till i come across this and read it. Thanks

manoj_gopale · Joined: 16 Feb 2009 Posts: 488 0.00 Dollars($)

if you are a first time borrower and you are behind your payments then these collection agencies will make sure that you pay them by any means.
Why ?? because the person who is first time borrower is generally illiterate (yes i have used the right word) when it comes to the legal aspects or financial aspects.

So they took the undue advantage of the ignorance of the person about legal matter.

needless to say that one should not fall pray to their hook or crook attempt and continue with the legal talk....... Wink

geauxkw · Joined: 28 Mar 2009 Posts: 4 2.35 Dollars($)

i have some charge offs on my credit. none have been active in over 4 years. i made an attempt to pay all of them off anyways. when we pulled my credut for my house, we noticed none were bn reported, but this one company has been bugging me. i set up a payment plan, been paying for 5 months, and alas, no report. what do i need to do?

adonis · Posted: Mon Mar 30, 2009 12:25 am Post subject:

Welcome geauxkw,

You'll have to contact the creditor and ask him to report the payments to the credit bureaus. Once he does so, your credit score would improve.

banker0679 · Posted: Mon Feb 01, 2010 3:16 pm Post subject:

just make sure they report it in the end. having a PAST DUE amount on the tradeline can be worse than a chargeoff.

it would be better to have the item removed from your credit report

Guest

Hi geauxkw,

You can first contact the collection agency, and inquire into this. You can ask them to update your credit report. However, if they fail to do this, you can directly send a letter to the credit bureaus with your payment proof and request them to correct the account status.

Hope this helps.

Thanks,

Lydia

Posted: Mon Apr 25, 2011 10:14 am Post subject:

Wow. Lots of info here and it looks as though this thread is pretty old.

Collections are a different animal. I actually have a copy of the Fair Debt Collections Practice Act sitting here on my desk. These companies have a bad reputation for a good reason and are regulated by a particular section of law for a good reason. Even though it seems as they act above the law time and time again.

The good news is there are ways to educate yourself and protect yourself against unfair collections practices.

Every state has a statute of limitations for collections of each different type of account. For example in AZ consumer accounts statute of limitations is 3 years. But what does that mean? It means that here in AZ the collection agency has 3 years to collect the debt and to report on credit. Reporting to credit is one of their strongest techniques in collecting.

So now we know how long they have to collect and report, but what happens when you see your credit report says it was last active only a few months ago?

Collections agencies constantly re-age debt on credit reports in order to escape the statute of limitations. This is not allowed.

Still, how do you get these collection agencies to back off and stop breaking the law and violating your rights?

You must dispute the items in the proper manner. Most will find that just writing one letter is not enough. Keep in mind they want your money for an account they bought for pennies. It's a process like anything else that is worth getting done. They have to prove they own the debt with specific documentation they typically do not have. They also have to follow the laws they're governed by. It's best to have a professional help you with this. Otherwise, and believe me I know, you feel like a lost puppy.

Also, contacting the original creditor is not going to do anything to help you. I've never heard of a creditor buying back a debt they've already sold and written off. It could possibly even hurt you if they sent over more paperwork (if they still have it even) to the debt collector.

I know it's a really broad subject and can get very specific, but you've gotta start with basics.

davidbaker · Joined: 21 Apr 2011 Posts: 24 7.49 Dollars($)

Okay, sorry that was me just above here. Forgot to log in!

Lydia, the last thing you would want to do is to ask a collection agency to update your credit report. That gives them that much more time to hurt you and your credit.

Banker is correct. The absolute best thing you can do is have this REMOVED from your credit. If they're not reporting correctly it has to be taken care of. Credit reports are only allowed to contain accurate and verifiable information. The dispute process is there to remove or fix inaccurate and unverifiable information. As of June last year the creditors/furnishers of information on your credit report are now required to respond to disputes as well. Before they did not have to.

gmakerley · Posted: Wed Jun 01, 2011 2:29 pm Post subject:

Every consumer ought to know about the Federal Trade Commission, which regulates collectors and keeps them "honest" - at least some of the time.

We've seen posts by people who've been threatened with jail or arrest by unscrupulous creditors and collectors. If these situations are reported to the FTC, those guilty of such behavior will be duly noted and corrective action will be taken.

David, it looks like you've got quite a bit of valuable material to share with consumers, also. Keep it coming.

gmakerley · Posted: Wed Jun 01, 2011 2:32 pm Post subject:

Banker - he of correct posts - has apparently moseyed on. It's been a while since he was heard from.

Guest

The truth is...these collection agencies have to follow the state statutes.

gmakerley · Posted: Mon Sep 05, 2011 1:02 pm Post subject:

State as well as federal statutes and regulations must be followed, Stephanie. You are right.

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