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How to find out if you have a collection debt

If you are late on your credit account payment, it may have been transferred to a debt collection agency, which will worsen your credit history. How to find out if you have a debt in a debt collection agency, and how to solve this problem, the newspaper said. Go Banking Rates.

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What is a debt collection agency?

If the loan is not repaid on time and the debt is repaid by 180 days, the debt goes to the debt collection agency.

A collector is a person or company that collects information about a debt and then tries to collect the debt from the borrower.

How can I find out if I have a debt with collectors?

To find out if you have a debt, follow these steps:

1. Check your credit report

The easiest way to find out if you have debt from collectors is to request a copy of your annual free credit report. Most debt collection agencies point to one of three major credit bureaus - Experian, Equifax, and TransUnion. Any account held by the collectors will have the status of "debt collection".

2. Find out if the credit agency has tried to contact you.

It is not so easy to know which debt collection agencies are interested in your debts, but collectors are notorious for hunting for debtors and, most likely, they have already tried to contact you.

On the subject: Collectors in the USA can now constantly write and call debtors: what can be done about it

Check your voicemail and inbox to see any messages or emails. If you have missed calls from unknown numbers, check the number on the Internet to check if it is not from the collector.

3. Ask the original lender

If you are still not sure which agency deals with your debt, first call your creditor where you initially opened your account to find out the agency’s contact information.

Your lender may no longer have the right to accept any payments and does not see the status of the debt if your debt has passed to the debt collection agency. This means that you must contact the agency directly.

4. Get contact information from your credit report

Once you know who owns the information on your debt, you need to contact a credit agency. Your credit report may contain information with the name and contact information of the debt collection agency. Check out reports from all 3 credit institutions in case of conflicting or missing information about any of your credit reports.

What should I do if I owe a debt collection agency?

Contact a debt collection agency and ask for a written debt check notification. By law, such notification must be sent to you within 5 days of the receipt of the request and must include:

  • name of the creditor;
  • amount of debt;
  • Information on how you can dispute a debt or apply for a debt check.

After you have received the notification about the verification of the debt and the amount owed, you need to resolve this issue. Here's what to do if you have a debt with a debt collection agency:

1. Pay the debt in full

Some consumers prefer to pay the debt in full or make monthly payments on the debt. The collector will always be all sorts of methods forcing you to pay in full. They may even use intimidation techniques or lie to you, which is illegal.

2. Debt reconciliation

You can save a lot of money by negotiation.

Some collectors buy debts at a discount and then try to make a profit by collecting the full amount of the debt. Other collectors are trying to collect an additional commission.

You may be interested in: top New York news, stories of our immigrants and helpful tips about life in the Big Apple - read it all on ForumDaily New York.

Negotiations can take place in several stages to reach an agreement with the collector. Once you have reached an agreement, ask for the details in writing before making any payments. All correspondence with collectors must be in writing and sent by registered mail with return receipt. In addition, you can request written consent to be sent by email.

After you have paid, check your credit reports to make sure the collector has done his part.

3. Know your rights

Collectors must follow strict rules. This is what collectors should not do:

  • engage in extortion;
  • conduct unfair practices;
  • create false testimony;
  • threaten certain legal actions.

Always remember and recognize your consumer rights so you can protect yourself.

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