 What is the best way to build ur credit score? |
| I have minor stuff in collection and ive been told that it doesnt effect me much. should i pay it off? would that improve my credit score after its been in collection?... |
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 I have not so good credit my credit score is 593 and I want a credit card for the holidays? |
| Is there anything I can do to get a guareented credit card or a company that is willing to offer one to someone with my score... my credit report only has medical bills and 1 $50.00 blockbuster thing ... |
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 I am thinking about cancelling some of my credit cards, will that affect my credit? |
| i have a couple of cards, but am thinking about cancelling one or two, both of them are paid off. will that affect my credit in any way? my score is already at a low 568. i am trying to increase it.... |
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 Still on collection report after 7 year period (1999)? |
Ok.. was reviewing my credit reports and found numerous debts that are passed the "7 year mark", however they still appear on all 3 CRA (Equifax,Experian and Transunion).
What is the ... |
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 Is it true that when you marry someone you both have the same credit score? |
| Okay.. I have worked really hard to get my credit right. The guy i'm about to marry has bad bad credit. Is it true that when we get married, I'll also have bad credit , the same credit that ... |
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 Does it wreck you credit score to switch from one 0APR credit card to another when 0% runs out? |
| i.e. have your balance transferred from one 0% APR to another 0% APR card and then closing the first card out.... |
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 Do we have to be in debt to live a good lifestyle? |
| Many people buy expensive car simply for them to show-off,but they don't really have the need for a car. Sometimes,immitate other people by obtained a big loan to go on expensive holiday and ... |
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 Which credit card should I get? |
| I never had a credit card.I do alot of online shoping and pay tv,phone,and Intrenet bills with my debit card.I do fly alot or drive.Is there a card for my uses?I want a card to start gaining credit ... |
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| How to I get a Credit card |
| I have a debit card. I am wondering is 16 years old too young to have a credit card?? And I always hear it is terrible to have a credit card because it rips you off. Also how does it work?... |
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 Does anyone know any good credit cards with low interest? Serious Only, I have a PERFECT credit score, I'm 19. |
| I need to find a GOOD credit card with LOW interest, I have a PERFECT credit score and I am 19, a college student, my current credit card has like 25%, which is bullshit, PLEASE SERIOUS ONLY. thank ... |
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 How does the negative stuff on my credit report go away? |
| I have pulled a credit report and disputed everthing, and its all still on there. Most of the things are to expensive to pay off (would take YEARS). However, some things I could pay off quicker. H... |
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pure_imagination_75 | What happens when a collection agency fails to collect the money that is owed on behalf of the creditor? |
I have some credit card debt that went to a collection agency and I don't have the money to pay at this time. They know this too.Their settlement options were outrageous and the representative handling the case was extremely unprofessional and rude, and threatening. Now they are saying that it is leaving their office and to "be prepared for what happens next." What does all this mean? |
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Studly
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Wow, you can sure tell who the collection agents are here, can't you? BRIAN M, report to the head of the class!
The collector is basicly telling they that they are giving up on the harrassment portion of the collection process. Now they have to decide if it's worth their time and expense to sue you.
If they have an office near where you live, that makes it easier for them. Otherwise they have to hire a local lawyer and spend more money.
If you own under $500 it's also not worth their trouble to sue. Remember they only get about 30% of what they recover, so is it worth spending several hours of work to make $170? On the other hand, that $2000 debt is worth the trouble.
How old is the debt? After the Statute of limitations runs out they are no longer able to sue you. Depending on the state you live in, that's around 6 years. If it is only a year or two they may just wait around and continue to harrass you. Ruining your credit report is a guarantee.
What you can do for now is send them a cease and desist letter. That will stop the phone calls and collection attempts, but it could also prompt them to move on with a lawsuit.
So consider everything I've stated and decide how you wish to proceed.
Good luck
Note to Echo: Contact me
While it may sound like good advice to tape record collectors in order to catch them harrassing you, it's a tricky legal situation. I've not only dealt with some similar cases, but I have 30 years of telephone experiance under my belt regarding wire tap laws. Let me discuss it with you before continueing to recommend this procedure. If done right it's great! |
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echo
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It is a violation for a collection agency to threaten you. If this just happened, and you don't have it on tape, write down the date, time and who it was you spoke with. Write down as much of the conversation as you can - DO NOT embellish, keep it to the facts. The reason for doing this is you will be starting to create a papertrail of the violaitons this company is doing.
There are several different things that could happen with this. If this is the first collector to handle the debt they may either return it to the original creditor, sell it, sue you.
Send them a dispute letter if you haven't already. Send it certified mail return receipt. When you get the green card back, send a letter to the credit bureaus (if they are reporting) and dispute some of the violations that they have listed (I'm positive that there are a few violations, there usually is)
Create that papertrail, if they should sue, you may have counterclaims.
I wouldn't be suggesting these things if most collection agency's would do their collecting in a legal manner. Since most of them don't, learn your rights and use them.
I would suggest going to the link I've provided and do some reading.
edited to add: After reading Studly's post, I realize I erred in not explaining that in order to tape a conversation, you "need" to become aware of your states taping laws first.
(thanks for keeping me on my toes Studly lol) |
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*♥*fabulous fab*♥*
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They are trying to scare you.. they will probably try to file a judgement against you.. it will go on your credit and if you own property it will attach itself to the title of your home. They just want their money... you can always declare bk... |
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butterflykisses427
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Generally when one credit agency can't collect they will pass it on to another. They were just trying to scare you into paying it. |
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Peter Mrakic
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They can NOT DO ANYTHING TO YOU.Under Canadian Or U.S. laws .You can not be harrased or intimidated,If they do that Call 911 AND TELL THE POLICE YOUR MENTAL health is being treatened by a collection agent,they could wind up in jail.Your bad credit dept stays on your equifax report 7 years-no choice-get a secure credit card from capital one and slowly rebuild your credit-good-luck!!!!!!!!! |
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Terri L
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they are trying to scare you |
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WiseWon
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when an agency "fails to collect" it isn't on behalf of anyone but themselves....that's their money and their new problem.
However to address the 2nd part of your question...this means you were late and it may go to garnishment if they can establish where you work. However, next time they call...just say "I have no idea what you're referring to" and "stop calling me" Statue of limitations will sometimes run out on companies....but once you admit to the debt, the time begins all over again....keep quiet and screen your calls.....or...pay your bills buddy |
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AM
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They're just trying to scare you! Of course we need to pay our debt, but unfortunately that is not always the case. We all get into situations that lead to financial challenges. It will go on your credit report, be discharged eventually but the most damaging is that your credit worthiness is not so perfect anymore :) You could call a credit counseling company to resolve your unsecured debt but keep in mind some companies may notate this on your credit report but at least the amounts will get paid at monthly premiums you can afford based on your income. Otherwise, keep in mind that until the debt is paid one way or the other it has to be done if you want to move on...Oh and about the rude, un-professional rep. that contacted you--she gets paid to collect the $$$$ but in no way can they threaten you or call you at your place of employment if you have informed them of this request. You will get several different settlement options which will minimize the initial debt but you may want to even try calling the original creditor and see if there is anything that can be done. Once it's in collections be prepared to hear from them all the time. Good Luck to you and your financial future. I hope this helped! :) |
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uofsmike
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nothing another company will get the account |
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tony
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You got some bad advice ahead of me friend. With the collection agencies they now own the account and will wait it out until you get a job or resolve your current situation.
Then they have the right to sue. If they win and you can't pay, it is no problem for them to wait longer. They place a judgment on your credit file. This stays on your file until it is satisfied.
Thinking of bankruptcy? The laws changed, you now have to make payments for five years. The courts decide how much you pay a month.
Have a home? You'll never get to borrow upon the equity unless the judgment is included in the loan. The same applies in selling or buying a home.
As for the rude and unprofessional collectors, I bet your a real mama's boy. |
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