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Everything You Need to Know About Dealing with Collection Agencies

March 21st, 2016 · No Comments · Collection Agencies

by Kristy Welsh

(Last Updated On: January 17, 2018)

Everything You Need to Know About Dealing with Collection AgenciesIt’s probably the last thing you want to do during the credit repair process, but when you have no choice but to deal with a collection agency, knowing how to do it right is imperative. These four comprehensive reads will walk you through it every step of the way.

Sample Letter Requesting Validation of a Debt

Before a collection agency can collect a dime from you, they must validate the debt…but only if you ask for it within 30 days of the initial communication from them. Should they be unable to provide such proof, then you are not legally obligated to pay them and any negative listings associated with the debt must be removed from your credit reports. Tweak this sample letter to request debt validation.

How to Settle Your Debts with a Collection Agency

If a collection agency provides proof you owe a debt – and that they have the right to collect on it – you’ll likely want to negotiate a settlement. This article walks you through the negotiation process. That said, settlement isn’t always a given, particularly if you the statute of limitations has been reached on the debt and you’re willing to wait 7 years for the negative listings to fall of your credit reports. This article weights the pros and cons of those options too.

How to Ask Collection Agencies to Remove Negative Listings from Your Credit Reports

Just because you settle a debt doesn’t necessarily mean the associated negative listings on your credit reports go away. For that to happen, you have to include it within your settlement negotiations. Here’s how to do that.

Know Your Rights: Collection Agencies and the Law

Even if a collection agency has the right to a collect a debt from you, that doesn’t give them free reign to do so any old way they please. Get to know your rights so that you can take appropriate action if and when they’re violated. This article also includes a list do’s and don’ts for you too.

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