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The dollar amount of the debt. Original creditor's name and information. Statements about the validity and timeline of your debt repayment. Clear points of contact. Your right to dispute the collection, as well as instructions and required timeline.
Never Give Them Your Personal Information. A call from a debt collection agency will include a series of questions. Never Admit That The Debt Is Yours. Even if the debt is yours, don't admit that to the debt collector. Never Provide Bank Account Information.
Keep Calm and Respond Promptly. It's important to remember that the unpaid debt has passed through the original creditor to a debt collection attorney. Write It Down. Dispute Discrepancies. Be Upfront and Honest. Follow Up Immediately to a Court Summons.
If you pay the collection agency directly, the debt is removed from your credit report in six years from the date of payment. If you don't pay, it purges six years from the last activity date, but you may be at risk for wage garnishment.
If you know that the debt is valid, you may be able to negotiate a settlement payment with the original creditor. If they have already written off the debt, they may accept a lower total payment.If you satisfy the original debt, you can request that the collection agency stop contacting you.
I am responding to your contact about a debt you are attempting to collect. You contacted me by phone/mail, on date. You identified the debt as any information they gave you about the debt. Please stop all communication with me and with this address about this debt.
Working with the original creditor, rather than dealing with debt collectors, can be beneficial. Often, the original creditor will offer a more reasonable payment option, reduce the balance on your original loan or even stop interest from accruing on the loan balance altogether.
Dispute When Collectors SellWhen this happens, you can have the older collection removed by disputing it with the credit bureaus. If the debt collector fails to respond to the dispute, the credit bureau should remove the account since it has not been verified.
If you want to negotiate directly with the creditor, ask the collection agency for the phone number of the collections department of the original creditor. Then call the creditor and ask if you can negotiate on the debt directly with the creditor.