Collection companies are businesses much like other, most buy debt from the original lender for a portion of the original amount owed then attempt and gather as much as possible from you.
For example, If you had an unsettled credit card balance of $2000, a collection business might buy it from the creditor for $400 and will try to gather the total from you. This is in some cases the factor for the constant harassment from debt collection agency.
It is necessary to understand that you have personal rights in reference to how debt collection agency interact with you in reference to any debt. If they do not, they need to follow these laws and you likewise have the right to sue them.
A debt collection agency by law can not call you before 8.00 am and after 9.00 pm and should likewise stop calling you as soon as you advise them to by putting it in composing. It is also possible to remove collection accounts from your credit report.
In order to do this it depends on the stage of the collection account, if its older than 7 years then you can have it eliminated with a simple letter to the credit bureaus. You can negotiate a lower payment in exchange for them erasing it from your report if its an account where the collector is still calling you.
It is extremely important that you get this in composing PRIOR TO you pay them any money. Bear in mind that they purchased the account for less and this will also permit them to settle the account for less than what you initially owe on it.
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