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What steps should I take if I receive a letter from a collection agency regarding my outstanding debt?
If you receive a letter from a collection agency about your debt, the first step is to review the letter carefully and verify the debt is yours. Contact the collection agency to discuss payment options or negotiate a settlement. Make sure to keep records of all communication and payments made. It's important to address the debt promptly to avoid further consequences like damage to your credit score.
What else can I help you with?
If you owe a company money and it is placed in collections can you pay the original company or do u have to pay the collection agencies?
You have to pay the collection agency. The original company has a signed contract with the collection agency and they pay the collection agency a % of what they collect from you. That's how they make their $$. The original company did not want to have the outstanding balance on their books.
Is Credence a collection agency?
No, Credence is not a collection agency.
Can a collection agency collect interest on your debt?
Yes, Collection agency can do that. But contact a good collection agency like Guardian Credit Services, they know will how to deal with customers to get money
Can a collection agency remove a collection from your credit report?
Yes, a collection agency can remove a collection from your credit report if they agree to delete it as part of a settlement or negotiation.
Does the creditor or the collection agency get the money you pay on a debt?
When a collection agency takes on a bad debt, in many cases they are "puchasing" the debt from the original creditor. When you then pay off the collection agency, your money will stay with that collection agency. This is the most common scenario, but some companies do have their own internal collection agencies (Capital One, for example, has their own collection subsidiary in Idaho - the Westmoreland Agency). Hope this helps!
What steps should I take if a US collection agency contacts me regarding an outstanding debt?
If a US collection agency contacts you about an outstanding debt, you should first verify the debt is valid and accurate. Communicate with the agency in writing, request validation of the debt, and consider negotiating a payment plan. Be aware of your rights under the Fair Debt Collection Practices Act and seek advice from a financial advisor or attorney if needed.
Is a collection agency obligated to remove debt from your credit report?
No! The only obligation of the collection agency regarding a debt is to accurately report the debt...i.e. balance outstanding, current status, and payment history. However, if you are paying or contemplating paying a collection agency, it would be wise to negotiate a positive outcome...i.e. the total removal of the account from your credit profile in exchange for payment. This should be negotiated prior to paying the collection agency and the agreement should be in writing.
If you owe a company money and it is placed in collections can you pay the original company or do u have to pay the collection agencies?
You have to pay the collection agency. The original company has a signed contract with the collection agency and they pay the collection agency a % of what they collect from you. That's how they make their $$. The original company did not want to have the outstanding balance on their books.
If you don't receive a summons or any documentation regarding a pending lawsuit by a collection agency how do you know if it's really true?
If you are being sued, you will always receive a summons. Sometimes it is delivered by a process server sometimes by registered mail. A collection agency telling you, you are being sued, does not necessarily make it fact. Only attorneys can file suit and they have to adhere to the state laws where the person resides. A collection agency cannot sue you regardless of what they claim. Sorry, I should add you need to be aware of the difference in collection agency and collection attorney. For instance Mann-Bracken LLC, are collection attorneys and/or arbitrators. They can initiate a lawsuit.
How can I find out if I have any outstanding debts?
Usually you will receive late notices for outstanding debt. However, you can check with a credit agency such as Veda and or Dunn and Bradstreet in Australia.
If a creditor uses a collection agency to collect on a debt do you still have to receive some kind of statement?
No. The collection agency will validate the amount for you if need be, but the creditor no longer owes you the courtesy of a statement.
What is collection agency?
A Commercial Collection Agency is and agency that collects debt on behalf of their clients, same as a consumer collection agency, but a commercial collection agency collects business to business.
Is Credence a collection agency?
No, Credence is not a collection agency.
If you receive no bill and 14 years later you get a statement from a collections agency is that legal?
If the bill is unpaid, a collection agency can attempt to collect forever if they choose to. Nothing illegal about it.
Can a collection agency receive a judgment if the statute of limitation has passed?
No, C.A'a have no form of legal recourse if the SOL date has passed
What is the best way to have debts cleared by collection agencies?
The best way to have a debt cleared by a collection agency is to pay the outstanding debt off. The only other way to clear it off is to provide proof that the debts are not valid.
Can a collection agency sue you in Florida?
Yes, you can be sued over an outstanding debt. If you fear that you will be sued, you should call and set up a payment arrangement to cover the bill.
