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Dealing With Debt Collection Agencies

Dealing With Debt Collection Agencies Credit Check

Getting constant calls, messages, voicemails, calls to friends and family, etc., from debt collection agencies can be pretty exhausting. These agencies can be broadly classified into two categories – the internal collection departments of financial institutions and the third party debt collection agencies. Within the first 90-180 of a debt delinquency, the internal collection departments handle the process of debt recovery. The third-party debt collection agencies come into the scenario only post the 180-day stretch to aid with debt recovery. While there can be negotiable terms to deal with reports to the credit bureau an internal collection department, the third-party sources are not so easily negotiable to stop from your credits getting reported to the credit bureaus.

The most sensible way to handle the debt collection agencies would be to get any negotiated terms written down and accounted for so that there are no verbal agreements that get disagreed on later on.

Some of the best ways to deal with debt collection agencies are:

  • Try to avoid collecting phone calls by telling the debt collection agency to write up an agreement that is feasible for you and the lender. Trying to negotiate terms on the phone or answering each of their calls would only add up to heated exchanges that may end badly, or simply get a cease and desist letter to stop the constant nagging of collection agencies.
  • Recording your phone conversations can act as legally admissible proof that can be used in case of any harassment or untoward threatening. Informing the caller that you are recording the call will most times cause them to hang up or be very careful in the way they deal with you.
  • Don’t fall prey to all the threats or statements told by the callers from these agencies as they can be false statements that are designed to pressure you into paying up out of fear.
  • Avoid trying to negotiate or pay up the debt delinquency when the debt validation process is in progress. And also ensure not to try and hide your financial status as that is considered a fraudulent action in case of legal action. Dealing with the situation rather than ignoring it will only lead up to a lawsuit.
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