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Dealing With Debt Collection Agencies
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:
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