Repair Your Credit Fast – The 7 Worst Things To Have On Your Credit Report

Most of us know that Bankruptcy or a Foreclosure on a credit report would cause your credit scores to plummet. I am going to show you five other items that you may or may not even know about. Since lending institutions and credit issuing banks use your FICO credit scores to evaluate you and your creditworthiness, you want to make sure that these entries don’t appear in your credit report.

After deciding on a total debt amount that is good for both you and the debt collector, you can negotiate payments. Realize that the Debt collection companies has access to your credit reports and employment information. They know if you have other open lines of credit that can be used to pay off your debt with them.

Upon writing the demand letter for proof addressed to the collector, he will not likely have any absolute evidence of the amount owed using the old 1960s law. In the end, you will not owe anything to anyone.

Some states’ regulators are fighting back. Illinois is seeking to revoke the license of at least one debt collector and Kentucky is seeking to do the same. Sometimes these companies have been granted a vast number of arrest warrants against individuals for non-payment of a private debt. The Federal Trade Commission is also investigating but in the meantime debtors are still going to debtor’s prison with the full blessing of many judges.

When you are sued, you have a set time frame in which to file a written response with the debt collector and the court, called the “answer”. Depending on local rules, you have between 20 and 30 days to do this.

Debt collectors will try to pursue the debt even after the statue of limitations on the debt is up. Do not allow yourself to be intimidated by their bullying tactics. Calmly take down their information, deny the debt, and tell them to stop calling you if not you will take legal action against them. If you acknowledge the debt, or agree to pay them, it may be possible that the statute of limitations is no longer valid.

How to pay off a debt collection company slowly is a matter of knowing what you owe, making a plan for repayment, and then standing firm on that plan. It may seem difficult at first, but there are things you can do to make the process go more smoothly; it’s just a matter of knowing what to do.