credit report: 10 Basic tips for Dealing with A Collection Agency
- 03/04/18 07:15 AM
10 Basic Tips for dealing with Debt CollectorsIt's something most consumers dread -- a debt collector calling to ask about an unpaid credit card debt, past due student loan or medical debt. Consumer credit counselors, debt collectors and state regulators all agree that ignoring debt collectors' letters and phone calls is a bad idea. Deal with it, they say, otherwise matters can only get worse. Experts offer the following 10 tips for dealing with debt collection: Avoid debt collection altogether. Try to negotiate with the original creditor and work out a reasonable payment arrangement before the account is sold to a … (0 comments)
credit report: What is a Collection Agency?
- 03/04/18 07:04 AM
What is a collection agency? There are two possibilities. Some creditors will actually use a separate company name, address, and phone number for their internal collection departments, in order to give the impression of an "outside" agency, on the theory that debtors will take it more seriously. This strategy is generally only used when the debt is recent (under six months delinquent.) However, most collections activity is performed by third‐party collection agencies, which are separate from the original creditors, and "work" debts on behalf of various lenders. They may also buy bad debts which have been designated as charge‐offs by the … (2 comments)
credit report: Getting A Co-Signer
- 03/04/18 07:00 AM
A co-signer for a loan is someone who guarantees a loan will be paid if the borrower defaults on the loan. A lender usually requires a co-signer when there is insufficient or poor credit history on the part of the borrower. The co-signer is generally required to complete a loan application, and the co-signer’s credit rating is checked and before the loan is approved. When a family member or loved one asks you to be a co-signer, it can put you in a very difficult position. If you say no because you cannot financially manage the potential liability, or because you simply … (4 comments)
credit report: Becoming An Authorized User
- 03/04/18 06:58 AM
It is estimated that 50 million consumers are "legitimate" authorized users on someone else's credit card. Authorized user accounts are created when a primary account holder on a credit card contacts the creditor and asks them to add a third party to the account. Legitimate authorized users have relationships with the primary accountholders (spouses, children and other family members) and therefore have reasons to share access to the account. When the account is reported on the authorized user’s credit report they will benefit from the account payment history just as if the account had always been theirs. This can be a terrific … (4 comments)
10 Basic Tips for dealing with Debt CollectorsIt's something most consumers dread -- a debt collector calling to ask about an unpaid credit card debt, past due student loan or medical debt. Consumer credit counselors, debt collectors and state regulators all agree that ignoring debt collectors' letters and phone calls is a bad idea. Deal with it, they say, otherwise matters can only get worse. Experts offer the following 10 tips for dealing with debt collection:
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