Limited Collector

Credit Repair Guide to Handling Collectors

Do Not Throw Away Collection Letters

Collection letters can be intimidating. Yet, put to proper use, they represent an excellent credit repair opportunity. Open the letter and read it carefully. A remarkable number of collection letters are sent to the wrong people, or are for debts that have been previously resolved. If the collection is invalid it is advisable to contact the collector before they report to the credit bureaus.

Check the Statute of Limitation

If the debt is valid there are a variety of credit repair techniques that should be applied prior to making any decisions. The statute of limitation (SOL) defines the time a collector can sue you, and is often very short. The SOL can be found online and is specific to the type of debt and your state. If the debt is past the SOL the collector has no leverage and should be open to a reasonable settlement offer.

Validate the Debt

Prior to paying a debt you should exercise your right under the Fair Debt Collection Practices Act and request proof from the collector of their legal right to collect and an accounting of the amount alleged. This is called debt validation and is a valuable credit repair tool. Debt validation is only available for 30 days after getting a collection letter. If the collector cannot document the debt they must cease collection. If they do validate the debt it provides a reliable starting point for negotiation.

Turn Phone Calls into Opportunity

Collectors are typically unpleasant to speak with on the telephone. If you are getting a phone call it is probably outside of the 30 day debt validation window. Here is a nifty credit repair technique you can use to control the call and turn it into a second chance at debt validation. Tell the collector that you do not discuss your personal financial matters on the phone and ask him to send you something in writing. Stand your ground. Soon you will have a new collection letter and can validate the debt.

Study Your Credit Report

Collectors are prone to a particular form of reporting compliance error. When they sell a debt to another collector they are supposed to stop reporting the account to the credit bureaus; as there is no real incentive to comply, they often skip this task leaving a mess behind on your credit report. Read your credit report carefully and dispute any redundant collections you find.

Negotiation Time

There has never been a better time to negotiate a debt. The economy has affected everyone, and collectors are hungry too. Here are a couple of credit repair strategies that can give you an edge when you make an offer. Collectors are paid commissions, often based on monthly revenue. Make your offer towards the end of the month; Fridays are a good bet. Explore the fastest way to make your payment, have your money ready, and tempt them with speedy delivery.

Consult a Credit Repair Professional

For those who do not feel comfortable dissecting the information on their credit reports, responding to collection letters, and sending debt validation requests, credit repair services will do it all for you for a small monthly fee. Hiring a professional will insure that the job is done properly and save you the worry of making a wrong turn. If you are unsure of yourself, just hire a professional. Good luck!

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