When you are being contacted by debt collectors it can be very aggravating. It can cause you to change your number, change your job, and even move.
However the frustration is multiplied when the debt they are calling you about is not yours or is due to a mistake by a creditor. This is because the debt collector is unwilling to acknowledge a lender mistake. They have already spent money purchasing your debt.
If you are in this position then you should request validation of the debt. I strongly suggest you do this through certified mail so you have documentation that they did get your debt validation letter.
We strongly discourage you requesting validation over the phone; unfortunately these requests are often ignored. In addition you only have 30 days to request validation of the debt, once notified.
Furthermore it is becoming more and more common for debt collectors to just sell your account to another collection agency if you request validation. This will result in you getting calls from another debt collector.
Instead I suggest you hire a credit repair firm to dispute and remove the bad credit items that have been posted to your credit report. This way your credit score will not be ruined because of a lender mistake.
However if the debt is valid then you should settle it. You should offer a settlement of 50% of the account balance.
This is because the collector has purchased your debt for a fraction of the balance. In addition even if the collector does not accept that offer, they will see that you are willing to pay this and will be willing to negotiate a price.
Before you pay you should get the collector to agree to remove the item from your credit in exchange for your payment. If you do not do this it will only change the item to a paid collection and will still damage your credit score.
In sum I suggest you hire a credit repair service to repair your credit from debt collectors. - 16928
However the frustration is multiplied when the debt they are calling you about is not yours or is due to a mistake by a creditor. This is because the debt collector is unwilling to acknowledge a lender mistake. They have already spent money purchasing your debt.
If you are in this position then you should request validation of the debt. I strongly suggest you do this through certified mail so you have documentation that they did get your debt validation letter.
We strongly discourage you requesting validation over the phone; unfortunately these requests are often ignored. In addition you only have 30 days to request validation of the debt, once notified.
Furthermore it is becoming more and more common for debt collectors to just sell your account to another collection agency if you request validation. This will result in you getting calls from another debt collector.
Instead I suggest you hire a credit repair firm to dispute and remove the bad credit items that have been posted to your credit report. This way your credit score will not be ruined because of a lender mistake.
However if the debt is valid then you should settle it. You should offer a settlement of 50% of the account balance.
This is because the collector has purchased your debt for a fraction of the balance. In addition even if the collector does not accept that offer, they will see that you are willing to pay this and will be willing to negotiate a price.
Before you pay you should get the collector to agree to remove the item from your credit in exchange for your payment. If you do not do this it will only change the item to a paid collection and will still damage your credit score.
In sum I suggest you hire a credit repair service to repair your credit from debt collectors. - 16928
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For a review of Lexington Law a suggested credit repair service visit us, or to see an article about credit repair letters.
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