A
collection company is a business that helps other businesses or individuals collect money owed to them by contacting and persuading people to pay their debts.
Full definition
There are literally thousands of debt collectors in the form
of collection companies, law firms, and yes, even debt buyers.
I worked for a credit card
collection company for 10 months after I retired and learned so much about how people get into debt.
If the debt
collection company fails to provide all of the necessary documentation and accurate information, they can no longer collect on the debt.
Many time
collection companies tell consumers that by paying less than the full balance they will be hurting their credit scores.
This is just gross, and I'm not doing business with any
rent collection company again unless I have the name of their damned insurer.
What if down the road, they illegally sell your debt to another debt
collection company which can happen, and you have nothing in writing to protect you?
If they are reporting inaccurate information on your credit report and you dispute it — now the debt
collection company needs to remove the debt and negative marks from your credit!
After debt validation disputes your debt, all collection activity must stop until the debt
collection company produces all of the proof that's being requested.
If the debt
collection company ignores the dispute, within 30 - days the credit reporting agencies will remove the debt from your credit.
Just because they are too old to be sued for and have fallen off your credit report does not
mean collection companies can't still attempt to collect on them.
Because of this, some debt
collection companies use highly aggressive collection tactics to obtain as much money as they can.
Yes, when you get in an accident, if you or your health insurance doesn't pay for the bills, those bills can and often do go to
collections companies for recovery.
Numerous articles have been written on this Forum about debt
collection companies who buy «zombie debt,» i.e. debt that is no longer owed due to the expiration of the statute of limitations.
Federal Law
requires collection companies to comply with all requests to cease phone contact but make sure you send this letter certified and that you state in your letter that you are not acknowledging nor agreeing that the debt is yours.
Your debt will then get sold to a third - party debt
collection company so that the banks can make additional profit, not having any regard for your personal life and the long - term devastating effects they just inflicted on your life.
Legal credit repair and the Fair Debt Collection Practices Act: the FDCPA protects consumers from abusive or deceptive practices committed
by collection companies.
Upon his arrival to San Francisco in 1957, Bruce Conner established the RBPA, deriving the name from the combination of a local
trash collection company — the Scavengers Protective Association — and a slur «picked up at the gym.»
Browning - Ferris Industries is a licensed trademark of Allied Waste Industries, a North America
waste collection company.
It basically says; the debt
collection company agrees to stop collect on the debt and refrain from reporting any negative information on the consumer's credit report.
Here is what you need to understand, if you are not the one reporting the information to the credit bureaus then technically you are not in control of it, can these companies
stop collection companies and creditors from changing information on your credit file?
But
when collection companies openly declare discharging student loans as the unicorn of the bankruptcy world, expect resistance and be prepared for a fight.
When these unreputable debt
collection companies get challenged and a debt is disputed, often they can't produce accurate records and documentation to prove they're «legally collecting» on the debt.
Department of Education refers the account to one of the many
private collection companies that have contracts with the Department of Education
Les Kirschbaum, president of Mid-Continent Agencies, an
international collection company in Rolling Meadows, Ill., agrees about the difficulties of collecting foreign receivables.
This work, in 1997, led rice producers to «block» their rice, to refuse to deliver it to the
national collection company which was buying a kilo of rice at a price lower than the cost of production at 112 francs CFA.
Phrases with «collection company»