Posts Tagged debt recovery solution
Legal And Illegal Tactics A Debt Collector Will Use To Collect: Debt Collection Basics Part Three
Posted by Mallory Megan in Currency & Finance on August 7th, 2010
In the first two articles I wrote about what a collections account was, how sending delinquent accounts out to an agency profits a creditor, and the act of a third party collection agency buying old debt from a creditor.
I described what sort of data a collection company will collect and use in their efforts, and also that third party collection agencies are governed by federal and state laws and are overseen by the FTC.
A minority of collection companies will utilize deceptive, strong arm and illegal methods to confuse and scare debtors that include pretending that they are one of their creditors and asking them to verify information, pretending to be an old friend or neighbor to catch a debtor off guard, repetitively calling or mailing a debtor to the point where it gets to be a nuisance, or sending threatening letters or leaving threatening voicemail messages.
Legal but manipulative methods include pressing the consumer, preying on their emotions, and utilizing vague threats such as “respond within so and so amount of days or further collections attempts will follow.” Other illegal practices include making an idle threat of litigation or pursuing litigation when the debt collector has no intention to, threatening to throw a debtor in jail, threatening to garnish wages or seize bank accounts when they have no authority to, lying about the amount that is owed, or asking for more than what is owed are used as well.
For the collections industry, time is the enemy and a good bill collector is completely aware of this bit of information. Their main task is specifically to get money as soon as possible.If you are talking to a debt collector, keep in mind that at any time you have the legal right to tell them you are busy and will call them back if you are flustered, hang up, cool off, develop a game plan, and contact them later. An aggressive debt collector will ask you why you can’t make payment arrangements today.
Rapid Recovery Solution is a commercial collection agency that writes stories on new york collection companies.
How Long Will A Negative Mark Remain On Your Credit Score? Part One
Posted by Mallory Megan in Currency & Finance on July 16th, 2010
Your credit score. It could be your worst nightmare, or a dream come true. But most of the time it’s kind of like that nosy mother in law coming to stay at your house for a few days. You know that she is coming to stay, and you are not looking forward to it, but you are too nervous to ask or even consider how long she might be paying you that visit. OK, so that analogy wasn’t that great. But anyway, read on to see just how long negative marks will stay on your credit history.
First, there are mistakes on your credit report. This happens when something that you didn’t do, or an account that doesn’t belong to you shows up on your score when you review it. These will be removed immediately. Finding and removing mistakes on your credit report are an important reason why we should check our credit scores at least once a year. If you do locate a mistake, or a negative account that isn’t yours, get in touch with the credit reporting agency and the creditor too. Within 180 days you should be able to have that negative mark taken off your record.
Anytime a creditor asks to see your credit report (pulls your credit report), something called a hard inquiry will be reported on your record. If it is only an occasional hard inquiry this most likely won’t hurt. However, if there are a large amount of inquiries recorded on your record, this will generally make prospective creditors think that you need the cash and you need it fast.
If a potential lender looks at your credit score and sees that they are the tenth financial institution that you have asked for credit, they will have cause to be suspicious. Even though the credit reporting gods will concede that people shop around for loans and credit, and say you have, two weeks where you have a lot of inquiries, they will take that into consideration and not penalize you too much, the bottom line is that the more hard inquiries that show up on your report, the lower your score will be. Hard inquiries can stay on your credit report for up to two years.
Not all inquiries will negatively affect your credit score. A soft inquiry is when you check on your own credit score, or when potential creditors check your credit to see if they want to make you any unsolicited offers of credit. Actually, lenders see this as a good sign. If you are regularly checking your credit report, you are most likely fiscally responsible. To be continued in part two…
Mallory Megan works for Rapid Recovery Solution and writes articles about commercial collection agencies.
Bankruptcy Lawyers Get Down At Gathering
Posted by Mallory Megan in Currency & Finance on February 6th, 2010
For some reason a gathering of mid-level bankruptcy professionals made it into the news recently. They met at a bar, some networked, others found new clients, and others just came for the fun. Sources reveal that all of the young executives were enjoying themselves very much.
Maybe one of the only industries flourishing in today’s economy; the corporate restructuring profession is experiencing an upswing. According to statistics, U.S. business bankruptcies climbed up to 38% in 2009 from the past year.
This increase inspired advisory firms into bulking up their practices with new “turnaround experts,” young lawyers who burn the midnight oil in order to handle the blitz of bankruptcy cases. Without a doubt, established pros have enjoyed one or two good company-approved networking outings; wine tastings, makeover and martinis groups, and golf are just a couple of examples. Unfortunately, this leaves only the less experienced attorneys to work at a desk into the night.
This was not the first get together like this. December marked the first gathering of the “Turnaround Underground” posse. Oops did I say posse? I meant gathering. Turnaround Underground gathering. Some attorneys came to network. A few attorneys came looking for love in all the wrong places. “You can meet your best friend here, meet your significant other here. This is not all about business” a starry eyed lawyer cooed. But some of the party-goers managed to leave work at work, loosening their ties and kicking up their feet.
Fashionably late, attendees stormed the bar minutes after the get together officially started at 7 pm in a classy New York City nightspot. Within 45 minutes, there were BlackBerrys, business suits, and beer as far as the eye could see. In fact, one unruly attorney who wisely declined to be named was quoted as saying “Everything is better with beer.” All in all, it seems as though Turnaround Underground is a success.
Mallory Megan is employed by a debt collection agency. She also writes pieces about business and finance, the credit industry and debt collection.
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