Finance Agreements

If you owe debt to a creditor collection agencies are allowed to report your debt to credit bureaus, file lawsuits against you, and should be taken very seriously. The best way to protect yourself and your financial situation is a methodical approach. First, know why you are being contacted. Know where the debt is from and exactly how much it costs.

Find out the name of the person calling, the agency, the creditor, and the agency’s address and fax number. Under the FDCPA, you have the right to tell a collector over the phone that you want all future contact to be in writing. Follow up all requests with a written request.

Try to remember that if you ask the collector not to contact you at all it the agency has the authority to contact you once more to inform you how it plans to proceed. Another request that can be made is that you are the only person that should be contacted. It may be a good idea to keep a file including dates and details of phone conversations and when you mail out or receive letters.

If you do send any correspondence to the collections agency do this by Certified Mail, Return Receipt Requested. This will make sure that the letter reached the collector, giving you a signed receipt as proof. If you negotiate a re-payment plan over the phone, request the terms of the plan in writing. In addition, any promise to remove or adjust credit history should without a doubt be documented.

Be sure that you pay the correct party; payments are usually made to the debt collection agency, not the creditor, unless you are otherwise instructed to do so. Carefully look over the amount you are being asked to pay. Get an assessment of any interest, fees or charges that have been added.

If you feel that your collector is being abusive, be certain to complain to the agency and keep this complaint on file. Finally, never ignore a collector even if you feel that the debt isn’t yours; they will continue to contact you and it may mean more trouble and time in the long run.

Rapid Recovery Solution is a New York collection agency. This and other unique content ‘new york debt collection agency’ articles are available with free reprint rights.

Do you know how many patients your medical collection agency collected from last year? If you don’t, how can you evaluate their effectiveness or your return? How could you possibly be aware?

Many patient balances forwarded to a medical collection agency are often considered “lost causes,” there would be little point in using such services if that were always the case. Logic dictates this much. Some of the reasons are as follows: Some patients simply do not respond to practice statements or internal collection letters. They will, however, respond when a collection agency states it will report their failure to pay to credit bureaus. Collection agencies have a number of resources on their hands. If reporting a debt to a credit bureau does not work, there are attorneys on hand that can assist you with problem consumers who refuse to pay.

Given that most medical practices acknowledge the need for collection agency services, they should evaluate and manage this collection method just like any other. Practices should have a full understanding of the terms of the agreement with their collection agency and the results of such arrangements; they must also understand how their own internal processes affect the agency’s success. And internal processes do have an enormous effect on the amount of money that you can collect.

Here are six questions you should ask when evaluating your current collection agency.

What is the total dollar value of accounts placed with the collection agency last year?

What is the protocol for turning accounts to collection?

What is the average age of transferred accounts?

What percentage of transferred accounts had balances less than $50?

How much did the agency collect last year?

What fees does the collection agency charge?

What reports does the agency provide?

Rapid Recovery Solution is a medical debt collection agency. You can get a unique content version of this article from the Uber Article Directory.

Generally there are not many ways to remove judgments from credit reports. The best way to deal with this is to try to not have it put on your credit report to begin with. It will lower your credit score severely. Once you’ve been sued, it is always good to consult the agency filing the papers against you in case they may want to come to a payment arrangement with you, thus deleting the case from court.

After a judgment is noted on your credit report the statute of limitations can be anywhere between 12 and 20 years! Judgments can be renewed, too, if the creditor decides they want to re-file the suit – so if you have been sued, it’s best to just pay it as quickly as feasible. Here are a few things you can do to make the situation better if it has already been placed on your credit:

The statute of limitations is the prearranged amount of time that a lender can legally file a suit against you. Each state has a distinctive statute of limitations. Most are about four or more years. You should always be sure to check this because if the statute has passed, the debt is considered not legally binding.

You will have thirty days for the bureau to report it to the courts and decide whether the debt is legitimate or not. If it’s not verified by then, the credit bureau will delete it.

However, if it is still considered to be valid, you can always try and talk to the lender and see if they will dismiss the judgment for you personally. If you come to a payment arrangement, the creditor could dismiss the case and it would be stamped as legally void in the court and credit system.

Once the judgment has been satisfied, it’s marked on record as a satisfied judgment. It will stay on your credit for seven years. It will not be taken off sooner than that, so at this point there’s not a lot of things that you can do about deleting the mark.

One other thing do when you’re trying to delete judgments from credit is to speak to a credit lawyer. They are able to do the footwork and they know enough legal loopholes to be sure you’re covered. If they cannot get the judgment removed, at the minimum they can help get your credit back in order.

Theoretically it is most likely unachievable to get a public record entry deleted from your credit, so there isn’t much you can do to eliminate judgments from credit reports.

Occasionally the only alternative is to pay the judgment and then wait out the seven years, in the meantime being sure to keep paying your other debts on time and keep tabs on your credit. Make sure once you pay off the judgment that it’s listed on your credit report as paid and satisfied.

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