How To Use A Collection Agent To Repair Your Credit
Your credit rating is determined by your credit report. If you obtain a loan from a bank, credit card company, or other loan establishment, your ability to make your payments on time is reported to a credit reporting agency. Credit reporting agencies then compile this financial information into a personalized credit report, the key to a positive or negative credit rating. Any negative notations within your credit history will haunt you for up to seven years, and could prevent you from getting another loan.
If you begin to fall behind with your payments to a creditor, the creditor will attempt to receive payment in a variety of ways. After a long series of warnings, your debt will eventually be sold to a collection company. The creditor basically “writes off the loan, and allows the collection company to buy it at a drastic discount. The creditor has pretty much decided that they wont recover the loan from you and will sell the debt for sometimes half of its original value just to end up with something. The creditor then informs the credit reporting agency, and you are stuck with a black mark on your...
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