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Collection and Charge-offs: Are They Accurate?

Today, I show you how a gentleman got a $1,290.63 collection deleted. But first, to explain…

An unpaid bill might be charged-off by the original creditor and then sold to a collection company. If enough time passes without collecting money, the account might be sold again and again. There is no limit to how many times it may be sold.

A collection can even be sold after the legal date for reporting to the credit bureaus. When that happens, these “bottom-feeding” collectors purchase a bundle of outdated accounts for a penny or two on the dollar. They know they won’t get money on the vast majority, but on the few they do, it makes their effort profitable.

When you have a collector requesting money, how do you know if they have the legal right to collect?

How do you know if the amount they purport you owe is accurate?

Come to think of it, how do you even know it’s really yours? Do a Google search and see how many people have your same name.

The Law Gives You the Right to Receive Validation of the Debt

You have the legal right to request documentation showing the debt is yours, that the collector has the legal right to collect on it, a payment history, documentation that the balance is accurate, original documentation with a signature, and more.

If they can’t provide proper validation, they don’t get to report it to the credit bureaus and they can’t force you to pay.

As you can see from the letter below, a collection agency completely cancelled a $1,290.63 account, because the gentleman who purchased and read this book took proper steps according to his legal rights.

This is proof that Repair Your Credit Like the Pros works. Thank you for reading my post. I work hard to provide good information to folks who need to improve their credit.


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