I am one of many I am sure who have a pretty gnarlly credit report. A lot of it was due to my own handling of money when i was younger and a TOTAL lack of knowledge about credit and how to check it, build it and keep tabs on it. I have been following the direction of both Bud Hibbs and The credit secrets bible pretty much to the word but still find this all pretty confusing. I most recently was encouraged to send off a letter of Validation to a Collection Agency (Collect America) in regards to an account. I have yet to receive any word back and am now a little confused on what to do next. The next line of advice given to me was to do nothing until I hear back from them and then tell them "Thanks, but you still have not validated this debt with your company" I really don't want to be in a life long letter ping pong with them, I want to get this item off of my credit report. So how long do I wait to hear back from them? What do I do if I never do? Does that mean I am just stuck with the item on my report? Or do I just hope that if I never hear back that they will do something illegal to my report and I will be able to have deletion from that? Help please!!
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.