Collections. This is a big topic for a lot of people. Do you pay collections? What do you do with collection phone calls? How long do collections sit on your credit report? There are lots of myths and not a lot of valid information on the internet. Watch below to find out what you need to know about dealing with collection agencies and debt collections.
Dealing With Collection Agencies – Are They Really Your Collections?
Mike: Collections. Let’s say that you just got turned down for that home loan and you say, they say, well, you’ve got five collections. They’re four years old.
First of all, are those really your collections, Brian? We don’t know that. You don’t know that. You might not even know that yourself. I never lived in this apartment complex and they’re (unclear) on the line.
So what we’re going to make them do is we’re going to make them prove that’s your debt. And by Federal Trade Commission guidelines, they have to give you a copy of the original note you signed, plus a complete billing history, to prove that’s the exact amount, the exact date, that’s your collection. If not, we’re going to remove it.
Read more: http://www.bigstatehomebuyers.com/dealing-with-collection-agencies/
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