ü There will sometimes be an account for which you can not reach an agreement that is of any real benefit to you as far as improving your credit history. The creditor is willing to hold out longer than you, or perhaps you are facing a deadline to get this done. If so, you may try enlisting the aid of an attorney.
ü An experienced attorney that possesses polished negotiating skills can earn a large percentage of his fees with the lower settlements and better terms that he is bound to obtain. Talk to your attorney about Lawyers Letters. They are not expensive but when a collection agency gets a letter written on legal letterhead, they respond quicker and with less intimidation. Therefore, you might want to consider turning negotiating over to a professional right from the start. Or as has been the assumption thus far, you may just want to use him only after you reach a sticking point.
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ü The creditor has to look at his bottom line at this point. After all, what's more important, profit or the right to report your derogatory credit?
Don't Forget State Statutes Of Limitations:
The Statute of Limitations on reporting derogatory debt is totally different than your state statute for collection of debt. In Florida, an open ended debt can only be collected for (4) years. After that, it is considered TIME BARRED. Some bill collectors prey on consumers that are not aware of this situation and lo and behold for a debt that they purchased for a few cents on a dollar, with a little intimidation, they collect huge, un-believable profits. It pays to know the SOL in your state. Open end debt is defined as credit cards, gas cards and store charge cards. Any account that you make charges and pay off later are considered Open End Credit Accounts.
Playing Hardball With Aggressive Legal Tactics
Know Your Rights: Lets begin this section by recapping your rights. Federal laws pertaining specifically to how creditors and credit reporting agencies are to collect, report, manage and sell consumer credit information are found in the FCRA. The following is a summary of key points:
You have the right:
ü To be told the nature and source of information collected by a credit bureau regarding you.
ü To request and receive this information free of charge when you have been denied credit, insurance or employment and your request is made within 60 days of the denial.
ü To take anyone of your choosing with you when you visit a credit bureau.
ü To be told who has requested a copy of your credit file within the previous six months, or within the previous two years if the report was furnished for employment purposes.
ü To have incomplete, incorrect, or obsolete information reinvestigated and, if found to be inaccurate or unverifiable, to have such information removed from your file.
ü In the case of unresolved disputes with a credit bureau, to have your version of the dispute (in your own words) added to and made a permanent part of your file to be included in all future reports provided by the bureau.
ü To deny access to your credit file to anyone who does not have a legitimate business need for the information.
ü To sue a bureau or other company for damages if it willingly or negligently violates the law and, if the suit is successful, to collect attorney's fees and court cost.
ü To be notified when a company requests an investigative consumer report.
ü To request and receive an explanation from the company receiving an investigative consumer report as to the nature and scope of that report.
ü To have negative information removed from your report after seven years.
ü One major exception is bankruptcy, which may be reported for ten years.
Regis Sauger
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