Most of us know that Bankruptcy or a Foreclosure on a credit report would cause your credit scores to plummet. I am going to show you five other items that you may or may not even know about. Since lending institutions and credit issuing banks use your FICO credit scores to evaluate you and your creditworthiness, you want to make sure that these entries don’t appear in your credit report.
When the banks and debt collectors come knocking on your door to coerce you to pay your unpaid credit card bills, you only have to use this federal law to your defense. The Federal Trade Commission in the mid-60s crafted the law so that there will be fair collection practices by debt collection companies uk. For more information regarding this, simply search and read about the term “where does money come from”. After reading this, you will start to understand and open your eyes about the possibilities given by the law protecting against unfair collection practices.
First of all you have to admit that you did fail, if you never admit it, you can never move forward. You can not just live in denial thinking that this could never happen to you. You have to find some other way to pick yourself up and bounce back. Find something else that you are passionate about and start learning those new skills.
Another thing you can do is hire a credit counseling company. They will often negotiate you better terms that will lower your monthly payments. They basically act as your representative and will be more effective at negotiating than you.
The first step to doing this is to find out exactly how much you owe to all of your creditors. Be sure to ask for verification of all of your debts, as mistakes do sometimes happen. The law says you have the right to ask for proof, so be sure to exercise that right. Once they have been verified as legitimate, list all of your debts; including how much you owe, who you owe it to, and your interest rate for each debt.
Request your debt collector to stop collecting. Yes, you can actually request to a creditor or debt collector to stop contacting you about your debts by sending a letter. Under the law, creditors and debt collectors should respect this request. Nevertheless, this does not discharge you from your responsibility to pay for your debts.
Debt collection jobs do tend to pay pretty well. The hourly rate is generally pretty decent and workers have the opportunity to earn commissions based on the amount of debt they are able to collect. The more money a person is able to collect, the more money they have the opportunity to make.