Many people have a fear of going to court. The judge, the jury, it can be a scary place for someone who doesn’t do it every day. Truth be told, however, is that most credit card cases do not require the individual to actually go to court.
Know who’s collecting your debts. If you creditor has assigned a debt collection agency, you should be made aware of it. A Debt collection companies must first send you a written document containing the status of your debts and your debt collection rights.
It has to be reflexive; when anyone calls about the loan that you aren’t completely sure is current, you have to automatically deny it’s yours. If you show the slightest amount of hesitation, they can use that as proof that you do owe them something. All you need to do is to ask them to send you proof. The Fair Debt Collection Practices Act requires that they provide you with this kind of proof.
The truth of the matter is that many of the credit accounts that go delinquent do not result in immediate lawsuits. What happens in many cases is that the original creditor, whether it is a department store or a financial institution, sells the delinquent account to a collection agency or junk debt buyer. Buying and selling debt is a very large business.
The bank will invariably give you a check, which is a promise to pay you so many dollars. In effect, what you and the bank have done is exchange a promise to pay. In other words, you have accepted each others credit, yet no money has exchanged hands!
Or you could collect the debt yourself. It is not difficult to master Credit Collections skills. The task requires no special skills – just an ability to learn a few simple tasks and a lot of common sense.
If you will follow the supportive advice offered, you can easily build the credit you want. Most importantly, you want to have a reliable plan and stick to your commitments. It’s definitely possible to repair your credit, so don’t worry and get going!