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Approximately one third of consumers with a creditbureau file were contacted by at least one creditor or debt collector each year, according to a CFPB (Consumer Financial Protection Bureau) survey. The FDCPA applies only to debt collectors (the third-party collection agencies), not to the original lender.
That collection agency may report the debt as owed to the creditbureaus. Suddenly, the debt reappears on your credit report, except now it’s a zombie debt. If the originalcreditor went to court and obtained a judgment against you for a debt, the zombie debt cycle can be more complicated.
If disputing the negative entry doesn’t work because you couldn’t find errors, or because the creditbureaus fixed them, your next step should be asking for a goodwill adjustment. Write a letter to the originalcreditor or collection agency and ask them to remove the negative entry from your credit history as an act of goodwill.
When you hire Sawin & Shea for your bankruptcy, we give you a phone script that helps you handle collection calls. After you retain the firm, creditors must stop calling you once they have notice of our representation. There are also a few important things you should keep in mind about talking to collection companies and creditors.
However, it could take several years to fully restore your credit. Bad credit issues, such as late or missed payments and defaults, can remain on your credit for up to 7 years in most cases. However, bankruptcies can remain on your account for up to 10 years. Ultimately, these negative items can affect your credit score.
Note, however, that the FDCPA applies only to third party collectors who collect debt for originalcreditors. It does not apply to the originalcreditor itself who uses its own employees to collect debt. c) Falsely representing that they work for a creditbureau. Let’s use our beloved Pres.
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