Daily Tea Sips's video: LIVE: Confessions Of A Debt Collector: What Debt Collectors Do Not Want You To Know

Debt collectors purchase debt portfolios for pennies on the dollar. So if you owe a debt for $500 for example chances are they purchased your debt for $10 or less. Once the debt is purchased the collection agency or debt collector can and will contact you for the full amount. Once your credit shows signs of positive activity or inquiries the debt collector will place the collection account on your credit report to decrease your credit score. This is the reason why it is important to check your credit yearly. Stop copying those debt validation templates online. Most debt collectors can tell whether you printed a letter from a template or you actually wrote the letter yourself. Keep it simple. Use the template a guide. Do not copy the template verbatim. You are under no obligation to talk to debt collectors. Simply send them a cest and desist letter letting them know you no longer wish to be contacted by their company. Depending on the age of the debt, Creditors, in most cases will verify the debt with the credit bureau. This is the reason you must stay diligient and do not give up. Continue to dispute until the debt is removed from your file. This step right here is the main reason most people who are attempting to clean up their credit choose to go through a credit repair company. Again, you can do this yourself but if your time is limited I do suggest you contact a debt repair company. There are only two that I will recommend I do not receive any type of compensation from either company. Debt collectors are trained to not accept "I do not have the money" as a excuse. If the debt is validated try to work out a payment arrangement. Never go with some scammy credit repair company that claims they can remove debt from your credit report in hours or days. Most of those accounts will be added back on your credit report. Recommended credit repair services: http://www.above701.com https://shopluxuriouscredit.com Connect with me on social media: Instagram - https://www.instagram.com/dailyteasips/ Facebook- https://www.facebook.com/dailyteasips/ Twitter - https://twitter.com/dailyteasips Copyright Disclaimer Under Section 107 of the Copyright Act 1976, allowance is made for "fair use" for purposes such as criticism, comment, news reporting, teaching, scholarship, and research. Fair use is a use permitted by copyright statute that might otherwise be infringing. No copyright infringement intended.