5 Things Your Debt Collector Does Not Want You To Know
Owing a balance on something is never a good thing. Situations like this become worse when you do not know the rules of the game. There are 5 things your debt collector will never tell you. They do not tell you because they want to remain in control. Here is what you need to know.
What You Need To Know When You Owe Money
1) Some of them insist you need to disclose personal information to proceed. You do not. They are just being nosey and looking to gain access to your life.
Do not let them. It is none of their business.
2) You may have paid it all off, but it is still on your credit reports. Information on your credit report stays there for about 7 years. Once the seven years is up, certain information will slowly disappear.
3) Some of your assets may be at risk, but not all of them. You can click here for a list of assets that are included. You do not have to worry about anything that is not on this list. Collection agencies use scare tactics all the time. Do not fall for it.
4) The only reason the agency asks for a big portion of your money is to pad its own wallet. They get kickbacks any time you make a payment. The kickbacks are higher when a big chunk of change comes through.
5) Third-party disclosures are technically not allowed. Some debt collectors will scare those closest to you for information. They are not allowed to do this. The only person who should have access to anything on you is the collector. It is their job to keep their mouth shut at all times. For more details click on Commercial Debt Collection.