Collections Credit Repair in Dallas-Fort Worth, Texas
When you ignore a creditor's letters and phone calls, you're unable to work out an agreement to repay or settle the debt, or you set up a repayment schedule but fail to make the payments, you can expect your bill to be turned over to a collection agency. At that point, the delinquency will be reported to the credit bureaus and your credit rating will take a hit.
The full process, from the initial missed payment to a damaged credit rating, will take three to six months to unfold. Once your debt is in the hands of a collection agent or debt buyer, that collection agency evaluates its likelihood of collecting from you. Often, you will have the option to negotiate a payment plan or settle for less than the full amount to satisfy the outstanding debt.
Whatever the outcome, your credit score will suffer because of the collections calls. To get your credit score back to a respectable level ASAP, the credit repair professionals from Trinity Credit Services can help. For years, we have been helping customers in DFW rebound from credit-damaging issues like collections, late payments, bankruptcies, tax liens, foreclosures, charge-offs and more.
Prepare for the Collections Process with Trinity Credit Services
When you are in a financial bind, the credit-repair professionals from Trinity Credit Services will get you back on your feet in no time. To make that happen in the wake of a collections claim, it is important to understand, anticipate, and prepare for the potential steps of the collection process. That way, our credit-repair experts can help you make all the right moves to restore your credit score ASAP. During the collections process, the following steps are likely:
- Debts Are Assigned or Sold: The creditor may continue to own the debt, but turn it over to a debt collection agency with a contract to collect. This is called assigned debt. If the creditor sells the debt outright to a collection agency, this is a purchased debt.
- Assigned Debt Involves the Original Creditor: When a debt is assigned to a collection agency but still owned by the creditor, generally, the collection agency can’t sue you without the original creditor’s authorization. If the original creditor insists that the agency collect 100% of the debt, the agency can't accept less from you without getting the original creditor’s approval. Typically, agencies with assigned debt keep between 25% & 60% of what they collect.
- Purchased Debt Can Be Negotiated: When the original creditor sells the debt to a collection agency, the professional debt collector can settle on a figure less than the full amount of the debt in efforts to clear it. That is why it is wise to negotiate a percentage settlement, rather than agreeing to pay the full amount. Often, old debts are purchased for pennies on the dollar and an agency inquiring about a purchased debt is simply looking to turn a quick profit.
Rely on Trinity Credit Services to Rebuild Your Credit in DFW
Cleaning up your past begins with Trinity Credit Services leveraging your consumer rights to engage the credit bureaus and creditors to remove inaccurate items from your credit report. Many times, inaccurate or outdated items on your credit report can be removed quickly and easily to improve your credit score. In addition to helping you rebound from collections, we can also help customers overcome bankruptcies, charge-offs, foreclosures, student loans, and much more. When you need our services, Contact Us online or give us a call at 844-844-0701.