You can get your life back on track after a short sale. One of the first things you’ll want to start repairing your credit. But, how do you get those pesky collections off your report? I’ll show you a couple of techniques here.
Collections can be very easy to remove. The reason is that most collection accounts have been transferred several times. The original lender gave it to a collection agency for 6 months. The collection agency couldn’t collect. Then, the original lender gave it to another collection agency. They couldn’t collect it either.
So they finally sold it to a debt buyer for three to five cents on the dollar. The debt buyer wrote them a check. But, the paperwork hardly ever gets transferred over properly. Here is the first step.
Dispute it with the credit bureaus. You may not agree that it is your collection. That will take 30 – 45 days to process. It will often clear up the problem.
then dispute it with the debt buyer (collection agency) noted on your report. You can’t dispute with them until you have disputed with the credit bureaus first. Request an investigation. they have 30 days to respond. Most will not have documentation.
They may send you documentation. But, it isn’t very specific. If that happens, then ask for specific documentation. I would ask for a copy of a document that is signed by the company that sold them the debt. The document should clearly state all your account information.
If should have the account number, your information and address, and the amount owed. In addition it should be signed by the president of the company. That is the burden of proof I would request. I doubt they would have something like that.
If this techniques above don’t work (that will be rare), then settle the debt. Pay them from five to twenty cents on the dollar. They agree to report to the credit agencies as “paid as settled.” You get what you want and they get a little money.
Do you want to short sale your property and never pay the bank another penny? I can help you do that.
If you or anyone you know is in need of real estate advice, please do not hesitate to contact me.
Donna Bishop Realtor call me (239) 560-3149 or email me: firstname.lastname@example.org