Reasons To Consolidate

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Do you know to whom you owe that money?

You may be surprised to find out that many of those bills you have at home are not being paid to who you think they are or to the original company who issue you the loan or line of credit. It is common practice in the industry to sell of debts to collection agencies, which then chase you down for a fraction of the original debt amount. These collection agencies are given the right to buy up your outstanding debt at times for as little as one penny to the dollar! They have become such a facet of the credit industry that collection agencies stock shares are now even being traded on Wall Street.

For debt related questions, call 888-314-1403

The good news

The upside to this debt shuffle is that these collection agencies are bound by the law of FDCPA, the Fair Debt Credit Practices Act, put in place to protect consumers and gives you a weapon to fight back against these creditors. Once your debt has been moved out of the hands of the original creditor, you have the opportunity put the burden of proof on the new owner of your debt.

What Do I Do Now?

First how do we know who has what collection accounts and are they the original collector. The easiest way to get all the information current and in the same place is to request your free credit report now. Once you know the collection agency and which account they have of yours you can start the process of making them prove you owe the outstanding debt to them.

Ask for the debt history

You need to put those annoying creditors to work, here is how. Consolidate your debts. First, make them prove that they actually own your debt or that it has been properly assigned. Contact them and demand to see the contract. Next really stick it them and make them work. Ask some statements from your original creditor for the account in question to be provided to you. You can this one painful step further by demanding a complete payment history of the account, beginning where it started, your original creditor. Scrutinize everything and look for small factual errors that you can us to negate the contract.

Don't let them turn the table

Under the FDCPA, these collection agencies cannot turn around and ask you to supply the payment histories or any documents for that matter. The burden of proof lies solely with the collection agency, don't be fooled into thinking otherwise. If you need help, connect with a credit specialist now by calling 888-314-1403.

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  • Debt Negotiation Letter: Free Sample/Template
  • Sample Letter for Mortgage Hardship, Loan Modification
  • Sample Debt Letter Requesting Bank to Lower

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