Real Estate - Mortgages - Refinancing - Foreclosures - Moving Tips - Apartments - For Rent - Leave A Message Debt Collection Agency Credit Repair Blog » Table Of Contents » Dealing with Collection Agenci » Debt Collection Agency What is a collection agency? A debt collection agency is a business that earn money by collecting outstanding debts. A Collection agency works in one of two ways: Sometimes the creditor will forwards your debt to a collection agency and agrees to pay the collection agency a percentage of the amount collected. Or... The creditor will sells the rights to collect on your debt to the collcetion agency and the collection agency gets to keep whatever it collects from you. When you decide to talk to a collection agency, you must remember that you are dealing with a professional debt collector. Do not let the collection agency talk you into paying more than you are able to pay. Reply to this article | Read 3 comments | Email Twitter  Facebook  More   See Also » Debt Collection Agency » Dealing With Collection Agencies Related Articles » Avoid Inquiries on your credit report » Tips for choosing a credit repair organization » How to Clean Your Credit » Trans Union » How to Get Your Free Credit Report   Reader Comments (3) Carmen S. says: How To Deal With A Collection Agency If you want to know how to deal with a collection agency then you may want to read this. A collection agency, aside from all the threatening phone calls and letters can't really do much more than that, threaten you. Collection agencies cannot seize your assets Collection Agencies cannot freeze your bank accounts Collection Agencies can only disclose your information to the credit bureau. They can't get you fired from your job Then can't use any type of physical violence to collect. A debt collector is just another employee working on a *very* high level of stress hoping you pay your debt so he can get his commission. That's all! Reply to this message | permalink Twitter  Facebook  More   Cre says: Collection Agency Services How It Works Third-party collection agencies work on commission. Collection Agencies receive a percentage of the amount that they collect. Some collection agencies purchase bad debts for a small percentage of the amount owed. Once a collection buys you debt, you the debtor now owes the full amount to the collection agency who purchased your debt. The collection agency makes a profits if they collect more from you the the price they paid for your debt. Reply to this message | permalink Twitter  Facebook  More   Cre says: The Collection Agency Trick Creditors Use It... Some creditors will actually use a separate company name, address, and phone number for their internal debt collection. They do that in order to give you the impression that an outside collection agency is after you to collect the debt. If you think a collection agency is on your tail you will take it more seriously. This strategy is generally used when the debt is under six months delinquent Reply to this message | permalink Twitter  Facebook  More   Leave a Reply Name (required) E-mail (will not be published) (required)   <<   Enter code

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