What is a collection agency?

Collection Agencies

Collection Agencies can be Cleaned off Your Reports with Credit Repair

Collections occur when 3rd party debt collection agencies such as LVNV Funding and Arrow Financial Services collect a debt that has been charged off by the original creditor.  These debts can come back to haunt you in many forms.  Not if, but when the agency decides to contact you they will parade your phone with endless calls, mail you letters, some even may contact your family members.

It is an awful experience and you don’t want to be a part of it.  If this part wasn’t bad enough you will have a rude awakening if you apply for credit, because your score will be severly thrashed by the accounts now listed on your reports.  The best way to get rid of these types of debts is to negotiate with the collection agency to see if they are willing to play ball.

Never agree to anything until you get it in writing.

After you get an agreement in writing (i.e. You will pay a portion or all of the debt in exchange for them to remove the tags off of your credit reports) then you can move forward and make sure they uphold their end of the bargain.

Statute of Limitations 

Most states impose statute’s to limit the amount of time a debt can be retrieved or collected.  If your debts have expired due to old age then the agencies cannot try to obtain money from you, so always check this with your state.  

Best Idea – Credit Repair

If the agency is not willing to play ball – don’t worry, you can have professional credit repair law attorneys challenge the items for you.  They have on average an 86% negative item removal rate for their clients.  For a free credit consultation with Lexington – Call 800 – 251 – 3505, it’s free and it can change your credit history and status for the better. 

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