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Collection Companies up to their same old tricks

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 I consider myself to be a person of mild character. I am laid back and do not let many things ruffle my feathers, but the call I received yesterday changed all of that.

A few months ago a very motivated couple signed up on our subscription based service. The wife had been a victim of identity theft by her own daughter which put them in a financial bind. They were excited to get stared because they realized they had several thousand dollars coming to them in the form of a tax refund. 

We began working on their credit file immediately and were able to get many items deleted off of their credit report just from the first round of disputes. Many of these items were not truly theirs but as a result of the fraud. There were several medical bills on the husband that we were able to have deleted due to the fact that his insurance was supposed to pay it.

the next step was for our clients to get a line of credit. You are going to hear me beat the drum on this one because without this piece of the puzzle it is almost impossible to rebuild your credit. Part of the rebuilding process is actually establishing good lines of credit. They applied for the Orchard Bank Card and they were approved for a secured line.

Two weeks ago they received a letter from one of the collection companies offering them a “Settlement for less than the full balance”. They were ecstatic because this was one of their big monkeys that they were hoping to pay off with the tax refund. It was the perfect amount and I confirmed it over the phone with the collector (who was not kind, even on a good day). They sent in the exact settlement amount by the agreed day. All is well, right?

Unfortunately, the story gets ridiculous. A few days later they receive a letter from the collection firm stating that they received their $1,200.00 payment, and now they owe $600.00. The alarmed couple called the collection company to alert them of this error, but were told that the “settlement amount” was simply applied to their bill and that the collection company would continue to collect the remaining amount, even though the couple had been supplied a settlement letter and had complied with all requests. After several phone calls and a nasty letter, they are still in the same boat.

Thankfully, our clients were able to get the settlement letter and proof of payment to us. Each and everyday the credit card collection industry does this as a regular way of doing business. This is their business practice. Their entire objective is to get you to pay them and they will do whatever it takes for that to happen. Even if it means breaking the law. Consumers need to know they have an advocate so their voices can be heard above the noise of collector harassment.

Originally posted on http://freecreditdusters.com/2008/03/18/sully-report-the-collections-rats-strike-again.aspx

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