How Do You Settle Collection Account Balances?
Settling collection account balances is not a pleasant task. However, if you take some initiative and make an effort to clear them up, it will improve your credit rating and restore your financial health. There are a few ways to settle collection account balances for less money than the actual debt, which is good news for anyone who keeps receiving those nagging phone calls. This article will show you what you need to do. The first step is to review your collection letter. Find out when the debt was reported to the collection agency and how old it is. If you decide you really need to clear the debt, then you need to contact the collection agency. The best way to do this is through the mail. That way, you can track your correspondence, and it won’t appear as if you are really motivated to get the debt off your credit report. Remember that debt collection companies pay very little for the debts they purchase (literally pennies on the dollar). If they paid more, they would quickly go out
