Mastering The Debt Collector 1 Essay

9272 Words Oct 21st, 2014 38 Pages
ForewardCongratulations! You just opened the door to more financial opportunities for you and your family by buying and now utilizing this book. I remember what is was like all too well sitting in your shoes. The banks wouldn’t loan me a dime (fair enough, I apparently wasn't very good at paying anyone back according to my credit report). After getting pregnant with my third child and living in a small home, I knew I had to do something about all of the nasty marks that were not allowing me to buy a bigger home, car, and persue my dreams. But what could be done? There was thousands of dollars in collections of bills I had never even seen! There were also many items in collections that went to collections when I didn’t even know what …show more content…
There are several different types of late payments, depending on when you actually made the payment. You will see “30 days”, “60 days”, “90 days” or even “120 days late or more” on your credit report in reference to these late payments. **Take note: You are not considered “late” until the 30th day after the original due date.
Delinquent Payment: A delinquent payment is any payment that is currently more than 30 days past due.
Credit Inquiry: Anytime you give someone your social security number to apply for a loan, credit card, or for any other reason, it typically results in what is called a “hard pull”. When they pull your report, it deducts points from your score. Make sure you think long and hard before allowing someone to pull your credit, as it may make you look like you are desperate to get credit and therefore the banks will not lend to you.
Charge-Off: A charge-off occurs when the bank or lender decides that they are no longer going to go after you for their money. Sometimes it is because they cannot locate you or the collateral, or they have ceased collections for another reason. You can still remove these from your credit report and the older, the better!
Transferred to Another Office: Typically, if your credit report has a debt that says it has been “transferred to another office”, this means that the debt was “sold”. When a debt is sold, that just means that the first

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