Mastering The Debt Collector 1 Essay
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