These are FAQs about old debt. You'll learn the best way to manage it. MyCredit Matters cares about getting you back points on your credit reports. It's not enough to pay it once negative pay history is established.
Once I stop paying an account, what will I see on my credit report?
The first negative pay history will be to report that account as late or missed payment. This shows up on your credit report as 30 days late. You have lost 50-70 points if there is one occurrence in a thirty day period. If two or more lates report you can lose up to 130 points. If you refuse to pay then the creditor charges off the debt and sends it to collection. It is not a great idea to ignore a collection account. The creditor/collector can secure a judgement in order to garnish your wages. In some states a judgement can be renewed and literally remain on your credit forever.
My consumer education executive asked me to send evidence of phone calls and collection notices. What happens if I don't.
MyCredit Matters works hard at getting points back on your credit report. The company sends letters to stop collectors from contacting you. If the collector continues, they are violating the law. By you sending evidence, the collector is put in check and oftentimes the debt is removed from your credit report before the end process has been completed. You no longer owe the debt. If you don't cooperate the collector moves forward to secure a judgement.
When is a creditor/collector required to show proof of debt?
A collection notice is sent and when the debt is disputed within the first thirty days by law proof of debt must be provided. When a debt is sold to a new collection company there is another thirty day window if MyCredit Matters is aware of the change. If you wait for it to show up in your credit report that thirty day window has expired. No one except the creditor knows when they will decide to secure a judgement.
I have already emailed a phone call as evidence to MyCredit Matters. Do I have to send evidence of each phone call?
If that collector has violated an order the process can begin to get your debt removed and to start the proper paper trail to put the collector in check. You must send evidence of each phone call no matter how many times that collector calls.
What serves as evidence that a collector has called?
You can take a photo of your caller ID showing the date and time and the phone number that called. Chances are any phone number you don't recognize is a collection call. The same principle applies to collection notices received. Each time you receive one you fax/email it as soon as you receive it.