Collection Debt Elimination

Collection debt, which is different from current debt, can be eliminated.

Collection debt is debt that is outstanding in your name that collection companies are trying to collect. A collection company has bought the outstanding debt from the original creditor and is attempting to collect it from you.

There are many companies that will help you pay off your collection debt. Next Level Credit does not help you pay the collection debt - the alleged debt has to be validated first. Understand eliminate. The information to eliminate collection debt is on the internet for you to educate yourself and implement. Many consumers are not aware of how to "fight" the debt and eliminate the collection debt entirely.

Total elimination, NOT consolidation.

There are laws governing your consumer rights. A payment plan is great to do but you do not need to make a payment plan with your collection debt. This is not to say 'go get credit cards' and max it out and avoid the collectors. You can have a hardship situation in 24 hours. Hardship can be from medical emergencies, lawsuit, divorce, bankruptcy, employment loss, and you honestly are struggling to pay your daily bills.

If you were responsible to pay your current debt - how did the current turn into collection debt? What major event happened to your life that changed your financial situation?

This is a quick action plan to get started quickly in the process of eliminating your collection debts.

1 Stop talking to the collectors. They are not your friend!

2 Order your 3 credit reports to be mailed to you for free (one time a year) 877-322-8228

3 Keep organized with your accounts. Keep a paper trail.

The first thing to do is to write a VOD - Validation of Debt letter to the collector as soon as possible. Send it certified mail, return receipt.
Here are some facts about collections:

• Your collection accounts have an expiration.
• FTC- Federal Trade Commission. Call them! 877-FTC HELP. They take complaints about collectors and their actions.
• Experian, Transunion, and Equifax make tons of money from the collection industry.
• The collection agencies are inaccurately reporting your accounts to the credit bureaus. This is a violation.

Your collection accounts have to be validated. This means that the collector has to prove that you owe them money. Technically, you don't owe the collection agency.

Your name and account number get sold over and over until you stop it. The JDBs (junk debt buyers) are counting on your ignorance and that you will start making payments. This is never ending. This is big profit.

Making a "settlement" for your balance does more damage to your credit. Do not make a settlement.

When your collections are eliminated, you will be a new person!