DEBT COLLECTOR CALLS | What NOT To Say | Statute of Limitations Vs Credit Score History | FEB 2020

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What should be said when a Debt Collector calls for payment, especially one that you have no intention of paying? Are you aware of the differences between the Debt Collector’s Statute of Limitations versus the Debt Collector’s ability to affect your Credit Score and Credit Report? These questions are answered here. #CreditHistory #DebtStatuteOfLimitations

NOTE: There are many options when other considerations are taken into account (Bankruptcy, Judgement, Credit Score Fluctuations, etc.). This video’s scope is limited to handling Debt Collector calls for debts that will NOT be paid.

Review your options carefully when Derogatory Marks, like Missed Payments and Collection Accounts, appear in your Credit History. These affect the Payment History Factor (35%) of a Credit Score. It’s got a long-lasting effect, but it can be minimized with the right strategy. Some scoring models like FICO 9 (2014) and the newest FICO Score 10 Suite model (set for summer 2020 release) no longer factor PAID IN FULL Collection Accounts, which can elevate Consumer credit scores. #CreditStrategy

To learn more on credit strategies regarding Missed Payments, see Screaming Lincolns video on Payment History here:

Let me know in the Comments where you are in your credit journey and your experience with Handling Collector Calls!

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JUST THE DATA. Use this data to your benefit. Watch again or watch other Screaming Lincolns videos to build your own understanding of credit.

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Got a question? Don’t be shy! Hit me up in the Comments anytime!

What are you waiting for???

~Cap

DISCLAIMER: I have NO affiliation or agreement with any of the other Lenders or Entities discussed in this video.

DISCLAIMER: This video is for informational purposes only. Consult a licensed finance professional or credit specialist as needed.

DISCLAIMER: All information presented here has not been reviewed or approved by any of the Lenders discussed in this video.

Is Installment Debt Better Than Revolving Debt, DEBT COLLECTOR CALLS | What NOT To Say | Statute of Limitations Vs Credit Score History | FEB 2020.

How To Get Out Of Debt Quick

Some financial institutions may not co-operate in the least. Would you be interested in throwing $10 down the drain? There are many sources of complimentary assist there for people in your scenario.

DEBT COLLECTOR CALLS | What NOT To Say | Statute of Limitations Vs Credit Score History | FEB 2020, Enjoy latest complete videos about Is Installment Debt Better Than Revolving Debt.

How Handicapped Mom Gets Household Debt Free

It can take three to six months prior to you have your spending plan down. The outright finest thing you can do to handle your Revolving Debt is to cut all of your charge cards in half. We require not stress about this debt.

I don’t need to encourage you that MONEY is definitely essential for our life, right? We all desire more of it or perhaps better a lot of it. However what do we do to get it? Work, obtain, go overdraft, utilize charge card? It seems that it’s never ever enough.

Get it even with a bad credit rating: If you have a bad credit report, there is an opportunity that lenders may turn you away. However with Secured Debt consolidation loans, the property you show as security will present as a warranty and credit business may offer you the necessary loans. Nevertheless, if your credit report is bad then the terms may not be as beneficial as with a good rating.

I know you might be thinking, “What does he mean by ‘advantage’, my financial obligation is killing me”. Well the word good is probably not the best word but let me explain. If all your financial obligation were secured (by security) your creditors might quickly recuperate the amounts owed by declaring these products of security.

Make a dedication. There is something really powerful that occurs when you make a commitment. Put Your Dedication in Composing. Signing and dating the dedication you have made when you are devoted put it in writing. Then take it a step even more share it with a trusted good friend or close relative and ask them to assist keep you responsible to your goal of being Debt Free.

Credit card negotiations may be simpler given that the debt is long-lasting Revolving Debt. The financial institution wants you to keep their card and continue spending. It doesn’t hurt to attempt energy business if you are behind on their payments.

When noting your financial obligations on your worksheet, make a note of the limit of each credit card or other type of financial obligation and add these amounts up to get your overall possible debt. You can discover info about your limitations on your statements. This will reveal you the total possible amount of debt you could have. Are you at the top of your limits? Or could you go further deeper into financial obligation? Either method now you know how bad it can get.

Obviously, the something you need to do is stop excess costs, and start living within your methods. You should discover to reside on what income you make – and change your costs practices to keep you out of debt.You can do this. It will take effort to lower debt (and finally remove debt), and may be attempting at times, however the end result is a debt-free life. And a debt-free life is well worth any small sacrifice you may have to withstand. Start today!

No current revolving balances – You don’t have any activity on your revolving accounts. Anyways, careful administration of our finances can indicate that we can clear our debts.

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