[caption id="attachment_3137" align="alignleft" width="160"] If you have mccarthy burgess debts on your credit reports you score can be seriously negatively impacted. Luckily, there are steps you can take to reverse the damage.[/caption]
Have you been targeted for collections by McCarthy Burgess or any other company? If so, you need to understand your rights as well as the ins and outs of the debt collection process.
That way, you can make sure that companies like McCarthy Burgess can't take advantage of you or pressure you into agreeing to a bad payment plan.
First of all, you need to understand how debt collection works and how debt collectors think. Debt collection companies purchase old debts from the original lenders for a fraction of the full balance. Then, they hope to convince the consumers to pay the full balance, plus interest and fees.
This is how they turn a profit. When you realize this, you will see that you may have room to negotiate a lower balance with the debt collectors. You don't need to pay the full amount, as long as they can still make money.
Next, you should know that debt collection agents work on commission. This makes them highly motivated to secure repayment. They won't care about your personal circumstances or your life story. All they care about is making a living. So, don't waste your time trying to befriend your debt collector or trying to gain their sympathy.
Also, don't take everything your debt collector says as the God's honest truth. Remember, they will say just about anything to convince you to pay. They may berate you, try to make you feel ashamed or guilty, or make you feel scared by threatening various legal actions.
When interacting with your debt collector, be alert for violations of the Fair Debt Collection Practices Act. Violations could include: calling just to harass you, calling outside the hours of 8 am to 9 pm, calling your work if you've told them not to, and making empty threats of legal action. Keep a log of any violations, as this can be used as leverage against the debt collector later.
Debt collection companies usually have a high volume of accounts, and they don't necessarily research each one too carefully. Sometimes they try to collect on invalid or inaccurate debts, like debts that have expired, debts in someone else's name, debts with inaccurate balances, and debts previously paid off or discharged in a bankruptcy. Before you even think about paying off a debt collector, make sure that your debt does not fall into any of these categories!
The average consumer will need help navigating these complicated matters. It's wise to hire a lawyer, both to benefit from their expertise and also to spare yourself the pain of having to interact with the debt collectors yourself. Once you hire a lawyer, the debt collectors are not allowed to contact you directly any longer.
If you don't get your debts resolved quickly, the debt collectors may report them to the credit bureaus as collection items. Once that happens, your credit score will take a big hit. I should know--it happened to me!