How to Stop Debt Collectors From Harassing You

If you've had experience with debt collectors like I've had, you don't have much love for them. Now, I understand that a person has a responsibility to their debts, and that even debt collectors have to eat but you have to realize that these people are not hired guns of the lender who are just 'doing there job', but that debt collectors actually purchase the bad debt (at a fraction of the cost) from the lenders so they can pressure you pay up at a profit to them. That's their game.

They will harass you at home, call your work, I've even read reports where some of the horrible ones will call your friends or family to pressure them to pressure you to pay up. Can you believe they can get away with that? If you don't tell them to stop, they can. But, if you know your rights you can stop them dead in their tracks and only allow them to send letters to your home. If they don't, take them to court and take their money.
So what do you do when debt collectors are harassing you with phone calls? It all comes down to knowing what to tell them under what situations. Here's what you do.

If a debt collector is calling you at work directly or calling your employer, tell the debt collector that they may not call you at work because your employer doesn't allow it. Write down the name of the person you are speaking with, note the time and date, and let them know that the only way they may contact you is by mail. If they call your work again, let the representative know you told them before not to call you work, mention the name of the last person you spoke with and the date, and that if they call your work again you will be speaking with their supervisor and possibly taking legal action.

The same thing goes for stopping debt collectors from constantly calling you at home. Don't get into an argument with them, don't go into details about your account; simply tell them they may not call your home and they can only contact you via mail. Get the name of the person you are speaking with (or agent ID), record the time and date and if they call back tell them you gave them notice before that they may not reach you on your home phone and that the only way they can contact you is via mail. Tell them the name of the previous representative that you spoke with and the date and time, and make sure to let them know if they call again you will speak to their supervisor and possibly seek legal action.

One last technique I'd like to note; if you have a lawyer taking care of your credit issues, all you have to tell the debt collector is that you have legal counsel and refer them to them. Those techniques will stop debt collectors from harassing you with phone calls because those are your rights. Just because you owe money does not mean that a debt collection agency, whose sole purpose is to make a profit off of your misfortune, has the right to make your life miserable.

source: Tom Carillo

How to Avoid Bad Credit Loans?

Bad credit loans have a huge impact on the credit score of a debtor, and it takes time before an individual can rebuild his or her credit standing, so as much as possible, rather than finding ways to rebuild a bad credit standing, it is best to avoid getting into bad debts.

While on the part of the creditors, they always suffer the bigger loss. Creditors lose their money and it affects the growth of their lending businesses. Therefore, Bad Credit Loans must be avoided to ensure that both parties will continue to have a good relationship, while maintaining a good balance in the crediting industry. Good payers get higher loans and credit limits, while creditors grow their businesses and can expand their businesses to provide more assistance to people who are in need of loans.

When Bad Credit Loans occur, debtors often point out that they are due to the hidden fees and charges that creditors impose on them, while creditors say that it is due to the inability of the debtor to pay his or her credit, and the non compliance of the debtors to the terms and conditions agreed on, prior to the approval of the loan or credit. Both parties can go on and on passing the blame to each other. The best way to prevent this from happening is to avoid Bad Credit loans, but how?

The best way to avoid bad credit loans is for the creditors to take time to screen all the applicants and make sure that the information that they provided are not fraudulent or questionable. At the same time, creditors should hire professional credit investigators who have the knowledge and technology to carry out the actions of validating not only the identities of the debtor applicants. It would also help a lot if they check on the credit reports of the debtor from all three major credit bureaus. Through this process creditors would be able to tell the integrity of the debtor, by simply looking at all the factors that influenced the credit score.

source: A Flugenheim

Four Tips to Establish and Build Corporate Credit Score - Paydex Score

Are you in the process of obtaining financing for your new business or your existing business? Before you start applying for loans make sure you have what the lenders are looking for. One of the most important elements for acquiring loans from the banks or commercial lenders for your company is corporate credit score or paydex score. If your business does not have established corporate credit, you need to start right away.

Paydex is a term used in business, for a numerical score granted by D&B to Business as a credit score for the promptness of their payments to creditors. This score is used by commercial lenders in a manner similar to the way the Fico score is used for individuals. A high paydex score is considered healthy for a business. You need to establish corporate credit so you can get small loans when you need it. Having separate business credit profile helps to limit your personal liability and protect your personal assets.

Here are some tips to establish and build corporate credit:

1. You need to have the right business structure. Sole proprietor will not be able to build business credit. Create a corporation or LLC.

2. Get an Employer Identification Number, also known as a federal tax ID, is similar to a social security number for your business.

3. Register with credit reporting agencies.

4. Get trade references and retail credit

How to establish corporate credit is a step by step process. Once you have established strong corporate credit profile for your company, you increase your chances of obtaining loans. A score of 80 or higher is excellent for your business. To get the best result you need to have strong corporate and personal credit. If you personal Fico score is poor you can start repairing it while building corporate credit score. As a smart business owner you need to build separate corporate credit. Instead of applying for loans in your personal name, start applying loan under your corporate name.

source: Stephen K