CONSUMERS
Your Credit Rating Should Not
Be Taken Lightly!
Negative Credit Reports
Last For Years!
This does not simply
affect your ability to obtain a credit card but can in some cases affect your
ability to obtain a mortgage, loan, your ability to rent, get bonded or in
extreme cases it can affect your ability to gain certain types of employment.
We feel that because
your good credit standing is so important, that upon assignment of your account,
we assume that your debt is a communication problem and therefore in most cases
have not automatically reported your account to the Credit Bureau. Prompt
payment in full will in the majority of cases keep us from making a
negative credit report against you.
If you
have been contacted by us or received a letter from us, you have several options
in which to pay the account:
|
Questions |
Answers |
| What do I do if a
collection agency contacts me?
|
Do not
ignore the agency. The debt is not going to go away therefore it is
important that you respond as soon as possible. If you don't the
agency will continue to keep trying to reach you to collect what they
believe is a valid debt. If you legally owe the bill you should
arrange to pay it as soon as possible.
|
| Can't I just start
making payments again to the original creditor? |
Once
your account is past due the full amount becomes due and payable in full
immediately. However a short term payment arrangement may be possible
based on your current circumstances.
|
| Can a Collection
Agency Sue me?
|
YES!
The agency may file a civil lawsuit against you. If a judgment is
obtained usually you become responsible for additional expenses for court
costs and/or attorney fees.
|
| What can I expect
if I am sued and a judgment is obtained against me?
|
The
courts provide a variety of remedies for a creditor to use if a judgment is
obtained against you including but not limited to garnishment of wages &
bank accounts or sheriff seizures of non-exempt items. Even if you
have been sued it is still in your best interest to contact the agency to
arrange VOLUNTARY repayment.
|
| If my account has
been sent to a Collection Agency, how can I get a loan to pay it in
full?
|
Most
lenders grant credit based on a variety of criteria. If your credit
rating has some negative information you should still be able to obtain a
loan. Arranging for someone to co-sign a loan for you is often an
effective tool in dealing with many credit grantors as the co-signer reduces
their overall risk or having equity in your home may be used to secure a
loan. Depending on the amount of equity that you have there are
lenders that have much more relaxed rules regarding lending money.
Call Aurora Collections Services Ltd. for details!
|
| What other sources
of money are available to me?
|
Banks,
Family, Private Lenders, Finance Companies, Mortgage Brokers, Retirement
Savings, Payroll Advances or Holiday Pay have all been used by others in
similar situations to yours to help pay their debts.
|
|
Now that my account is paid, how do I re-establish myself? |
Once
your account is paid in full contact our office, we will be happy to discuss
with you how to get re-established. However be aware of companies that
offer quick fixes! There are no quick fixes. Re-establishing
your credit rating is a function of time.
|
