Most people that get calls from debt collectors usually just ignore the calls and hope they’ll go away. Most of the time, this won’t happen. Even if they do stop, it’s not necessarily good news as it could’ve been brought to a more serious level. You might not have thought about it before, but you should actually take these calls. Keep reading to see 5 reasons why this is the case.
1. Learn Your Options
The first reason why you should take the call is because it lets you know your options. This is much better than just wondering and being anxious about what can be done. Most of the expert collection agencies, like Pacific Collection Group, understand that things happen and want to do what they can without adding too much more stress. One of the most common options is the willingness to clear the debt if you pay a certain amount. Most of the time, you can either make payments or pay one lump sum. One thing to keep in mind is that different agencies will have different options, so make sure you ask!
2. Stop the Calls
Having multiple calls from a debt collector can be scary and pretty annoying. This is especially true when you aren’t too sure of the exact reason for them calling. Regardless of the circumstances, talking to them and setting up some kind of plan will make the harassment stop. Remember, though, you want to make sure you adhere to any plans you agree to because it can become very serious very quickly.
3. Verify the Debt
Another reason why you should answer the call is so you can verify the debt. Top collection agencies like, Pacific Collection Group, talk about it being extremely important because sometimes the debt isn’t yours or it was accrued without your knowledge. Talking to the debt collector and getting all of the details will help you determine if it was a debt that actually came from you or if it’s something you weren’t aware of. If this is the case, you’ll want to tell the agency and take it to the credit bureaus. This will launch an investigation and will let you prove that the debt isn’t yours.
4. Stop Legal Proceedings
The last thing you want is a debt collection agency taking the case to court. Not only can this go on your actual record and credit report, but you’ll also end up having to pay attorney fees and taking the time to appear in court. To help avoid all of this, try and come up with some kind of plan where you can make payments or one lump sum. Most of the time, this will stop any legal proceedings because it’s a much easier process than having to spend months in court.
5. Improve Your Credit Score
Finally, talking to a debt collector will let you know the details that are resulting in negative marks on your credit report. Being able to pay these off will help you raise your credit score and really help you in the future since your credit score is what will dictate any kind of borrowing you can do.
As you can see, these 5 things are pretty beneficial. Even if you can’t afford to pay the debt right away, at least you’ll know what the agency is planning to do. Remember, ask a lot of questions and make sure you know exactly what’s going to happen! Top companies don’t want to make things harder, they want to help you come to an agreement that benefits everyone.