No particular language is necessary for this type of report so long as the report clearly conveys the necessary information.
Arkansas Report to Creditor by Collection Agency Regarding Judgment Against Debtor
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How to fill out Report To Creditor By Collection Agency Regarding Judgment Against Debtor?
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If you're able to do so, pay the original creditor before your debt goes to collections. Having a debt sent to collections will damage your credit score and may limit your options for repayment. In most cases, the original creditor will offer better repayment options than a debt collector will.
The original creditor can't continue to report a balance due if it has sold the account to a collections agency. However, it can report a charge off, which remains on your credit report for seven years, even if you pay off the debt?with the original creditor or via a collections agency.
Unpaid debt doesn't go away. Until the debt is either paid or forgiven, you still owe the money. This is true even if it's a credit card debt that is sold to a collection agency and even if you think it's unfair.
The Fair Debt Collection Practices Act governs when, where and how consumers may be contacted. It prohibits collection agencies from harassing or abusing consumers.
If you have been sued, you have 30 days to file a written answer. You must do this to preserve any rights or defenses you may have. You must file the response with the clerk of the court where the lawsuit was filed. You must also send a copy to the creditor's attorney.
Some debt collectors may try to report a debt on a consumer's credit report twice. Doing so can make a single bad debt hurt twice as much. Though some consumers may have multiple debts owed to the same debt collector or creditor (which can be reported separately), each debt can only be reported one time.
For example, they can't threaten you with imprisonment ? or make any other kind of threat,? if you don't pay. However, they can ? and typically do ? report the unpaid debt to credit reporting agencies.
The statute of limitations in Arkansas for the typical credit card debt is 5 years. Any promise to the creditor to pay even a reduced payment may revive the debt so that the statute of limitations no longer bars collection. Be aware of this, and it could be your greatest defense against a debt collector.