Write Collector Phone with airSlate SignNow

Decline signed collector

so there comes a time where all of us at one point or another or at least the greater majority have made the biggest mistake and that's paying a debt collector and paying collections now i know what you're probably thinking and you're probably thinking well irv i want my credit score to go up or i'm tired of having a 500 credit score or i'm tired of being in the low 600s so i'm trying everything in my power to boost my credit score and look i get it i've been there but here's the thing if you've paid collections in the past and if you've ever paid a collector did you notice that when you checked your credit report the following month well your credit didn't shoot up at all and in some cases your credit score either remained the same or it actually went down you see paying a collection agency and paying a debt collector does absolutely nothing for your credit score and that's why i strongly recommend for you to watch this video for you to find out why you should never pay a collection agency and don't forget to share this information with someone that you know could be committing the mistake of paying a collection company thinking that their credit score is going to go up or has paid a collection agency and hasn't seen their credit score go up at all now you're probably wondering okay irv well they've sent me these letters stating that company xyz that they've now taken over the debt of the other credit card company or maybe a phone company that i owed money to so what do you mean i don't have to pay these collection agencies they have my name they have my address i think i owe them money let me help you out because this is how it works with collection companies when the original creditor let's say credit card company abc has been trying to get someone to either pay their debts or pay the amount of money that they owe because they fall in behind for whatever reason that is after 180 days whether it's at the end of the year or let's say after 180 days they decide to then do what's called a charge off and a charge off simply to that means we are now writing this off of our books because of tax purposes we've now taken a loss on this so now they're going to do one of a couple of things they're either going to charge it off and call the insurance company let them know that hey we've taken a loss on this or within that charge off they then call collection agencies and then they sell that portfolio of charge-offs which is a pool of hundreds if not thousands of different charge-offs from different people not just one person and now what do these collectors do in these collection agencies well they buy...