It can be very frustrating when you are being contacted by debt collectors. This can cause you to change your number, move or more.
However the frustration is multiplied when the debt they are calling you about is not yours or is due to a mistake by a creditor. This is because the debt collector is unwilling to acknowledge a lender mistake. They have already spent money purchasing your debt.
If you are in this position then you should request validation of the debt. I strongly suggest you do this through certified mail so you have documentation that they did get your debt validation letter.
We strongly discourage you requesting validation over the phone; unfortunately these requests are often ignored. In addition you only have 30 days to request validation of the debt, once notified.
Furthermore it is becoming more and more common for debt collectors to just sell your account to another collection agency if you request validation. This will result in you getting calls from another debt collector.
Instead I suggest you hire a credit service to dispute the negative credit items that the debt collectors have posted on your credit report. This way you will prevent your score from being damaged due to a lender mistake.
However if the debt is valid then you should settle it. You should offer a settlement of 50% of the account balance.
This is because the collector has purchased your debt for a fraction of the balance. In addition even if the collector does not accept that offer, they will see that you are willing to pay this and will be willing to negotiate a price.
You will need to have the collector agree in writing that they will remove the negative item from your report in exchange for your payment. If this is not done then the item will change to a paid collection and it will still be seen as a negative mark on your credit by future lenders.
In sum, I suggest a service to repair you credit from debt collectors.
