You have just purchased your credit report, hoping to find ways of raising your credit score. But what do you find? One of your past-due accounts is reported twice!

Now, that can’t be legal, right? Of course it’s not. But we need to coerce them into rectifying it. Where the problem comes in is the original creditor sells off a debt to a collection agency, but that creditor never stopped reporting it for whatever reason. Suddenly the agency is reporting it, too, as is their right. But the creditor doesn’t have that right any longer.

These sorts of agencies that buy debts lowered rates – rather than working for the original creditor and splitting the balance collected – are called “junk debt buyers.” They give up on trying to collect these debts because they no longer want to waste the time and energy attempting to do so. But the lower rate, sometimes 50% or less of the original debt, has a higher potential for collection.

When junk debt buyers obtain these debts, they use minimal documentation in the process. More often than not, they are merely spreadsheets of multiple accounts handed off. They only want to take care of it as quickly as possible.

This new creditor may have issues proving you owe the debt or that it is even valid in the first place. A validation of debt dispute letter is the first course of action to correct the information. If successful, the account redundancy should be corrected on the credit report.

Contact us today if you have any questions or concerns regarding this process. We provide credit repair services throughout St. Louis and the surrounding areas, including but not limited to, St. Charles, St. Peters, Wentzville, and Herculaneum.