Collection agencies are the ones who buy delinquent debts or unpaid debts that are past due. Usually, the original lenders are not able to sue their creditor. So sometimes, they sell these delinquent accounts to collection agencies. They are the ones who will collect your payment in the original lender’s stead.
Did you receive calls from Franklin Collection Service? This agency is in the debt collection industry from the US. Thus, it is best to familiarize yourself with this agency to prepare yourself better when dealing with this agency type.
What can a collection agency do to me?
Collection agencies are companies that recover debts on delinquent accounts. The primary lender may associate or hire these agencies or sell your account to them. Moreover, it is going to be a problem when your account goes into collection. It will make a mark on your credit score, making it harder to avail better rates when applying for a loan.
A collection agency will then try to get in touch with you. They will call and send letters to you. Then, they will notify the credit bureaus of the collection account. Most collectors will pressure you to pay and might repeatedly call you as long as they do not cross any legal means.
Concerning this, the Fair Debt Collection Practices Act (FDCPA) explains the limits of what collectors can do. Collection agencies might pressure you to pay, but they can not use any profane language or threaten you with violence. They are not also prohibited from arresting you for debt. That is why it is essential to keep records and notes when a collection company contacts you.
Franklin Collection Service
Franklin Collection Service is a legitimate company based in Mississippi, US. They were first established in 1980 and are now operating in over 50 states. They specialize in medical debts.
They offer various services such as full collection service, billing service, wrong debt recovery, and more. However, there are complaints about the company’s response to requests for debt verification.
There are also criticisms about the agency’s inaccurate reporting. Over 861 listed complaints to Franklin Collection Service on Consumer Financial Protection Bureau and Better Business Bureau. You can Click Here to know more about Franklin Collection Service and how to remove their name from your credit report.
The do’s and don’ts if Franklin Collection Service reached you.
One contact from Franklin Collection Service can immediately jeopardize your credit score. The collection can remain up to seven years regardless of your payment. Even so, do not worry! There is something you can do to shorten your dispute with them. The following are a few things you can follow for a straightforward transaction with this agency.
Do not panic, and make sure to talk to them.
When you receive a phone call from Franklin Collection Service, you should first deliberate whether you want to answer the call or not. It would help if you were calm and attentive when talking to them. Although, you may choose not to speak to them and ask them to call back. However, there is a lot of validation that you need to request. That is why it is still important to face and talk with the collector as soon as possible.
When conversing with them, make sure to keep any important information they tell you. Please take note of the name of the collector and what company they represent. Write down important details that you discussed and the company’s mailing address. You may write the information on a note, take a screenshot, or record the voice call.
It is crucial not to forget this because things might happen, and you will need to protect your legal rights.
Do not acknowledge the debt yet, instead request for the information of the account.
Once contacted, you need to prepare your debt validation request, especially if you are uncertain if the debt is yours. Through this letter, you will be able to verify if the debt is yours. Also, you can confirm if you have not paid your debt yet. In this way, you can prevent any bogus debts and waste money.
Beware of debt collector scams and know your rights.
Bogus debts and debt collector scams are still rampant even in this industry. Fortunately, there are simple ways you can differentiate the scammers to the legitimate ones. Most scammers will try to hide some information from you, like the total amount owed and the creditor’s name. Also, a scammer would most likely threaten you with arrest and tell your family, friends, and other acquaintances about your debt.
Meanwhile, the legitimate collectors follow the FDCPA. FDCPA is the federal law that controls the debt collection companies and protects you from abusive collections. That is why to protect yourself effectively, and you must know your rights and be familiar with FDCPA.
Seek professional help as soon as possible.
Above all, if you believe that your rights are violated, you can always seek a lawyer to help you with the legal stuff. Some lawyers specialize in debt and bankruptcy to settle you through this problem.
Additionally, suppose your credit score was affected, there are also credit repair services that can help you settle your credit score and may help you remove the Franklin Company Service from your collection. If you want to know about reader, you can visit this site Ask Reader.
Collections can no doubt scar your credit score. It can be a very long and hard battle if you do not know what to do and do not have any idea who you are facing. That is why it is essential to be ready at all times.