Debt Collection

Marks on Credit Reports: A major default that indicates to other creditors and lenders that you haven't always kept your payment commitments is debt collection. You are viewed as a riskier borrower, and as a result, some of your requests for new credit can be denied. If you have Unpaid Debt collections on your credit report, you run a higher risk of being denied a mortgage.






Regardless of Whether: Regardless of whether you pay the collection or not, it remains on your credit record for the full allotted period of time. The collection will then be removed from your credit after that time period has passed. If the debt has a statute of limitations, you will still owe it and the collector may continue to pursue you, but your credit report won't be affected.



 

Detrimental Interest Rates: A Collection on your credit report does not always result in an application being rejected. You might be accepted, but in order to make up for the higher risk of non-payment, you'll have to pay a higher interest rate. If your credit card interest rate is high, paying off the entire balance will save you money on finance fees. You might need to put down a down payment for a security deposit for other services like cable or phone. Positively, if you make your payments on time each month, you'll get your deposit back or credited to your account.





Lawsuits: You may be sued by a creditor for any amount of debt. They have the right to request that the court seize your pay if they win a judgment against you. Even if you believe the statute of limitations on your debt has run out, you shouldn't disregard a lawsuit summons. 9 If you are being sued, speak with a lawyer about your options. Additionally, each state has a unique set of regulations governing debt collection. This is one of the reasons you should always obtain competent legal counsel anytime a debt collector contacts you. Search more here about Lawsuits by UAE National Lawyers and Legal Consultants.

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