![]() ![]() lenders may refuse you credit or charge you a higher interest rate.Once your creditor transfers your debt to a collection agency, your credit score will go down. Get information and tips on what to do when you contact your creditors to help reduce your debt. make alternate arrangements with your creditor to pay back your debt.pay a portion of the amount or the full amount owed to avoid having the debt transferred to collections.If you receive a notice that your creditor will transfer your debt to a collection agency, contact your creditor as soon as possible. Steps to take when you receive a notice that your debt is transferred to a collection agency the name of the person or business that you owe money to.You'll usually receive a notice in writing before a collection agency contacts you to collect the debt you owe. What happens when your debt is sent to a collection agency selling your debt to a debt collection agency.hiring a debt collection agency to get the money back on its behalf.using its own debt collection department if it has one.Your creditor, that is, the company that you owe money to, may try to get their money back by: If you don't make your debt payments, a debt collector may contact you to collect money that you owe on a credit card, line of credit, or loan. A debt collection agency is a company that specializes in recovering unpaid debts. ![]()
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