Oli said:
You can hire a collection company to report the debt. They’ll handle it for a fee.
So I can report this to a collection company?
Oli said:
You can hire a collection company to report the debt. They’ll handle it for a fee.
So I can report this to a collection company?
Yes, you can hire one to collect for you. They’ll report to the credit bureaus, but it won’t be cheap.
@Oli
Will I need to pay upfront, or will they take a portion of what’s collected?
Van said:
@Oli
Will I need to pay upfront, or will they take a portion of what’s collected?
I’m not sure, but they can answer all your questions.
Van said:
@Oli
Will I need to pay upfront, or will they take a portion of what’s collected?
I’m not sure, but they can answer all your questions.
Okay, thanks.
You can’t report it directly. There’s a minimum number of accounts required, and they don’t let just anyone report.
You can’t report it directly. Your next step is to file a judgment lien or garnishment. The judgment should appear on their credit report.
Sky said:
You can’t report it directly. Your next step is to file a judgment lien or garnishment. The judgment should appear on their credit report.
They don’t have a job, and unless I can prove they still have their Xbox and TV, I can’t do anything. They listed zero assets on the form.
@Van
File the judgment and wait. If they ever get a job, you can enforce it. Judgments last 7-10 years and can be renewed. It’ll show up on their credit report and follow them around.
Sky said:
@Van
File the judgment and wait. If they ever get a job, you can enforce it. Judgments last 7-10 years and can be renewed. It’ll show up on their credit report and follow them around.
Wait, does winning the case automatically dock their credit score? Or do I need to file a lien for that?
@Van
Public records like judgments and bankruptcies can negatively impact credit reports.
Sell the debt cheap and let professionals handle it.
Willow said:
Sell the debt cheap and let professionals handle it.
Who buys debts? I haven’t heard of this.
Willow said:
Sell the debt cheap and let professionals handle it.
Who buys debts? I haven’t heard of this.
I was partly joking, but you can look into debt collection companies. It’s more common for larger debts.
@Willow
Oh, okay. Sorry for misunderstanding.
No worries. It’s frustrating to lose money like this. Some people are just difficult.
No worries. It’s frustrating to lose money like this. Some people are just difficult.
Thanks.
You can file a judgment lien. It’s more effective if they have assets like a house or car, but you can file it anyway. It’ll show up on their credit report until paid. Be aware of filing fees and renewal requirements.
@Rex
So if they have no property, I can still file a lien, and it’ll show up on their credit report with added interest?
Van said:
@Rex
So if they have no property, I can still file a lien, and it’ll show up on their credit report with added interest?
You’ll need to renew the lien every few years. It’ll stay on their credit report and hurt their chances of getting loans. If you know where they bank, you can file the judgment there and freeze their account.