About 'commercial debt collection'|I'm Not Sure of What Can Violate my Debt Collection Rights.
After several years of working with a U.S. based company that helps entrepreneurs clean up their personal credit to help them along the process of securing a small business loan, I gained a lot of insight into credit repair. I was once asked to provide information for a client with dual American and Canadian citizenship that wanted to know if his Canadian credit history would influence the commercial loan lenders in the U.S. There are two primary credit reporting agencies in Canada '" Equifax Canada and Transunion Canada. Although these sound similar to the U.S. agencies they don't necessarily share information between countries. This may happen in a case where a Canadian creditor decides to take legal action across the border for a debt you incurred while living there. The commercial loan broker I worked with advised small business owners with a bad Canadian credit history to get it in order, suggesting that they may someday wish to return to their native country to live or start a business. The process is similar to repairing your credit in the U.S. Start by contacting Equifax Canada and Transunion Canada and requesting a copy f your credit report. You can find their toll free numbers of their websites. You might be required to pay a fee for these reports. Although you may be forced to dag up some old details from your memory, review the reports carefully and check for errors. Compare the information you find on both reports. If you notice discrepancies, contact the agencies to report or dispute them. Some of your debts might be so old they should be removed from your credit file. The next step is to contact the creditors and lenders that have reported delinquent accounts or defaults on payments. Start with the largest debt first. In the words of author, Brian Tracey, "eat the ugly frog first." Take care of the worst problems in the beginning and the rest will seem easy. If it has been a while since those creditors have heard from you they could be very happy you called. Negotiate a realistic schedule of payments to resolve the debt. Ask them to drop the interest charges and late payment fees so you only owe on the principal balance. Only commit to paying what you know you can manage financially. This way you will prevent further negative remarks being added to your credit report. More from this contributor: Keyword vs Branding Don't Be Hoodwinked by Collection Agencies Forgiven Loans and Your Taxes |
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