How can a debt collector ruin your credit scores.

How can a debt collector ruin your credit scores. What steps need to happen before a debt collector can ruin your credit scores.

4 Answers

Debt collectors don't ruin your credit score.  You do!

How to Deal with Unlicensed/Illegal Payday Lenders - Step by Step Instructions

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If you have been sent to collections, you have already ruined your score.  Why are you blaming the debt collector???

How to Deal with Illegal Loans..OhioGal's Primer
PDL's are ILLEGAL in the following states...
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states

Your credit score drops when an account is assigned to a collection agency. Usually, accounts are sent to collections when you default on the loans, and delinquent accounts tank your score. If an account is assigned to a collection agency, then try to pay it off asap. The more time you'll take to repay the debt, the greater will be the damage to your score. 

Yes, I agree with Jennifer. All the above mentioned steps need to happen in order to ruin your credit score. This is why it is always adivsed by the financial experts to repay your debt obligations in order to avoid this entire situation. Soon as you start defaulting on your loans, they're turned over to the debt collectors. Save money to repay debts on time.

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