Watch out for "old debt buyers" collection agencies

Just a reminder for you TO keep an eye on your credit reports, there are a lot of scummy "old debt buyers" out there trying to profit off of you. They try to collect on bankruptcy debt(which is not allowed by law), debt that has already been settled, and accounts that have been closed years ago, they prey on the fact that a debt is so old that maybe you forgot about it or something and just pay them because you want to make it go away, even though it is not a valid debt. ALL THEY CARE ABOUT IS THE MONEY! Know your rights and NEVER send a collection agency a check or let them have electronic access to your checking account. They will empty out your bank account, (send money orders) if you owe a collector anything. There are horror stories all over about these low life companies.

When we(me and dh) ran a credit report on ourselves we found a company called NCO Financial had laced our report with some bogus debt. This company has been fined by the FTC in the past for "re-aging" debts and putting them on credit reports, which is illegal. I will post a letter which I sent to them next week. Upon writing the company they removed these items. None of them were large, like $75 dollars or so but none of them were accurate, all had been re-aged and some never existed. All my bills had been satisfied for many years. Check out what the statute of limitations are in your state also, if a debt collector can get you to make one payment even if it is only a dollar the statute of limitations start all over again and then they can sue you. You can find letter templates online to dispute the debt and send these companies here This sight has a lot of valuable information read through it and know what your rights are.