Collection business are companies similar to any other, most buy debt from the initial creditor for a portion of the initial amount owed and then attempt and gather as much as possible from you.
If you had an overdue credit card balance of $2000, a collection business might purchase it from the creditor for $400 and will attempt to collect the complete quantity from you. This is sometimes the reason for the continuous harassment from debt collector.
It is important to understand that you have personal rights in reference to how debt collector interact with you in reference to any debt. They need to follow these laws and you also have the right to sue them if they don't.
When you advise them to by putting it in composing, a collection agency by law can not call you prior to 8.00 am and after 9.00 pm and need to also stop calling you. It is also possible to remove collection accounts from your credit report.
In order to do this it depends on the stage of the collection account, if its older than 7 years then you can have it eliminated with a basic letter to the credit bureaus. You can negotiate a lower payment in exchange for them deleting it from your report if its an account where the collector is still calling you.
It is essential that you get this in composing PRIOR TO you pay them any loan. Remember that they bought the account for less and this will also allow them to settle the account for less than exactly what you initially owe on it.
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