Equable Ascent Financial can HURT your Credit for a Long Time, Unless You Take Action.
Debt collection is serious business. Chances are, by the time you’re contacted by a debt collection company like Equable Ascent Financial, you’re already in deep financial trouble. You may think that you are powerless to defend yourself from debt collectors’ aggressive tactics, and you just have to suffer through the experience.
The truth is, you do have rights as a consumer, and there are limits as to what tactics companies like Equable Ascent Financial can use against you as they seek to secure repayment of your debts.
Because each collection item can damage your credit score by 100 points, your score can fall below 600.
And since collection items can remain on your credit history for 7 years, it’s a problem that is hard to “wait out”.
There are two important laws that relate to debt collection and credit repair. The first is the Fair Debt Collection Practices Act. This law is designed to protect consumers from unscrupulous debt collection tactics, such as:
- Calling at unreasonable hours
- Calling just to harass or annoy you
- Calling you directly after you’ve hired a lawyer
- Making threats of legal action without real intent and ability to follow through
The Fair Debt Collection Practices Act also gives you the right to initiate a debt validation process, which will force the debt collector to prove beyond a shadow of a doubt that you really owe what they say you owe.
The other law you need to know about is the Fair Credit Reporting Act. This act makes it illegal for debt collectors to report inaccurate information about you to anyone, including the credit bureaus.