4 ms·

Exactly. Some blogs and other websites are offering bad advice. Performing overt actions such as: checking one's credit, sending debt validation letters, paying

Exactly. Some blogs and other websites are offering bad advice. Performing overt actions such as: checking one's credit, sending debt validation letters, paying small amounts, maintaining other debt at the expense of another, seeking jobs which check credit, and others can empower debt collectors to pursue that individual vigorously. On the other hand, a completely destroyed credit report (100% charge offs) with no known mortgage or vehicle with a hard-to-find debtor is unlikely to be pursued since they are more likely to be collection/judgment proof. What many people do not realize is that most charged-off debt is uncollectible. Only a small fraction actually gets paid. Most debtors cannot be located by their collectors, and that's the primary reason why debt collectors will normally settle for less than what is owed.

learc83 8y ago
>checking one's credit, Checking your own credit doesn't show up on the credit report collectors pull, so they would have no idea you did this. It also costs them money each time they pull a credit report, so they're unlikely to do it very often (or at all) by the time the debt is old enough that it's unlikely collectible.
- mrstatute 8y ago
  Actually, the latest credit product systems from Experian and TransUnion (not sure about Equifax) allow creditors to see inquiry data as a list of dates. This array may include pre-approved offer checks and third-party pulls (such as those from Credit Karma). I believe you can even see this date list on Credit Karma as well. In the same way that a debt validation letter is a "smell" to the debt collector that the debtor is concerned about their debt (and potential credit status), any indicator that the debtor is evaluating their own credit can also potentially raise the debtor's file with the collector to high-attention (or litigation) status (versus being sold off to another collector).
  - chimeracoder 8y ago
    > Actually, the latest credit product systems from Experian and TransUnion (not sure about Equifax) allow creditors to see inquiry data as a list of dates. This array may include pre-approved offer checks and third-party pulls (such as those from Credit Karma). I believe you can even see this date list on Credit Karma as well. This is not the same thing as checking your own credit, which is not visible on reports that creditors see.
    - ArchTypical 8y ago
      Soft vs Hard inquiries. There is a problem with various credit apps doing hard inquiries without the user being fully aware - ie Did you read and fully understand the disclaimer? https://www.experian.com/blogs/ask-experian/credit-education/report-basics/hard-vs-soft-inquiries-on-your-credit-report/ https://www.experian.com/blogs/ask-experian/credit-education...

learc83 8y ago

>checking one's credit, Checking your own credit doesn't show up on the credit report collectors pull, so they would have no idea you did this. It also costs them money each time they pull a credit report, so they're unlikely to do it very often (or at all) by the time the debt is old enough that it's unlikely collectible.

mrstatute 8y ago
Actually, the latest credit product systems from Experian and TransUnion (not sure about Equifax) allow creditors to see inquiry data as a list of dates. This array may include pre-approved offer checks and third-party pulls (such as those from Credit Karma). I believe you can even see this date list on Credit Karma as well. In the same way that a debt validation letter is a "smell" to the debt collector that the debtor is concerned about their debt (and potential credit status), any indicator that the debtor is evaluating their own credit can also potentially raise the debtor's file with the collector to high-attention (or litigation) status (versus being sold off to another collector).
- chimeracoder 8y ago
  > Actually, the latest credit product systems from Experian and TransUnion (not sure about Equifax) allow creditors to see inquiry data as a list of dates. This array may include pre-approved offer checks and third-party pulls (such as those from Credit Karma). I believe you can even see this date list on Credit Karma as well. This is not the same thing as checking your own credit, which is not visible on reports that creditors see.
  - ArchTypical 8y ago
    Soft vs Hard inquiries. There is a problem with various credit apps doing hard inquiries without the user being fully aware - ie Did you read and fully understand the disclaimer? https://www.experian.com/blogs/ask-experian/credit-education/report-basics/hard-vs-soft-inquiries-on-your-credit-report/ https://www.experian.com/blogs/ask-experian/credit-education...