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Liberty Okechukwu

204 posts
Liberty, a skilled SEO content writer, writes educational articles on a variety of subjects, including business, real estate, finances, tech, and insurance. I work with others to realize visions because I am passionate about the truth and storytelling. With a certificate in content writing, I am able to research and tailor words to effectively communicate messages and meet specific needs and business queries.
Corporate Lease: meaning, how to get it, requirements & what you should know
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    RReal Estate

    CORPORATE LEASE: meaning, how to get it, requirements & what you should know

    • byLiberty Okechukwu
    • March 18, 2023
    There are many things you should be aware of if you’re new to the corporate lease concept but…
    Credit Card Machine: Top credit card for business in 2023
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      BBusiness

      Credit Card Machine: Top credit card for business in 2023

      • byLiberty Okechukwu
      • March 18, 2023
      In 2023, statistics have shown that over 30% of purchases are made by consumers using credit cards, and…
      Psychological Harassment: What is it, examples, lawsuit & guide
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        MManagement

        PSYCHOLOGICAL HARASSMENT: Definition, Examples, Lawsuit & Guide

        • byLiberty Okechukwu
        • March 18, 2023
        Psychological harassment is vexatious behavior involving persistently hostile and unwanted words, actions, or behaviors that are unpleasant, upsetting,…
        Working Together: Complete guide to becoming a team player & free tips
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          MManagement

          WORKING TOGETHER: Complete Guide to Becoming a Team Player & Free Tips

          • byLiberty Okechukwu
          • March 17, 2023
          Have you been a part of teams where everyone contributes and you all work in unison? Do you…
          CHEAP INTERNATIONAL SHIPPING SERVICES AND RATES IN 2023
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            BBusiness Services

            CHEAP INTERNATIONAL SHIPPING SERVICES AND RATES IN 2023

            • byLiberty Okechukwu
            • February 28, 2023
            Offering international shipping for your products is one of the best ways to grow your customer base and…
            GARNISH WAGES LAWYER: How They Can Help You
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              LLoan

              GARNISH WAGES LAWYER: How They Can Help You

              • byLiberty Okechukwu
              • February 28, 2023
              A wage garnishment is advantageous because you are paying off your debts, but it can make your situation…
              WHAT IS A CREDIT BUREAU AND HOW DOES IT WORK?
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                MManagement

                WHAT IS A CREDIT BUREAU AND HOW DOES IT WORK?

                • byLiberty Okechukwu
                • February 28, 2023
                A credit bureau is an organization that gathers and analyzes consumer credit data and sells it to lenders…
                WHAT IS A COLLECTION AGENCY AND WHY SHOULD YOU AVOID THEM? A collection agency is a business that lenders or creditors use to recover money from accounts that are past due or in default. After numerous unsuccessful attempts to collect its receivables, a creditor frequently hires a collection agency. Furthermore, the debt-collection work may be delegated by a lender to a third party (the collection agency), or it may be handled by an internal division or a debt-collection subsidiary. Note that: Lenders use collection agencies to recover money from past-due or defaulted accounts. Collection agencies collaborate closely with lenders and credit bureaus to recover unpaid debts. The Fair Debt Collection Practices Act (FDCPA) governs collection agencies and lays out guidelines for what they can and cannot do to collect debts from debtors. How does Debt Collection Agency Work The kinds of debt that collection agencies typically collect are specialized. For instance, a collection agency might only pursue debts that are at least $300 in arrears and less than two years old. A respectable firm will also restrict its activities to debt recovery within each state's applicable statute of limitations. So when the debt is not too old, the creditor may still pursue it legally if it is still within the statute of limitations. A percentage of the money collected, usually between 25% and 50%, goes to the creditor as payment to the collector. Furthermore, Credit card debt, medical debt, automobile debt, personal debt, business debt, student debt, and even unpaid electric and cell phone bills are all collected by debt collection agencies. Some collection companies also work out settlement agreements with customers for less than the total amount owed on hard-to-collect debts. Debt collectors can also suggest cases to attorneys who sue clients who refuse to pay the collection agency. What does Collection Agency do? Delinquent borrowers are contacted by debt collectors via letters and phone calls to persuade them to make good on their debt. Debt collectors use computer software and private investigators to conduct additional research when they are unable to contact the debtor using the information provided by the original creditor. They can also conduct searches for a debtor's assets, such as bank and brokerage accounts, to assess their ability to repay. Collectors may notify credit bureaus of unpaid debts to persuade customers to make payments since unpaid debts can significantly lower a customer's credit score. Even if the account numbers are known, a debt collector must rely on the debtor to pay their debt and cannot access a bank account without first obtaining a judgment. In other words, the court directs the debtor to pay a specific creditor a certain sum of money. To accomplish this, a collection agency must file a lawsuit against the debtor before the statute of limitations expires and obtain a ruling against them. Note that this judgment permits a debtor's bank and employer to begin withholding money from the debtor's wages and bank accounts, but the debtor's employer and bank must still be notified. Debt collectors also get in touch with defaulting borrowers who are already the subject of judgments. Even after receiving a judgment, it may be difficult to get the money back. In addition to placing levies on bank accounts or automobiles, debt collectors may also attempt to place property liens on real estate or compel the sale of an asset. Can you ignore Collection Agencies? You can ignore calls from debt collection agencies but it is not advisable to do so. It might make your situation much worse. The debt collector might submit a lawsuit for collection purposes, which could result in wage garnishment, the confiscation of property, or the withdrawal of funds from your bank accounts. Furthermore, they might get in touch with your family, employer, or other people you listed as contacts when you applied for the credit. Additionally, your credit score might still be impacted even if a debt collector stops calling, which would limit your future borrowing options. What happens if you don't Pay Collections? Perhaps because there is no immediate benefit to paying off the debt other than ceasing to receive collection calls, many people don't want to pay the collection agencies. However, be sure you understand the repercussions of ignoring a debt that is in the collection. It affects your credit reports Debt collectors report accounts to the credit bureaus, which can harm your credit score, but paying off the delinquent amount can provide some benefits. You can stop the harassing calls from the collectors, and a paid debt collection appears better on your credit report when applying for new credit. While it's important to periodically check your credit report for any account collections that might not be yours, if the collection is truly yours, it's usually preferable to settle it and move on. You get lots of debt collector calls A debt collector's responsibility is to persuade you to pay your debt because they cannot turn a profit unless they are successful in doing so. Debt collectors will continuously contact you until you pay. It affects your credit report points. Debt collections are a sign of delinquency, making you a riskier borrower and more likely to be turned down for a mortgage loan. Regardless of whether you pay the collection or not, it remains on your credit report for the full allotted period. The collection will then be removed from your credit after that period has passed. It causes unpleasant interest rates A collection on your credit report does not always result in an application being rejected. You might be accepted, but to make up for the higher risk of nonpayment, you'll have to pay a higher interest rate. Unemployment Debts on your credit report may prevent you from being hired, particularly for financial or upper-level management positions. Employers need your written consent before they can view your credit history as part of a background check.
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                  PPersonal Finance

                  WHAT IS A COLLECTION AGENCY AND WHY SHOULD YOU AVOID THEM?

                  • byLiberty Okechukwu
                  • February 22, 2023
                  A collection agency is a business that helps lenders or creditors get money from accounts that are past…
                  HOW TO USE EQUITY IN YOUR HOME: Detailed Guide
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                    RReal Estate

                    HOW TO USE EQUITY IN YOUR HOME: Detailed Guide

                    • byLiberty Okechukwu
                    • February 22, 2023
                    Many people’s most valuable asset is equity in their homes. As you pay off your mortgage, your home’s…
                    BLACK TUESDAY: The 1929 Stock Market Crash
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                      MMarkets

                      BLACK TUESDAY: The 1929 Stock Market Crash

                      • byLiberty Okechukwu
                      • February 22, 2023
                      The 1929 Wall Street Crash, also known as “Black Tuesday,” “the Great Crash,” or “the Crash of 1929,”…
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