One of the stories in recent days has been that almost half the counties in Illinois have turned to a debt collector. Credit Collection Partners of Taylorville has contracted with more than forty counties.
This is not inherently bad, says the Better Business Bureau.
“Not necessarily, because that's a viable way of collecting debt,” says Steve Bernas, president of the BBB of Chicago and Northern Illinois. “There are some legitimate ones out there, and there are some that are breaking the law.”
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And, he says, the bank really doesn't want your house. Your creditors really do want to work with you.
“The business or the government that's actually selling debt (when you fail to pay) is actually selling at a reduced rate and trying to get something back, so they will work with you prior to going to collections,” says Bernas. “We suggest that you not avoid collection calls, especially from the company or the government that you owe money to, because they'll sell your debt, and you'll have to pay for it anyway somewhere down the line, and it will affect your credit report.”
(Copyright WBGZ / )