First things first, our official position is that if you definitely owe a debt, that you've confirmed is exact, to the exact person and agree you are 100% legally liable; then and only then, do we advise that you attempt to negotiate with that party. As part of the recovery process, KnightFiCo will conduct this negotiation, when it is determined a debt is 100% valid.
Read that prior paragraph very carefully though. If we were to show you a particular item on your credit report, let's say for example:
ABC Collections- Cable Company XYZ - 540.10 reporting date 2/11
Imagine that you're indeed familiar with Cable Company XYZ and you recall that this debt might be from a former residence. Most people will say, "yeah, I remember I had a left over bill and I think they wanted the equipment back". The majority of our clients will initially concede to a debt like this.
Let me ask it another way though. Are you familiar with ABC Collections, yes or no? No? Can you confirm 100% that you were informed by mail and received the entire accounting of 540.10? If there were collection fees applied, are those fees legal and what are they? Does ABC have the ability to identify you specifically, or is it possible this isn't your bill, but the bill of another former Cable Company XYZ customer?
These are common issues we see, to a large extent, with our clients. Clients conceding to pay or "own" debts they aren't even sure are theirs. It's a MUCH bigger problem than you may expect. For this reason, once you are in debt and your credit score has taken the damage, we advise you DO NOT take out any form of consolidation loan, nor do you just agree to pay these companies.
For all intents and purposes, the damage is done. Initial creditor, such as Cable Company XYZ, has already written of your debt as loss, and obtained the tax benefit for that loss. To them, they've let it go. Now ABC Collections owns it, but you're initial debt isn't with them, so the entire term can change. In addition, paying these debts WON'T often lead to their removal. Instead it will show the debt was charged off, but paid. This will hurt your score for years to come.
So, to answer the initial question posed by this entry, no we do not pay your debt. Instead, we utilize your monthly fee to scrutinize each debt these companies CLAIM you owe. We do this through discussion with you, the client, with the bureaus and with the debtors themselves. We want to be 100% sure, you owe what they say or, guess what, it's gone.
We have removed debts of thousands of dollars, that were improperly applied to our clients, and we did so for one monthly fee. This fee applies to the communications, expertise and financial coaching we provide, so that you are never in this position again. In our experience, what we remove will far outweigh our monthly fee in terms of debt and damage to your credit.
So, it begs the simple question, pay them hundreds, or even thousands, or pay us to handle this complex issue for you. Speak with a representative today for real examples, and real testimony of clients we've helped.
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