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Not all debt collection agencies offer NATIONWIDE services. If you need bad debt recovery services in other states from California to Maine make sure you ask; the licensing requirements are different in each state and many states don’t require a license.  DEBT RECOVERY services offer various collections at different rates. These rates depend on the balance, age of the account and the number of accounts you have to place. Most charge 30% to 40% on consumer debt and 20% to 30% on commercial or large balances.

Chapter 13 bankruptcy - This type of bankruptcy requires a repayment plan; you set up a three or five year schedule with your creditors, with the approval of a judge. Chapter 13 bankruptcy remains on your credit report for seven years. With this type of bankruptcy you get to keep all of your property, including your home, as long as you keep up with the repayment plan.

The best plan is to try repayment arrangements directly with your creditors or collection agencies and avoid the courts.

By improving your score you will save significantly on finance charges and interest rates. Avoid having any debt sent to a Bad Debt Recovery Company or a Nationwide Debt Collection Agency, these also have a negative impact on your score.

Your credit score is usually based on the answers to these questions:

Do you pay your bills on time? The answer to this question is very important. If you have paid bills late, have had an account referred to a nationwide debt collection agency, bad debt recovery firm or have ever declared bankruptcy, this history will show up in your credit report.

What is your outstanding debt?

Many scoring models compare the amount of debt you have and your credit limits. If the amount you owe is close to your credit limit, it is likely to have a negative effect on your score.

How long is your credit history? A short credit history may have a negative effect on your score, but a short history can be offset by other factors, such as timely payments and low balances.

Have you applied for new credit recently? If you have applied for too many new accounts recently, that may negatively affect your score. However, if you request a copy of your own credit report, or if creditors are monitoring your account or looking at credit reports to make pre-screened credit offers, these inquiries about your credit history are not counted as applications for credit.

How many and what types of credit accounts do you have? Many credit-scoring models consider the number and type of credit accounts you have. A mix of installment loans and credit cards may improve your score. However, too many finance company accounts or credit cards might hurt your score.

To learn more, see the Federal Trade Commission publication on credit scoring. Excerpts taken from 

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Collection agents need to be aware that this economy has affected people’s financial health and should try to help with a solution rather than adding to their distress. Many people in debt appreciate a firm, but helpful tone to a collection call, increasing the probability of successful collections. In these difficult times collection agents must keep in mind that when there isn’t enough money to pay everyone, the debtor will most likely pay the companies that are willing to work with them first.
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