How to find all your debts
You could be unaware of your existing debts
There are some debts you might not be aware of.
As odd as it might sound, you could be indebted to certain persons and be entirely unaware of it. Mails sent to you to communicate the debt could go missing, while other bills could be misplaced. Worse even, due to identity theft and credit fraud, an account opened in your name could have been used to rack up a lot of debt - all without your knowledge.
In fact, you’re never certain as to how much you owe without a bit of digging.
So this post discusses different ways through which you can identify the various debts that you owe.
1. Check your credit reports
Your first port of call in the bid to find out all your debts is your credit report. Checking your credit reports for debts solves half of your problems because credit reports contain various account types such as credit cards, mortgages, auto loans, personal debts, and much more.
Keep in mind that the three major credit reporting agencies report debts and other financial activities somewhat differently. So, a debt that will appear on one agency’s report might not show up on another’s.
What to do?
Get your credit report from all three credit bureaus. Thankfully, the law has made the process of obtaining these reports seamless and free; just visit the Annual Credit Report site for free weekly reports. This lasts till April 2022, though.
2. Check in with possible creditors
Life happens. Sometimes, we could be indebted to someone, but not be really sure as to who exactly we owe, or how much we owe them. In this situation, it wouldn’t hurt to contact the possible creditors. This could be the last set of creditors that come to memory.
Find out from them if you owe them for their services, if they own the debt, or sold it off to a debt collector. Whatever the case is, they’ll inform and direct you accordingly.
3. Go through your mail in search of old bills
It’s almost second nature to kick mails aside to tackle more important concerns of daily life. The funny thing is that every now and then, bills come in those mails. By neglecting those mails, we end up inadvertently ignoring the bills. Looking through the pile of mails will usually reveal those long-neglected debts.
Finding all your debts is a useful activity because when you’re aware of what you owe, you can work towards clearing the debts. Debts are harmful to your credit. Utilize these tips to uncover all that you owe, then double your efforts on clearing them!
Getting a letter in the mail from a debt collector saying you owe money can be alarming.
A collection agency can report your debt to a credit bureau without giving you notice
You can dispute medical bills sent to collections
Creditors and debt collectors must file a lawsuit for debt within a specific period after which they can’t do such
Some conditions are necessary for a debt collector to access your account