Financial Credit Network Inc is a debt collection agency located in Visalia, California. This company was established long back in 1954 with the intention of collecting delinquent payments from California debtors.
Collecting delinquent debts is not as simple a process as it seems. There are several complexities hidden in this arrangement. Debtors who do not pay up their bills are first contacted by their original creditors and requested to pay up the debts.
Failure to pay up even after a few requests will provide a chance to the creditor to convert the debt into a charge off. This is where the debt collection agency comes in.
The charge off is purchased by the debt collection agency at a much lower price than the actual debt. But this discount in debt amount is not passed on to the debtor. Instead the debtor now has to pay more than what he / she owed in the first place.
When the debtor is contacted by the debt collection agency, their executives may use many underhand techniques to get debtor to pay up. Many debt agencies have even been reported to use goons to scare the debtors into paying up.
Even if a debt collection agency does not go the extreme extent of hiring goons to extract the debts, at least they will try to threaten and harass you by calling up several times in the day and also by contacting your family, friends and acquaintances too. The damage becomes more apparent when you examine your credit reports.
All charge offs and negative collection accounts can mar your credit reports. And these debt collection agencies and creditors report such negative collection accounts very aggressively and without fail. So if you have left any debts unpaid, expect to see negative tags on your credit reports.
Negative tags mean a lot to your credit score. More the negative tags lower will your credit scores go and lesser will be the chances of getting any loan in future. Hire a credit repair agency that can deal with your credit repair process in adroit manner.