What should I do if I receive a notice of collection from my credit card company?

If you receive a notice of collection from your credit card company, it is important to take action quickly to avoid further repercussions. In Minnesota, the Credit Card Dispute Resolution Law (CCDRL) exists to help protect consumers from unfair and abusive practices in the credit industry. Your first step should be to contact the card issuer and dispute the debt. You will need to provide evidence to support your dispute. Be sure to keep a copy of the dispute letter to have proof that you contacted the company. If the company agrees to the dispute, the charges may be removed from your account. If the company denies your dispute, they may decide to pursue collection efforts. In this case, you may be able to reach a settlement agreement with the company. If the company insists on collecting the debt, you can hire an attorney to defend yourself and possibly negotiate a settlement. Minnesota’s CCDRL requires that the card issuer must provide you with an itemized statement of all debts and fees incurred on the account. This should be used as evidence in your dispute. In Minnesota, delinquent accounts may be reported on your credit report for up to seven years. If the debt is resolved, it should be removed from your credit report. Keep in mind that ignoring debt notices may have serious consequences, so it is important to take action as soon as possible.

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What should I do if I receive a notice of collection from my credit card company?

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