Credit and debt counseling has become a booming business over the last few decades..
For many people, their most important dream is to own a home...
If you have amassed a rocky credit history and if you are burdened with a low credit score

Negotiating on Retail Store Accounts

When it comes to taking steps necessary to deal with bad credit, you certainly will want to include your retail store accounts in the overall scheme.  In many instances, a person who is trying to deal with bad credit issues has retail store accounts that require attention.

Through this article, you will be provided with some basic information about how you can take steps to deal with bad credit by negotiating with retail stores in regard to credit card accounts that you might have with these merchants.

Who to Contact to Negotiate Regarding Retail Store Credit Card Accounts

Retail stores have credit and collection departments that are responsible for collection of consumer debt.  Many times large department stores and retailers choose to subcontract out their debt collection to an outside company that collects over due funds on their behalf.  But no matter whether the debt collector actually works for the retail establishment or works with a collection company, you're going head-to-head with a tough, professional negotiator. The following guidelines can help you come out ahead. 


Make Sure You Do Your Homework

First, do your homework.  Most states have their own debt collection laws; so in order to have more information, contact the attorney general's office in your state.  When collecting a debt from you, a debt collector must play fair and follow the guidelines set forth by the attorney general.  There is also a free consumer brochure on debt collection available from the National Consumer Law Center called “What You Should Know About Debt Collection.” 

Get Your Negotiations and Any Agreements in Wiring

Make sure that whatever negotiations you agree upon are written out clearly.  In other words, “Get it in writing.”  Information like the amount agreed upon to pay back and the date to be paid, as well as the amount that is being forgiven, should be all spelled out, clearly.  This prevents any problems of lack of clarity in the future.  You will want to send a letter to the retail company that you are negotiating with outlining the agreement.  Make sure and send this letter via certified mail so you will have receipt of the letter being delivered.  Even better yet is when you can get them to send you a letter on their letterhead of the arrangements.

Make Agreed Upon Payments with a Check

Another way to assure that the retail debt is satisfied as agreed upon is to pay by check and write at the bottom of the check “cashing this check constitutes payment in full.”

By following the steps that have been outlined in this article, you will be on your way towards making productive changes in regard to a bad credit situation.  You will be well on your way to ridding yourself of the ball and chain of bad credit and moving towards a day when your financial affairs are in order.