[Jaime]

Hi All, good forum. Glad to join the group.

Quick question: how do the collection agencies know when you open a new bank account? hmm... Each time I open a new one they seem to find me out? How do they get this information and what can I do to offset it?. Thanks in advance!

[Robin]

Hi Jaime,

This is a good question, all financial institutions report to the Credit report Agencies. For some fee, the credit reporting agencies will sell that information to almost anyone, including collection agencies. With automation this reporting cycle, bank to credit agency to collection agency, it is very quick. They really do not have to do much work; just let their computer know how to look out for you.

There are also any number of things can do to offset this. Assuming the problem is you open an account and then they seize the assets, you can eliminate this by either paying the debt or declaring bankruptcy.

Bankruptcy will not work when the government is after you. You can put the assets in form that is harder to seize, for example an IRA or 401 ( K ). That works even with the government. Finally, they can not seize what you don't have. You can gift with family members up to $ 11,000 a year without tax consequences.

You can go on and on about work around for your problem. Bottom line you need to address one of two issues. You either need to resolve the debt or learn for a very long time (exapmple: 10 years plus) how to fly below the radar screenn. I hope this help you....

[Fer]

They get information from Credit report agencies. They have investigators as well that dig up everything... They will do anything they can do to find out about your finances.