Consumer Debt Collection Agency
Being Contacted By A Debt Collector
You have been contacted by a consumer debt collection agency. What do you do? First, a couple of things you should not do. You should not panic or become terrified. A collection agency is not some monster or Boogeyman. It is a legitimate business which makes its money collecting debts for others and either receiving a percentage of what the agency collects or a collection fee and sometimes both. These agencies are regulated by the Federal Trade Commission (FTC) which is charged with enforcing the Fair Debt Collection Practices Act of 1977 (FDCPA).
Take a Proactive Approach To Solve The Problem
Another thing you should avoid doing is nothing. Ignoring a consumer debt collection agency will not make it go away. Remember, this is a business which only makes money if it collects. So ignoring the calls and letters will only generate more calls and letters at more inopportune moments. In addition, your neighbors, friends, and relatives could be contacted.
One other thing you should avoid is becoming irate, threatening, or abusive. These people are trained to deal with such behavior and they have mental and emotional shock absorbers which allow them to remain focused on the task at hand – getting you to pay them money. Now that you know what not to do, what should you do?
Gather Information And Verify
The first thing you should do is to ask the representative to give you his/her name, the agency worked for, and the address and telephone number of the company. Next, ask for the name of the creditor that you are supposed to owe, the amount, the account number, and the present balance as well as a listing of any other charges. Ask that this information be provided to you in writing. If you are not sure you owe the debt or the amount claimed, ask the representative for written verification of the debt.
Should you receive written communication before you receive a telephone call, it is always a good policy to write the company and ask for written verification of the underlying debt. All communications with the agency should be in writing and sent certified mail, return receipt requested or with some other form of delivery confirmation.
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