We recently received a complaint about an out of state debt collection agency harassing an Oklahoma family for money they don't owe. Sure debt collectors have a job to do, but that doesn't mean they have the right to harass, oppress, deceive or abuse you. Federal law also prevents them from scaring you with a lawsuit. Here's the Fair Debt Collection Practices Act in its entirety. If you believe a collection agency is overstepping its boundary...you have the right to report them to the Federal Trade Commission. Here's some tips I came across while browsing the FTC's website.
Now...if you do in fact owe on a debt...here's some things to keep in mind when dealing with a debt collector (courtesy: getprequalified.com)
*Don’t talk on the phone to a collection agency. If you get on the phone with them they will try
to intimidate you so they can collect more. Remember, they collect more, they make more.
*Send a Validation Letter to Collector to confirm debt
*Get everything in writing first before you open your checkbook.
*Keep good records; don’t expect the collector to remember what you had agreed on.
*Send all correspondence by registered mail.6. Keep copies of everything
*If you do call the collector, keep a log of whom and when you called.
*Follow up a call with a letter.
*Penalties and interest are typically made up amounts of many added on by the collection
agency to increase profits.
*Time is on your side. The longer you can keep them off your backs, the better settlements
you can work out.
*Don't be eager to settle. Take your time. If you are trying to buy a home and you need to have
the delinquent account off your credit report, make sure they know about this. Ask them to
remove the account from your credit report if you pay them in a lump sum.
I'm Scott Hines...In Your Corner!
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