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How to spot Scams in Debt Collection
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How to spot Scams in Debt Collection
Be aware of scams, protect your information , and inform authorities in the event that you are contacted by a debt collection scam.
Written by Sean Pyles Senior Writer | Personal finances, financial debt Sean Pyles leads podcasting at NerdWallet as the producer and host of the NerdWallet’s “Smart Money” podcast. In “Smart Money” Sean talks with Nerds from NerdWallet’s NerdWallet Content team to answer the questions of listeners about their personal finances. With a focus on thoughtful and actionable financial advice, Sean provides real-world guidance that will help consumers improve in their finances. Beyond answering listeners’ money questions on “Smart Money” Sean also interviews guests who are not part of NerdWallet and also creates special segments to explore topics such as the racial gap in wealth as well as how to get started investing, and the history for student loans.
Before Sean took over podcasting for NerdWallet He also covered issues that dealt with consumer debt. His writing has been featured on USA Today, The New York Times and other publications. When Sean isn’t writing about personal finances, Sean can be found digging around the garden, taking runs and taking his dog on long walks. He is based within Ocean Shores, Washington.
Aug 5, 2021
Written by Kathy Hinson Lead Assigning Editor Personal finances, credit scoring debt and money management Kathy Hinson leads the core personal finance team at NerdWallet. Prior to joining NerdWallet, she worked for 18 years working at The Oregonian in Portland in capacities such as chief of the copy desk and team editor and designer. Her previous experience included news and copy editing at several Southern California newspapers, including the Los Angeles Times. She received a bachelor’s degree in mass communications and journalism at Iowa’s University of Iowa.
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If you’re receiving threats on phone calls about the payment of a debt, even if it’s one you know, you may be the target of a scam to collect debts.
Here are the best ways to recognize and protect yourself from fraudulent .
Warning signs of frauds in debt collection
You could be receiving a call from a fake debt collector if you do not recognize the debt you supposedly is due or if you hear the following:
Can’t or won’t provide detailed details about the debt as well as the initial creditor.
Won’t give you information about the agency the person claims to represent, including name, address and phone number.
Uses aggressive tactics to pressure you into immediate payment.
Requests payment over the phone.
Requests sensitive information including details about the bank account you have, Social Security number or your debit or credit card number.
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Common scams
It’s simple to spot a scam in which an individual attempts to collect a debt that you aren’t familiar with or believe you don’t owe. False debt collectors have a variety of methods of obtaining your personal information and hope to get you to make a quick payment via a cold-call.
Others can be trickier to identify, for instance, a scammer who tries to collect on a debt that you do have to pay. Scammers may look into your credit report in order to discover the people you owe money to such as, for instance or call pretending to represent these creditors.
Threats of police action or abusive words are obvious indicators of a fraudster, according to the . You can’t be arrested for debts and it’s not a good idea to mislead people regarding how to pay a debt. The legitimate debt collectors take their time in this field.
Another red flag: someone claiming that they represent the Internal Revenue Service and seeking immediate payment. The tax collection agency of the government is not going to demand you make a payment immediately over the phone or ask for a credit or debit card number. Both are indicators of . Be aware, however, that the IRS in 2017.
As with any debt, you should request confirmation letters -which is a document that details the details of the debt — before doing anything.
What to do
Be aware of your actions before acting . Take these steps if you think a caller is trying to fraud you.
Get information
Begin by collecting information about the debt collector and the debt. Get a validation letter. The legitimate debt collectors must send you this information immediately without delay. Any hesitation might be an indication of a fraudster.
Ask the caller for his or her name and employer, along with its phone number and street address. If the caller won’t give you this information, that’s a red flag.
Protect your personal information
Whatever the way a debt collector might ask to contact you, do not divulge or verify your bank account and debit or credit card numbers or Social Security number. Doing so could put you at risk of identity theft or allow fraudsters steal money from your account.
Contact the creditor who originally made the offer.
If you suspect that a fraudulent debt collector has contacted you to pay a debt you do owe, ask the original creditor if it sold your debt and for the contact information of the collection agency who owns it.
Do not answer the phone.
Refraining from receiving repeated calls is among the most effective methods to get the scammer off your shoulders. Don’t be afraid to leave when you’re faced with threats or harassment or threats, and do not answer calls. Because scammers want to make quick money by stealing an easy target, they’re not likely to keep you on their radar for long before going on.
If you’re in touch an authentic debt collection agency However, you’ll need to make a plan to .
File a complaint
Don’t be afraid to file a formal complaint with the or your state If you believe that a scam debt collector has reached you. Collect all the information you can , and then include it in your formal complaint.
Author bios: Sean Pyles is the executive producer and host of NerdWallet’s Smart Money podcast. His writing has been featured in The New York Times, USA Today and elsewhere.
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