Safeguard Yourself From Collection Agency Fraud

If you have not cleared many of your debts, then you are probably experienced with disturbing phone calls from collection agencies who in their best efforts are trying to obtain money from you for a delinquent account. For a fee, lenders will sell your account to a particular agency of their choice. Most of these agencies are legal, but there are a growing number of them which are not. Knowing about collection agency fraud can help you safeguard yourself from the criminal activities that these particular agencies practice.

Collection agency fraud comes forward in many different ways. Some are imposters, while others use excessive and harassing phone calls as their method of debt collection.

One common example of collection agency fraud is a worker who poses as a law enforcement agent. These agencies use this as a scare tactic to get people to pay debt. This practice is against the law and should be reported immediately. By no means would a “real” collection use this practice.

Harassing and disturning phone calls do not really come under the category of collection agency fraud, but there are laws that govern such actions. Collection agencies cannot keep calling you if you have already stated that you would not pay the debt. The matter is usually turned over to the courts in this instance. Also, a collection agency cannot contact you more than three times per week. Only one of these phone calls may be made to your place of employment. Individuals who owe debt cannot be contacted between the hours of 9pm and 8am as well.

Appreciate the extent of your debt and which company you owe the debt. Collection agency fraud can appear as a phone call stating that you owe money. An agent will then ask for your personal information. Be certain that this is a call from an agency regarding money that you actually owe. If it is, then the agency is the party at fault. Never, under any circumstances, should you give out personal information to an agent. This practice should be reported immediately.

Another common and clear example of collection agency fraud is changes in interest rates due in your debt. Under no circumstances are you required to pay a higher interest rate than the original contract stated. This too is fraudulent practice and should be reported to the proper authorities immediately.

Being responsible for your debt is a personal matter and should be kept that way. The law states that all financial information is to be kept in confidential records. If you have knowledge that your information is being made public, find out who the publisher of the document is. This practice is another example of collection agency fraud.

Collection agency fraud and unfair business practices are useful and practical information for any individual in debt. Knowing how to safeguard yourself from the practices of these agencies will help take the burden off of an already stressful situation.

 

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