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How to spot debt collection Scams
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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 encounter frauds to collect debt.
Written by Sean Pyles Senior Writer | Personal finance, debt Sean Pyles leads podcasting at NerdWallet as the host and producer of the NerdWallet's "Smart Money" podcast. The show "Smart Money," Sean talks with Nerds from NerdWallet's NerdWallet Content team to answer listeners' personal finance questions. With a focus on thoughtful and practical advice on money, Sean provides real-world guidance to help people improve their financial lives. Beyond answering listeners' money questions on "Smart Money," Sean also interviews guests outside of NerdWallet and produces special segments on topics like the racial inequality gap as well as how to get started investing, and the history of student loans.
Before Sean lead podcasting at NerdWallet He also covered issues related to consumer debt. His writings have appeared in USA Today, The New York Times as well as other publications. When when he's not writing about personal finances, Sean can be found working in the garden, taking runs , and taking his dog for long walks. Sean is located within Ocean Shores, Washington.
Last updated Aug 5, 2021 at 2:48 PM PDT.
Edited by Kathy Hinson Lead Assigning Editor Personal financial, credit scoring, debt and money management Kathy Hinson leads the Core Personal Finance team at NerdWallet. Previously, she spent 18 years at The Oregonian in Portland in capacities such as chief of the copy desk and team editor and designer. Her previous experience includes writing copy as well as news editing at many Southern California newspapers, including the Los Angeles Times. She graduated with a bachelor's in mass communication and journalism from Iowa's University of Iowa.
A majority of the products we feature come from our partners, who pay us. This influences which products we write about as well as the place and way the product is featured on the page. But, it doesn't influence our opinions. Our views are our own. Here is a list of and .
If you're getting threatening phone calls about the payment of a debt even if that you know about, you could be the target of a debt collection scam.
Here are some key steps to recognize and protect yourself from fraudulent .
Red flags of debt collection scams
You could be receiving an unwanted call from a debt collector if the caller doesn't know the debt you are supposed to have to pay or if the person calling you:
Can't or won't provide detailed details about the debt as well as the origin creditor.
They won't divulge any information on the organization that the person claims to represent, such as name or address as well as phone number.
Utilizes aggressive tactics to force you into immediate payment.
Makes a request for payment via phone.
Requests sensitive information, such as information about your bank account, your Social Security number, or your debit or credit card numbers.
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Common scams
It's not difficult to identify an ad-hoc scam where people attempt to collect the debt that you do not recognize or know you don't have. Fake debt collectors have many ways of getting your information, and they hope to convince you into a fast payment by making a cold phone call.
Other scams can be more difficult to identify, for instance, scammers who attempt to recover a debt you due. Scammers may look into your credit report in order to discover the people you owe money to such as, for instance they may then make calls pretending to represent these creditors.
Afraid of being arrested and abusive language are telltale signs of a fraudster According to the . It is not possible to be arrested on a debt and it's not a good idea to mislead people regarding the consequences of not paying off a debt. The legitimate debt collectors take their time in this field.
Another red flag: anyone claiming to represent the Internal Revenue Service and seeking immediate payment. The tax collection agency of the government does not require you to make payment over the phone or ask for a debit or credit card number. Both of those are signs of . Be aware, however, that the IRS in 2017 will be announcing tax refunds.
For any debt, ask for confirmation letters -an official document that describes the specifics of the debt -- prior to doing anything.
What to do
Think before you act when . Take these steps if you believe that a caller is trying to make money from you.
Get information
Start by gathering information about the debt collector as well as the debt. Request a confirmation letter. True debt collectors will provide this information as soon as possible without question. Any hesitation might be a sign of a scammer.
If you get a call, ask for his or her name and address, along with the name of their employer and phone number and street address. If the person calling you won't provide the information requested, it's an indicator of trouble.
Protect your personal information
However a debt collector might ask for information, you should not divulge or provide information about you bank account, credit or debit card numbers, or Social Security number. This could put you at risk of identity theft, or allow a scammer pull money from your account.
Contact the creditor who originally made the offer.
If you think a scam debt collector has reached you regarding payment for an outstanding debt, ask the original creditor whether it has sold your debt and for the contact information for the collection agency that manages the debt.
Ignore the calls
Ignoring repeated phone calls is one of the best ways to get the scammer off your shoulders. Do not hesitate to call back in the event of threats or harassment or calls, and avoid answering callbacks. Since scammers are looking to make quick money from a simple target, they're not likely to stay with you long before moving on.
If you're dealing with a legitimate debt collection agency You'll have to devise a strategy to .
File a complaint
Don't hesitate to file a complaint with the state or your state if you think that a debt collector who is scammed has reached out to you. Collect all the information you can and include the information with your official complaint.
The author's bio: Sean Pyles is the executive producer and host of NerdWallet's Smart Money podcast. His writing has appeared in The New York Times, USA Today and elsewhere.
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