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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, safeguard your information , and inform authorities in the event that you encounter frauds to collect debt.
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. On "Smart Money," Sean talks with Nerds on NerdWallet's NerdWallet Content team to answer the questions of listeners about their personal finances. With a focus on shrewd and practical advice on money, Sean provides real-world guidance that can help consumers better in their finances. In addition to answering listeners' financial concerns on "Smart Money" Sean also interviews guests outside of NerdWallet and creates special segments on topics like the racial inequality gap as well as how to get started investing and the background for student loans.
Before Sean lead podcasting at NerdWallet the company, he also wrote about topics related to consumer debt. His writings have appeared throughout the media including USA Today, The New York Times and elsewhere. When he's not writing about personal finances, Sean can be found digging around his garden, going for runs , and taking his dog on long walks. He lives in Ocean Shores, Washington.
Updated Aug 5, 2021 at 2:48 PM PDT.
Editor: Kathy Hinson Lead Assigning Editor Personal financial, credit scoring, managing money and debt Kathy Hinson leads the Core Personal Finance team at NerdWallet. Prior to joining NerdWallet, she worked for 18 years at The Oregonian in Portland in capacities such as chief of the copy desk and team director of design and editing. Prior experience includes the editing of copy and news at many Southern California newspapers, including the Los Angeles Times. She earned a bachelor's degree in mass communications and journalism in The University of Iowa.
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If you're receiving threatening phone calls about an outstanding debt even if you recognize, you might be the victim of a debt collection scam.
Here are the best ways to protect yourself against bogus .
Red flags of debt collection scams
You might be getting an unwanted call from a debt collector if the caller doesn't recognize the debt you supposedly is due or if you hear the following:
It isn't possible to provide specific details about the debt as well as the initial creditor.
Won't give you details about the organization the person claims to represent, including name or address as well as phone number.
Employs aggressive tactics to press you into making a quick payment.
Requests payment over the phone.
Asks for sensitive information like the details of your bank account, your Social Security number, or your credit or debit card number.
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Common scams
It's simple to spot fraud when an individual attempts to collect an unpaid debt you don't recognize or know you don't have. False debt collectors have a variety of ways of getting your information, and they hope to get you to make a quick payment via a cold-call.
Other scams can be more difficult to spot, like scammers who attempt to collect on a debt that you do due. Scammers could look through your credit report to see who you owe money for instance they may then make calls pretending to represent the creditors.
Threats of police action and aggressive language are indications of a scammer According to the . You can't be arrested for a debt and it's illegal to deceive consumers about how to pay debts. Legitimate debt collectors tend to be very careful in this regard.
Another red flag is someone claiming as representing an official of the Internal Revenue Service and seeking immediate payment. The IRS, the tax collection agency of the federal government, will never demand that you make a payment immediately via phone or request for a debit or credit card number. Both of those are signs of . Be aware, however, that the IRS in 2017.
As with any debt, you should request an official confirmation letter -an official document that describes the specifics of the debt prior to taking any action.
What do I do?
Be aware of your actions before acting . Take these steps if you believe that the caller is trying to scam you.
Get information
Begin by collecting information about the debt collector and the debt. Ask for a validation letter. Legitimate debt collectors should provide this information as soon as possible without delay. Any hesitation could 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 caller won't give the information requested, it's an indication of a red flag.
Protect your personal information
Whatever the way a potential debt collector asks for information, you should not divulge or confirm details of your bank account, credit or debit card numbers, or Social Security number. This could put you at risk of identity theft or let a scammer pull money from your account.
Contact the original creditor
If you believe a fraud debt collector has contacted you regarding payment for an outstanding debt you, inquire with the creditor who originally made the contact to confirm whether it sold the debt, as well as the contact information of the collection agency who owns the debt.
Do not answer the phone.
Refraining from receiving repeated calls is one of the most effective ways to keep a scammer off your back. Do not hesitate to call back in the face of harassment or threats or threats, and do not answer calls. Since scammers are trying to make quick money from a simple victim, they're unlikely to keep you on their radar for long before moving on.
If you're in contact to a genuine debt collection agency You'll have to devise a strategy to .
File a complaint
Don't be reluctant to file a complaint with the or your state if you think a scam debt collector has reached out to you. Find all the details you have and put 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 on The New York Times, USA Today and elsewhere.
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