The Very Basics Of Debt Collection Part Three
In parts one and two in this set of articles on the very basics of debt collection, I spoke about the differences between an in house collector and a third party collection agent. I let you know about the different types of ways that debt collectors will locate the debtors, and described a number of statements that the debt collector must say before they can proceed in their attempt to collect debt from you.
Debt collectors refer to these legal guidelines as a “mini Miranda.” If a debt collector does not give this information to you, he or she is violating the Fair Debt Collection Practices Act. If questioned, the debt collector is obligated to tell you her name, the name, address and fax number of her agency, and what creditor she is calling on behalf of.
If it is necessary she will go over the terms of sale with you, or credit contracts. Keep in mind that your conversation will most likely be recorded, and a good bill collector is a sneaky one. They will most likely use their listening skills to try to determine the cause of the delinquency.
Despite what you may have heard from anecdotal stories, or the sensational stories you have heard on the news, most collections agents are sympathetic people, working to make a dollar like you. Even if your bill collector is calling aggressively, it is never a good idea to ignore their calls. A debt collector will have the authority to offer a repayment plan, or some other type of help to make it easier for you to pay off of your debt.
At times, they are capable of finding solutions to your financial problems. After all, they work with people like you every day. They can even offer you some helpful advice or they might be able to refer you to some helpful debt counselors. Unfortunately, it has been said that all stereotypes have some truth in them, and there will be an occasional debt collector who may use strong arm or even illegal tactics to collect a debt. If something doesn’t sit right with you, consult the FDCPA, and call your local attorney general’s office to report the incident.
Mallory Megan works for Rapid Recovery Solution and writes articles on medical collection agencies.
