Things You Should Do If Debt Collectors Call

Debt collectors can be a stressful and overwhelming experience. When they call, they often use aggressive tactics to try and collect on debts that you may or may not owe. However, there are things you can do to protect yourself and your rights when dealing with debt collectors. Here are the five things you should do if debt collectors call.\r \r 1. Know Your Rights\r \r The first thing you should do if debt collectors call is to know your rights. The Fair Debt Collection Practices Act (FDCPA) is a federal law that regulates debt collection practices. Under this law, debt collectors are prohibited from using abusive, harassing, or deceptive tactics to collect on debts. Some of your rights under the FDCPA include the right to request validation of the debt, the right to dispute the debt, and the right to be free from harassment or threats. You can learn more about your rights by visiting the Consumer Financial Protection Bureau's website or by contacting a consumer protection attorney.\r \r 2. Get Organized\r \r When debt collectors call, they often ask for personal information such as your name, address, and social security number. Before giving them any information, get organized. Write down the name of the debt collector, the name of the creditor, the amount of the debt, and the date of the last payment. It's also a good idea to gather any documents related to the debt, such as credit reports, bills, and statements. Having this information at your fingertips will make it easier to dispute any incorrect information and negotiate a payment plan.\r \r 3. Be Prepared to Negotiate\r \r Debt collectors are often willing to negotiate payment plans or settle debts for less than the full amount owed. When negotiating, it's important to be prepared. Know how much you can afford to pay each month and be prepared to make a counteroffer if the debt collector's proposal is too high. You should also try to negotiate the removal of any negative information from your credit report in exchange for payment. This can help to improve your credit score and make it easier to get approved for loans and credit in the future.\r \r 4. Ask for Validation of the Debt\r \r Under the FDCPA, debt collectors are required to provide validation of the debt if you request it. This means that they must provide proof that you owe the debt and that they are authorized to collect on it. If you believe that the debt is not yours or that the debt collector is trying to collect on an incorrect amount, you should request validation of the debt. This can help to protect you from paying a debt that you don't owe and can also help to identify any errors in the debt collector's records.\r \r 5. Consult With an Attorney\r \r If you are being harassed by debt collectors or if you are unsure of your rights, it's a good idea to consult with an attorney. A consumer protection attorney can help you to understand your rights under the FDCPA and can also help you to negotiate with debt collectors or defend against a lawsuit. In some cases, debt collectors may violate the FDCPA by using abusive or harassing tactics. If this happens, you may be entitled to damages and attorneys' fees. An attorney can help you to file a complaint against the debt collector and can also represent you in court.