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What Happens if you Ignore a Debt Collection Agency

Nexa Collect

It’s also important to know your rights under the relevant laws, such as the Fair Debt Collection Practices Act (FDCPA) in the United States. Consulting with a financial advisor, credit counselor, or attorney can also be helpful in navigating the complexities of dealing with debt collection agencies.

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Impact of Debt Collector’s Call on the Debtor

Nexa Collect

Fear and Avoidance : Some debtors might react with fear, leading to avoidance tactics such as not answering the phone, which can potentially exacerbate the issue if it delays the resolution of the debt.

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You’re in Debt: 9 Terms to Know

The Kaplan Group

FDCPA ( Fair Debt Collection Practices Act). The Fair Debt Collection Practices Act (FDCPA) is a federal law that restricts the behavior of collection agencies when they are attempting to collect money from individuals. Credit Counselor.

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A phantom debt collection scam duped consumers out of more than $1 million. Here are 5 ways you can avoid falling victim

Collection Industry News

If you know your rights and financial situation, it’s less likely that you may be duped by a similar scheme, according to Bruce McClary, senior vice president of membership and communications at the National Foundation for Credit Counseling. Getting to know the Fair Debt Collection Practices Act is a good place to start, he said.

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How Debt Collectors Work

Taurus Collect

Here are strategic steps that debtors can take when dealing with debt collectors: Verify the Debt : Always request a written validation notice. This notice should include the amount of debt, the creditor’s name, and your rights under the Fair Debt Collection Practices Act.