In Too Deep? How to Protect Yourself from Unethical Debt Collectors |
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by: Janna Weiss
It seems like every sector is having problems these days, from the factory workers to the CEOs and even the national government. Business is plummeting while unemployment soars. But there’s one industry that’s weathering the recession just fine: debt collection. If you’ve gotten behind on your credit card payments and started screening your phone calls, there’s hope for you yet.
First, realize that you’re not alone. Debt collection is booming precisely because so many people have gotten behind on their payments. We’re not a culture who likes to talk about our financial difficulties with others, but chances are good that you’re not the only person at the party who cringes every time the phone rings.
While some collectors are helpful, others participate in unethical or illegal practices. The BBB and FTC received 10,000 complaints about bill collectors last year, and this figure is expected to rise as firm hurry to employ new collectors to keep up with demand.
So what can you do to protect yourself from these pesky, frequently abrasive, and sometimes downright criminal collection agents? Your best bet is to know your rights, know the law, and know where you can go to report abusive debt collectors.
Did the bill collector contact you to verify that the debt is actually owed by you? Under law, they have five days to do so when they first receive your account. During this time, they must show you documents that prove the debt is yours. You can stop their collection efforts cold by requesting this verification. Until proof is provided, the collector can’t legally continue to call you. (And if they ever call you at work, or outside the hours of 8AM to 9PM, you’ve got grounds for a complaint.)
While your work phone is off limits, your company’s isn’t. Debt collectors can use the Internet and other records to find out where you work. Then they can call to verify your employment, although they can’t ask for phone numbers or names of your supervisors.
Collectors can also look up phone numbers and addresses for your family members, friends, and neighbors. Then they can contact these people to try and get a current number or address for you. What they cannot do is supply details about the debt collection effort, unless you’ve given them written permission to do so.
If you’re being harassed by a debt collector who isn’t playing by the rules, contact the Better Business Bureau and the FTC to lodge a complaint. Keep visiting CreditorWeb to learn more tips for managing and reducing your credit card debt.
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