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How to Spot Scams in Debt Collection

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How to spot Scams in Debt Collection

Learn to recognize scams, safeguard your information , and inform authorities in the event that you are contacted by an untruthful debt collection scam.

Written by Sean Pyles Senior Writer | Personal financial, financial debt Sean Pyles leads podcasting at NerdWallet as the host and producer of the NerdWallet’s «Smart Money» podcast. The show «Smart Money,» Sean talks with Nerds from the NerdWallet Content team to answer the questions of listeners about their personal finances. With a particular focus on sensible and actionable financial advice, Sean provides real-world guidance that will help consumers improve their financial lives. Beyond answering listeners’ money concerns on «Smart Money» Sean also interviews guests who are not part of NerdWallet and produces special segments that explore subjects like the racial inequality gap as well as how to get started investing, and the background for student loans.

Before Sean was the host of podcasting for NerdWallet He also covered issues that dealt with consumer debt. His work has appeared in USA Today, The New York Times as well as other publications. When he’s not writing about personal finances, Sean can be found playing in his garden, going for walks, or taking his dog for long walks. He is based within Ocean Shores, Washington.

Aug 5, 2021

Edited by Kathy Hinson Lead Assigning Editor Personal financial, credit scoring, debt and money management Kathy Hinson leads the core personal finance team at NerdWallet. Prior to joining NerdWallet, she worked for 18 years with The Oregonian in Portland in roles including copy desk chief and team leader for design and editing. Prior experience includes news and copy editing for several Southern California newspapers, including the Los Angeles Times. She graduated with a bachelor’s in mass communications and journalism from Iowa’s University of Iowa.

The majority or all of the products we feature are provided by our partners, who pay us. This impacts the types of products we feature and where and how the product is featured on the page. However, this doesn’t affect our assessments. Our views are our own. Here is a list of and .

If you’re receiving threats on calls from someone about the payment of a debt, even if it’s one you know, you may be the target of a debt collection scam.

Here are some key steps to recognize and protect yourself from fraudulent .

The red flags for debt collection scams

You could be receiving an unsolicited call from a debt collector if the caller doesn’t identify the debt that you think you have to pay or if the person calling you:

It isn’t possible to provide specific details about the debt as well as the origin creditor.

Won’t give you information on the organization that the person claims to represent, such as name or address as well as phone number.

Employs aggressive tactics to press the customer into paying immediately.

Requests payment via phone.

Asks for sensitive information like the details about the bank account you have, Social Security number or your debit or credit card number.

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Common scams

It’s simple to spot an ad-hoc scam where people attempt to collect a debt that you don’t recognize or know that you don’t have. Fake debt collectors have many methods to get your details and hoping to get you to make a quick payment through a cold call.

Other scams can be more difficult to detect, such as scammers who attempt to recover a debt you do due. Scammers could look through your credit report in order to discover whom you owe money to such as, for instance they may then make calls pretending to represent these creditors.

Afraid of being arrested as well as abusive speech are obvious indications of a scammer according to . It is not possible to be arrested on a debt and it’s not a good idea to mislead consumers about the consequences of not paying debts. The legitimate debt collectors be very careful in this area.

Another red flag is anyone claiming as representing someone from 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 by phone or ask for a debit or credit card number. Both of these are indications of . But be aware that the IRS in 2017 will be announcing tax refunds.

Like any other credit card, request a validation letter -which is a document that details the specifics of the debt — prior to doing anything.

What to do

Be aware of your actions before acting . But take these particular steps if you suspect that the caller is trying to fraud you.

Get information

Begin by gathering information about the debt collector as well as the debt. Request a confirmation letter. The legitimate debt collectors must send you this information immediately without delay. Any hesitation might be a sign of a scammer.

Request the caller’s name, as well as the name of his employer, along with its telephone number as well as street address. If the caller won’t give you these details, it’s a red flag.

Secure your personal information

However a debt collector might ask for information, you should not divulge or provide information about your bank account, debit or credit card numbers, or Social Security number. Doing so could put you at risk of identity theft or allow fraudsters steal money from your accounts.

Contact the original creditor

If you think a scam debt collector has contacted you to pay an outstanding debt and you believe it is a scam, contact the original creditor whether it has sold your debt, and also for the contact details of the collection agency that manages the debt.

Ignore the calls

Ignoring repeated phone calls is one of the best ways to get a scammer off your back. Do not hesitate to call back when you’re faced with threats or harassment, and don’t answer callbacks. Since scammers are looking to make quick money off an easy subject, they’re likely to stay with you long before leaving.

If you’re dealing to a genuine debt collector, however, you’ll want to make a plan to .

File a complaint

Do not hesitate to file a formal complaint with the authorities or your state If you believe that a scam debt collector has called you. Find all the details you can and include the information as a formal complaint.

Author bios: Sean Pyles is the executive producer and host of NerdWallet’s Smart Money podcast. His writing has been featured in The New York Times, USA Today and elsewhere.

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