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Make sure you check your DMs for Debt Collectors and Scams

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Check Your DMs for Debt Collectors and Scams

by Lauren Schwahn Lead Writer | Personal financial and debt Lauren Schwahn is a writer at NerdWallet who writes about debt, budgeting and money-saving strategies. She is part of the «Millennial Money» column for The Associated Press. The work she has contributed to was highlighted in USA Today, MarketWatch and other publications. Lauren has a bachelor’s degree in the field of history at her home at the University of California, Santa Cruz. She is based within San Francisco.

February 11 Feb 11, 2022

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

Many or all of the products we feature are from our partners, who pay us. This influences which products we write about and where and how the product is featured on the page. But, it doesn’t influence our evaluations. Our opinions are entirely our own. Here is a list of and .

Social media is where you can watch cooking videos, scroll through pictures of exotic destinations, and scroll through endless headlines in the news. Today, websites like Instagram, Facebook and Twitter may also be the places where debt collectors slide into your DMs.

In 2021’s final year, the rules changes will come into effect that specify how third-party debt collectors can communicate using email, social media and texts.

Consumer advocates like April Kuehnhoff, a staff attorney with the National Consumer Law Center, are concerned that the new rules could create confusion and a rise in scams.

«It’s much cheaper to make use of electronic communication to reach out to many more people. We’ll see a rise in the number of illegitimate actors who impersonate debt collectors, sending emails direct messages, texting or emailing people in an attempt to convince them to pay off debts they don’t really have to pay,» Kuehnhoff says.

Being aware of the signs and understanding your rights can help protect yourself from fraudulent and unfair practices. Here’s what to watch for and how to stay secure while you go through all notifications.

Be aware of warning signs

Several warning signs can be used to warn you about abusive behavior or scams:

The message isn’t private

Debt collectors can invite you to join their friends or followers as long as they tell you they are debt collectors. However, the FDCPA requires that all communication are private. It means that messages shouldn’t be accessible to the public or people in your network on the platform. If you receive a message others can see, that signals a bad actor.

Critical information is missing

Debt collectors are legally obligated to share specific details about the debt, including the amount due, the creditor’s name and information about your rights. They’ll typically provide this information, also known as a validation notice, the first time they reach you or within five days.

«If someone is simply saying «I’m an debt collector’ and not doing anything other than that, I’d be suspicious right from the beginning,» says Katie Bossler Quality assurance specialist at GreenPath, a nonprofit credit counseling company.

You’re harassed or threatened

«Sometimes fraudsters threaten customers with deportation or arrest, or attempt to intimidate them into paying quickly,» Kuehnhoff says. However, it is not legal for collectors to threaten customers or use abusive or vulgar words.

A collector also cannot legally pursue you if the debt is time-barred, or past the time limit for suing. How do you know if your debt is time-barred? Research your state’s laws and look over your payment history on your credit reports. Consider seeking assistance from your local or a non-profit counselor for credit.

You’re requested to make an unusual transaction

Fraudsters often seek fast payment by using difficult-to-recovery methods. A legitimate debt collector won’t insist on paying using unreliable methods like a bitcoin terminal, money transfer or prepaid card, Kuehnhoff claims. «They won’t advise you to visit the Apple store and purchase an Apple gift card.»

Don’t pay anything without first confirmation that the debt as well as the collector are legitimate. You can learn more about from the Federal Trade Commission.

Protect your rights

The FDCPA gives you certain protections. For instance, you can choose to not receive messages. Collectors are required to provide an easy and free method to stop contact with social media. That won’t erase the debt however.

You can also choose to dispute a debt that you believe is not correct or not yours. However, you’ll have to send a request in writing within 30 days after receiving notice to challenge or seek more information about the debt. The details on how to do either must be included in the initial letter sent by the collector to you.

How can you verify the creditor and the debtor? Bossler suggests starting with pulling your free credit reports from AnnualCreditReport.com. «Make a list of the debts that you owe including the debtors, the balances, the account numbers. The debt collector will often use the last four digits of your account’s number» Bossler says.

It is possible that you are dealing with a collection company for the creditor who originally made the loan and this makes it much easier to match up the details. But the original creditor may have transferred the debt to an outside firm. This third-party collector needs to give information like their name, company and address for mailing. Use these details to double-check their authenticity.

«Several states have debt collection licenses enrolled with the NMLS or that is, the National Multistate Licensing [System],» Kuehnhoff says. «Even even if your state does not utilize it, it could be a useful resource to verify if this name is a legitimate debt collection name that’s licensed across other states.»

Even if all is well Don’t be that you have to settle the bill immediately. The payment you make could trigger the debt that is beyond the statute of limitations. Instead, give yourself time to come up with plans that work with your financial situation and budget.

If a debt collector is in violation of your rights or you encounter fraud, you may file a complaint with the FTC or the Consumer Financial Protection Bureau or the state attorney general’s office.

The article was written by NerdWallet and was first published in The Associated Press.

Author bios: Lauren Schwahn covers consumer credit and debt at NerdWallet. The work she has written for NerdWallet was featured by USA Today and The Associated Press.

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