6 things debt collectors don't want you to know about
Summary
Debt collectors must follow federal and state laws when trying to collect money you owe. You have rights that can help you verify a debt, avoid unfair treatment, and understand when a debt might be too old to be legally enforced.Key Facts
- You can ask debt collectors to prove that you owe the debt by sending a written validation request within 30 days of first contact.
- Debts can be sold many times, and records may be inaccurate or lost.
- Some debts become too old for collectors to sue you because of the "statute of limitations," which means the time period to legally enforce the debt has expired.
- Making payments or acknowledging old debts can reset the time period, so be careful before agreeing to anything.
- Most debt collectors cannot take money from your paycheck without suing you first and getting a court order.
- Debt collectors are not allowed to harass or threaten you and must follow specific rules about how they communicate.
- Knowing your rights can help you stop unfair collection calls and avoid costly mistakes in repaying debt.
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