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Junk Debt Buyers and Collectors

Did you find a debt collection agency on your credit report?

Or, did a debt collection agency contact you for a debt that is years old?

What do you do?!

It's very disturbing getting contacted by these agencies, but there is something you can do about it.

Don't Worry!

junk debt buyers

So you know,junk debt buyers are debt collection agencies that have purchased bad debt.

And here's the thing, once a debt is considered older than the debt statute of limitations in the state you live, no one has the right to sue in order to get you to pay it.

Morally, you may need to consider paying it, but not legally.

The most important thing to do right now is get all the facts about junk debt buyers and the company that contacted you.

You need to know how to respond, what not to say over the phone, what records to keep, and what to do if they can legally sue you.

Consider this when dealing with junk debt collectors:

  • Don't assume you are in deep trouble and are "wrong." Consider the possibility that it's your rights that have been violated.
  • Be sure to file any and all documentation relating to the debt, including letters, court records, and statements.
  • Don't update your profile information with a junk debt collector.
  • Don't, in any way, acknowledge a debt with a junk debt buyer.
  • Don't agree to a payment plan until the debt is "validated"
  • Keep track of your credit score.

Which company contacted you? Find the specific junk debt buyer that contacted you for more specific information on that agency.

Junk Debt Buyers...What Can You Do?

Junk debt buyers are collection agencies who purchase bad debt.

The debt can be anything from an overlooked medical bill to a defaulted credit card.

In many cases, there have been previous attempts by other collections agencies to collect the debt. Junk debt buyers purchase these debts in lots, often for pennies on the dollar, in the hopes of making money collecting them.

Asset Acceptance Capital Corp, LVNV Funding, Midland Credit Management and NCO Financial Systems are just a few of the junk debt buyers out there.

There are others. Don't be surprised if you find one operating under more than one name either as it is a common tactic.

This type of collection agency is notorious for using any means necessary to collect the debt, regardless of whether they violate your consumer rights in the process.

Check with the Federal Trade Commission (FTC), Better Business Bureau (BBB) or state agencies that oversee collection agencies and you will most likely find a number of complaints against these companies for their tactics.

Avoiding junk debt buyers isn't always possible. They will bombard you with letters and phone calls. With some, they may threaten to garnish your wages, take your savings or worse.

While some of these may be possible, they have to follow a strict process in order to do so. In most cases, these are simply empty threats.

To get these collection agencies off your back, start by educating yourself.

The Fair Debt Collection Practices Act (FDCPA) is your first weapon.

It spells out what debt collectors can and cannot do when attempting to collect a debt. It is also a good idea to read up on the Fair Credit Reporting Act (FCRA) as well since many collection agencies use your credit report as leverage to get you to pay a debt.

Finally, check your state laws.

While many are identical to the FDCPA, some states offer consumers additional protection. Make sure you also research the statute of limitations in your state.

These are typically found in the laws that govern lawsuits.

And don't forget to browse this site and other recommended sites for helpful information.

Learn how many people just like you got this company off their backs!

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