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Managing Your Credit and Debt
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Collection Agencies
Managing Your Credit and Debt
- Introduction
- What's Your Credit Rating?
- Reasons for Being Denied Credit
- Using Your Credit Card Safely for Internet Purchases
- Reestablishing Credit
- Talk to Your Creditors
- Collection Agencies
- Credit Counseling
- Alternative Ways to Pay Off Your Debt
- Paying Your Debt to Uncle Sam
- Bankruptcy
Collection Agencies
If you have serious credit problems, you may be past the talking stage. A collection agency may already be at your door. You should know that you have a number of rights in this situation, under the Fair Debt Collection Practices Act.
- Collectors may not harass or abuse you.
- Collectors may not lie to you or use false statements.
- Collectors may not engage in unfair practices.
- They are not permitted to contact you at unreasonable hours, unless you agree to be contacted at those times.
- They must send you a written notice telling you the amount you owe.
- If you send collectors a written denial of the debt, they may not contact you until they provide you with proof of the debt.
- If you have an attorney, the collection agency cannot contact anyone other than the attorney to obtain information about you.
- Collectors do have the right to contact you, at reasonable hours, by mail, telephone, telegram, or fax.
- If a collector has violated the law, you have the right to sue. The lawsuit must commence within one year of the cause for action.
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Investment and Insurance products are not products and services of Bank of Zachary. Content is informational only and is not FDIC insured.
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