Ben Stein, that monotoned, subtly humorous, financially savvy little brother to Shaq doesn't tell it all. He hawks getting your credit reports and scores from Freescore.com and even better tells you to join the monthly subscription because they send you special alerts. Obviously Mr. Stein was rewarded for his kind words in this advertisment but is the script leaving something out?
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Saturday, March 20, 2010
Beware of Scavenger Collection Agencies
Just recently consumers have been receiving notices of debts that leave them scratching their heads trying to remember something they may have forgotten. In most of these cases consumers have not forgotten an old debt when prompted by some notice with triggering identification and simply have no clue. However, this new twist leaves many in a state of confusion, checking their backs and their finances for remnants of a possibly long forgotten debt.
Truth is they are victims of scavenger credit and debt collectors who purchase old unpaid debts from other collectors who were unsuccessful in their attempts to collect the debts they purchased from original companies owed. That was a mouthful. These scavengers may have very little information to find the debtor and will look extensively for consumers who fit what little information they have. That may be as little as similar names in the same state as the debt. They then prepare collection notices and send them out to perhaps several matches for the same issue. The hope is either that the debtor will be found or a consumer will pay thinking the debt was forgotten and may be theirs or perhaps both.
Warning. If you get a notice from a debt collector out of the blue for a debt you do not remember then DO NOT pay it. Challenge it. Write them and tell them the debt is not yours. If they believe it is you can demand they provide you with complete documentation that will prove they are correct. In most cases you will never hear from them again. In other cases you may receive documentation that still cannot identify you such as social security number and birthdate along with addresses you can identify. DO NOT volunteer information or call the agencies as you could be giving them information they will use to link you to a debt that is really not yours.
Write them back immediately keeping your personal information private. You must respond to keep them honest. Give no back ground, former addresses, social security numbers, birthdates or any other private information to protect yourself. Make them prove the debt is yours to your satisfaction. If the debt is not yours and they try to report it to any credit reporting agency you have a possible lawsuit available to you against the debt collector. If the debt is yours check first with your state's statute of limitations on debt. They may be trying to collect a debt that is no longer collectible but hoping you are not aware of 1) your rights and 2) the laws.
Truth is they are victims of scavenger credit and debt collectors who purchase old unpaid debts from other collectors who were unsuccessful in their attempts to collect the debts they purchased from original companies owed. That was a mouthful. These scavengers may have very little information to find the debtor and will look extensively for consumers who fit what little information they have. That may be as little as similar names in the same state as the debt. They then prepare collection notices and send them out to perhaps several matches for the same issue. The hope is either that the debtor will be found or a consumer will pay thinking the debt was forgotten and may be theirs or perhaps both.
Warning. If you get a notice from a debt collector out of the blue for a debt you do not remember then DO NOT pay it. Challenge it. Write them and tell them the debt is not yours. If they believe it is you can demand they provide you with complete documentation that will prove they are correct. In most cases you will never hear from them again. In other cases you may receive documentation that still cannot identify you such as social security number and birthdate along with addresses you can identify. DO NOT volunteer information or call the agencies as you could be giving them information they will use to link you to a debt that is really not yours.
Write them back immediately keeping your personal information private. You must respond to keep them honest. Give no back ground, former addresses, social security numbers, birthdates or any other private information to protect yourself. Make them prove the debt is yours to your satisfaction. If the debt is not yours and they try to report it to any credit reporting agency you have a possible lawsuit available to you against the debt collector. If the debt is yours check first with your state's statute of limitations on debt. They may be trying to collect a debt that is no longer collectible but hoping you are not aware of 1) your rights and 2) the laws.
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