Business and Finance Times

There are so many scams around that are separating people from their hard earned money. The best way to hit the consumers in dire need by the scam artist is to trigger on his confused mind. They will fade the difference between a legit debt and an illegitimate debt, irrespective of the fact whether you owe it or not. If you are not going to pay the amount that is asked from you, they will use all dirty and scary tricks to get the money from you. Be aware of the federal laws and the consumer rights. You are not responsible to pay a debt that is not yours. In cases of too old debts that are well past the statute of limitations period, you can’t be taken to the court unless you have made a recent payment.

Collection agencies use intimidating tactics to recover the money from the consumers. If you are been called by a collection agency, make sure that you get the details of the debt before working out any payment arrangements. Don’t commit to pay something until you have verified the legitimacy of the account. They can record the phone call secretly and might use it against you. You will feel scared and send your hard earned money.

It is also possible that you will see one account on your credit report that does not belong to you. You are being called by a collection agency to pay this account within a certain date. Ask the collection agency to validate the debt in writing. It is your legal right to ask the details of the debt in writing. The collection agency must have all the details from the creditor and verify the account. If you are a victim of identity theft, and this account was misused by someone using your personal information, you should be able to get the item investigated by the credit bureau. They will verify it with the information provider and if your dispute is found to be correct, it will be removed from your credit copy. Then, you don’t need to pay to anyone collection on that account.

Be aware of the federal laws as mentioned in the Fair Debt Collection Practices Act and Fair Credit Reporting Act. If you are an informed consumer, you will never be scammed by anyone asking money on the disputed accounts.