Why is the Junk Debt Buyer Calling?
Junk debt buyers make money by intimidating people into paying old debts. Their goal is to intimidate you into paying the debt, whether or not you legitimately owe it. If you have ever dealt with a junk debt buyer, you know that their tactics can be frightening, invasive, and offensive.
What Should I Do if a Junk Debt Buyer Calls Me?
Determine whether you legitimately owe the debt. If you do, then decide how you’ll pay it off. It’s usually better to deal with the original lender if possible than to continue to deal with the junk debt buyer. If you don’t owe the debt or the state of limitations has expired, you can provide the company with copies of documentation that prove you no longer owe the debt.
If the junk debt buyer continues to call, you can appeal to your state attorney general. The Fair Debt Collection Practices Act states that debt collection agencies may not call you at certain places or during certain times and may not continue to call after you provide evidence that you do not owe the debt.
What Junk Debt Buyers Should I Be Aware Of?
There are three well-known junk debt buyers whose aggressive collection practices have earned them bad reputations in the debt collection realm.
The first is NCO Financial. NCO holds the distinction of being the largest collection agency in the world, and also may be difficult to deal with.
The second agency to watch out for is LVNV Funding. Based in Indiana, Texas, and South Carolina, LVNV can place negative marks on your credit report that will stick around until you take specific legal action to have them removed.
Finally, look for the name Allied Interstate. Known for being doggedly persistent, Allied Interstate may try to collect on a wide variety of debts including credit cards, car payments, or mortgage payments.
If you have been contacted by one of these companies or by another junk debt buyer, make sure you know what your rights are under the law. If you have questions about how to deal with them, you should seek the services of a professional debt counselor or your state Attorney General.