When you owe money, you are technically considered a debtor. If the world were a perfect place, everyone would be able to pay their debts completely and on time. At some point, most people will fall behind on payments. A collection agency may purchase your debt if your account falls too far behind. Debt collection agencies are required to treat you fairly and not harass you – the Fair Debt Collection Practices Act protects you. Both the debt collection agency and you have legally-provided rights and responsibilities.
The obligations of the collector
When an agency purchases or otherwise decides to pursue your debt, it is their responsibility to act fairly. Debt collection agencies are not allowed to contact you before 8 am or after 9 pm. If you ask an agency to not contact you at work, they cannot. No matter what you owe, debt collectors cannot lie about what you owe or who they are. They are also prohibited from contacting third parties for any information other than how to contact you.
Your responsibilities when you are a debtor
When you owe money to creditors, you also have responsibilities. It is important that you know what money you owe, and to whom. Collecting a copy of your credit report is a good place to start. You are entitled to a copy of your credit report once a year from each of the three credit reporting agencies. It is also your responsibility to inform any collectors if you are represented by an attorney. So you have a written record of all the requests you make, it is best to communicate with debt collectors in writing.
Liberties of the collection agencies
The job of debt collectors is to collect the debts they believe you owe. They can call or contact you during reasonable hours. They have the right to contact your attorney, if you inform them that you are represented by one. If you do not respond to any of their communications, the agency can file a lawsuit against you.
The rights you are afforded as a debtor
When you owe money, you are entitled to have complete and accurate information about the money you owe. You also have the right to know exactly which debt a collection agency is contacting you about. You also are entitled to dispute any debt that an agency is contacting you about. You are entitled to dispute a debt within 30 days of receiving notice – either verbally or in writing. At a minimum, the debt collection agency is required to verify the name, address, and amount owed to the original creditor. Falling behind on debt can be a depressing situation. If that does happen, take an opportunity to breathe and take stock of your situation. You and the debt collection agency pursuing you have rights and responsibilities.
