Debt Recovery And Incorrect Identity

It may look like a bounce, but debt collection agencies usually target the incorrect person and wreak chaos on their private finances. Assuming that original creditors frequently sell old debt to debt purchasers, who may then sell it another time, it’s no surprise that misrepresentation sneaks into old files. Even when that doesn’t occur, debt recovery agents frequently utilize a close enough attitude, trying to recover what they can from persons who have similar names to those who be in debt, or who may now live at an address or have the phone number of those who owe cash. The outcome is that the people who might not owe a dime may discover that their credit history is blemished, or shoddier, have their bank accounts frozen or wages garnished.

If you’ve been the target of this all-too-common incidence, there are practical steps you must take. First, you must request for confirmation of when and to whom the debt was acquired, as well as other papers. Second, you must dispute the debt in writing, and clarify why the debt collection companies muddled you with another individual. Include a “cease and desist” letter, telling them that they cannot contact you another time in a matter of debt. When you send these letters, you must do so through certified mail, with return receipt requested. You must also preserve a record, observing the dates and times of the calls, together with a summary of what was assumed. If you receive voicemail messages from a debt recovery firm, save them. Similarly, save any written letter you may get, including the outside cover.

Lastly, it’s imperative to check your credit reports. The run through of a debt collection organization targeting the incorrect individual is called “tagging” and if you’ve been tagged, risks are the debt recovery agents has submitted a report to the credit reporting organizations. If there is mistaken information regarding the debt, tell the debt collectors to eliminate the information. You must also contact the credit reporting companies openly and notify them regarding the mistaken information. Then, keep checking your credit reports to make sure that the wrong information is eliminated.

The end result is that if you’ve been tagged; make it clear that the debt collectors have the incorrect individual. Inform them so in writing, but shelter your bases by keeping records of all interaction. The law is on your side, so make it graft for you. If you don’t, you can discover that the debt collection company has a control on your credit reports, your current account, and even your salary.

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