Written by Jasir Jawaid
Debt collection is a legitimate business that chases down any type of debt ranging from credit card debt to medical bills. However, like other ventures involving money, many scammers have penetrated the industry hoping to make a quick buck illegitimately. In 2020, the Federal Trade Commission (FTC) and other federal and state regulatory agencies banded together and put several fake debt collectors out of business and secured multimillion-dollar judgments. In addition, one side-effect of a federal rule change enacted in November 2021 allowed scammers to target borrowers in new ways.
Having your debt sold to a collection agency is enough of a scary thought already. But debt collection scams have telltale signs, and it's only a matter of paying attention to their tactics and the manner in which they're talking to you. This article will take you through the nuances of a scam and how to keep yourself and others financially safe.
This article was published on JoyWallet and can be read here in full.