How to Find Out Which Collection Company You Owe
Are you struggling to track down your debt collector? It may sound a bit off kilter, but this is a common issue for debtors. A TransUnion study concluded that Americans possess an average of 2.69 credit cards per person. Combine that figure with possible auto loans, student loans, and personal loans, and you could see how one person could easily have upwards of 6 debt collectors to deal with.
Making the conscious decision to address debt issues is a major first step that can be easily counteracted by being unable to identify your debt collector. Allow these three simple tips to help you find out who you owe and start on the road to debt relief.
Contact the Creditor
One of the easiest things you can do to identify who you owe is call your creditor. You may be thinking “Well, isn’t that who I owe?” Not exactly. When your account goes into collections, a creditor has the freedom to do one of two things:
- Sell it to a debt buyer for them to collect; or
- Outsource collection to a third-party debt collector who collects on behalf of the original creditor in exchange for a portion of the return.
If you become aware that the former is relevant with your debt, the original creditor may not accept payment or discuss account specifics. To see your balance and arrange payment, you must speak with the debt collector currently managing your account.
Check Credit Report
Your credit report may also be a prime source of debt collector information. Collection companies often report payment delinquency to one of the three major credit bureaus: Experian, TransUnion, or Equifax. Checking all three may be necessary as there is no way of knowing which credit bureau the debt collector reported your account to.
As you look through your report, take note of any foreign debt collection so that you can incorporate them into your debt repayment plan. This is also the ideal time to highlight debt collection on old accounts or for debt that may not be yours. You have the right to dispute them and get them removed from your report.
Wait for the Next Call
If your account is in collections, chances are you’ll be subjected to an influx of calls. The next time you receive one, request the desired information from the collector. Debt collectors must supply you with proof of debt upon your request, and failure to do so may hint to the debt not being yours.
If you prefer not to wait around, you can determine who you owe by merely entering their phone number into a search engine. Scroll through your caller ID to the last call you received, search it, and you’ll likely be led to a number of sites that list debt collector information based on contact information.
Depending on the status of your account and the amount owed, debt collection calls can gradually become more intense and threatening over time. If you believe debt collectors are infringing on your consumer rights, reach out to an attorney who can fight for you. The Florida FDCPA and TCPA lawyers at The Law Firm of Jibrael S. Hindi are seasoned consumer law attorneys who can help you recover up to $1000 per FDCPA violation and $500 to $1500 per TCPA violation. Contact us today at 1-844-JIBRAEL for a free case evaluation.