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Phrases for Stopping Debt Collectors
- What phrase makes it illegal for a debt collector to contact you? The 11-word phrase “This is a formal notice to cease and desist all communication” can stop debt collectors from contacting you. Send the phrase in writing. Then, debt collectors cannot contact you until they verify you actually owe the debt.
Debt Collection Rules and Information
- The disclaimer keeps debt collectors from tricking you into giving up information that can be used against you. If a third-party debt collection agency or collection attorney contacts you and doesn’t give the disclosure, it has violated the law.
- The new Debt Collection Rule requires debt collection agencies to include much more information in their initial Collection Letter. Details that a debt collection agency must include in its initial communication under the new rule include the contact information of the debt collector and an itemized list of current debts.
- The FDCPA- Fair Debt Collection Practices Act is a federal limit that regulates the actions of all third-party debt collectors who are have been given the mandate to collect a debt on behalf of another party. There are laws laid out to restrict the ways that the third party, i.e., the collectors, can contact the defaulters as well as when and how that contact can be made.
Collections and Debt Facts
- Collection accounts can remain on your report for seven years and 180 days from the original delinquency.
- If you cannot remove collections from your credit report without paying if the information is accurate.
- Your debt doesn’t immediately go to collections after a late payment. After 120 to 180 days it may get sent to a collection agency. If sent to collections, you still owe repayment. Collection agencies may be more aggressive in seeking repayment than lenders.
