A junk debt buyer is a person or company who
purchases old debt and attempts to collect on
it. If you have been contacted by a junk debt
buyer, this article will tell you what to do if they
are trying to collect on your old debt.

Don’t Worry About It!

First, you do not need to worry excessively. If
the debt that you owe is older than the debt
statute of limitations, you may not need to pay
on it. Legally speaking, you may be off the hook.
However, ethically speaking, you may need to
consider whether or not you should pay it.

What Not To Do

It is also very important to know what not to do.
Do not assume that you are in deep trouble.
Rather, assume that your rights are being
violated. This very well may be the case. Be
sure to file away any documentation that you
receive from the junk debt buyer as well as any
information regarding the debt that you owe. Be
sure to never update your personal information
with the junk debt buyer and never
acknowledge that you even have any debt owed
to them. Do not agree to a payment plan and be
sure to always keep track of your credit score.

Examples of Junk Debt Buyers

Some examples of junk debt buyers include:
LVNV Funding, Midland Collection, NCO
Financial, Asset Acceptance. There are many,
many other companies that purchase out of
date debt from companies in order to attempt to
collect them.

Check Out State Laws

Be sure to check out the laws in your state.
Every state has different laws regarding junk
debt and the legality of your paying it. It is
possible for a company to sue you in order to
collect on the debt. You need to know exactly
what to do in order to win the lawsuit against
any one of these debt collection agencies. And
that leads me to my next point.

More Education

You need more education in order to win the
debt battle. The Fair Debt Collection Practices
Act (FDCPA) and the Fair Credit Reporting Act
(FCRA) are both excellent documents to further
instruct you regarding the next step you should
take in order to win the debt battle.

Although having debt on your credit record is
not fun, you can get that debt paid off or
resolved if you gather the right information and
act on it. But you need to know the exact steps
to take in order to get that debt resolved and
taken off your credit record.


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