How to Respond to a Collection Call

How to Respond to a Collection Call

How to Respond to a Collection Call

So you've fallen behind on your credit card account, with no sign of help in sight. The lender will attempt to bring you back up to speed, but if you're in a situation that can't be resolved in a timely fashion, they will send your account on to a collection agency who will work to collect the money you owe. Before you get that first call demanding repayment, make the decision ahead of time to be proactive about your precarious situation and confident with the caller.

Take Control

Don't play the victim about your delinquent accounts. No matter what circumstances may have added to your troubles, the bottom line is that you are ultimately responsible to find a way to make your financial situation right. When you receive a collection agency call at a time that is inconvenient, don't feel obligated to discuss the issue. Suggest a better time for you and request a call back. Don't get caught in an argument or agree to any terms of repayment unless you've had the time to thoroughly examine the proposal.

Be Prepared

Have the account information readily available in anticipation of a debt collection call. Have paper and pen handy to write down everything that is said. The caller will be taping your conversation, so be as detailed as possible in your notes. Include the time and date of the call, the full name of the caller, the collection agency's name and address, the name and address of the original creditor, the amount allegedly due and the account number. These notes may be important, if you have to face the collector in court.

Not Too Fast

Debt collectors have access to most of the details that need to fulfill their duties. So if you're asked for sensitive account or personal information, use caution. Thieves have been known to pose as debt collectors to glean identifying information from unsuspecting consumers.

Until you are certain that the account they are referring belongs to you, don't answer or volunteer information. Make a request for written documentation from the collection agency that includes all the details of the account.

You Have Choices

Once you have figured out that it is your debt, it's time to get busy. You have the four options to choose from - pay off the debt in full, dispute the debt, accept a settlement to repay or mail the collection agency a cease and desist letter. A collection agency should be offering help, but if you feel pressured, cut the conversation off and hang up.

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