How to avoid the debt collection scam

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avoid the debt collection scam

Avoid the debt collection scam

The Washington State Department of Financial Institutavoid the debt collection scamions (DFI) was informed that a company was contacting consumers by telephone and asking them to repay payday loan debts allegedly owed by them.

A consumer said she was contacted by the company and asked to pay immediately to avoid legal action. The caller did not provide any information to substantiate the claims and the consumer refused to pay. The company was not licensed to operate as a payday lender or collections agent.

How to verify a lender’s license

If you are a resident of Washington State, you can verify the license of a lender at www.dfi.wa.gov/consumers/verify-license.

Know about debt collection rules

Debt collection activities are governed by the Fair Debt Collection Practices Act. To find out more about debt collection laws, you can contact the Federal Trade Commission (FTC) at 1-877-FTC-HELP (1-877-382-4357) or at www.ftc.gov.

How to report a loan scam

If you are a resident of Washington State, you can report a payday loan scam to the DFI at 1-877-RING DFI (746-4334) or at www.dfi.wa.gov. If you live in another state, you can follow this link to find your state’s regulator:

http://mortgage.nationwidelicensingsystem.org/consumer/Pages/AgencyContacts.aspx

You can report a loan scam to the Federal Trade Commission (FTC) at 1-877-FTC-HELP (1-877-382-4357) or at www.ftc.gov. You can also contact the Consumer Financial Protection Bureau (CFPB) at (855) 411-CFPB (2372) or at www.consumerfinance.gov.

If you have provided personal information to scammers, you need to take suitable precautions. You can find out more about identity theft at www.ftc.gov.

To report a loan scam that involves the Internet, you can contact the FBI’s Internet Crime Complaint Center at www.ic3.gov.

If you are the victim of a loan scam and are worried about your personal financial details being misused, you need to contact the three main credit bureaus and your bank.

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